The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1873-10-02

nan, has been as lOlloWS
Lock aud tide.Water cOnnec-
ton, ....................... 8 S51 ,8ll
First division, Richmond to
Lychburg, .".""....." 1881 ,62s
South side co1nectiODs,........ 1928;
RiVanna connection, ,.."..." ll5,O4t
Second division. Lynchburg
to Buchanan, .,.."...... ., AZ. Dot
North river improvement,..". 536 Dol
Third division, work dOne.o. 5ll ,O94
Total, ..................... $40, 4S6, S6G
The money expended 10 the construction
Of works, over aud above the amount OIL
the cash capital, which, as stated, was Dor
rowed directly or indirectly from the state
together With The accrued interest. amour
ted 10 the year 1860 to about 81 200 600,
which sum was assumed as the debt due
by the company to the State. Under this
heavy load Of debt. with its whole proper
ty ander Ken to the State, it vas impos'
sible for the company to make any further
progress with its works. To relieve the
company from its embarrassment aud tc
enable the company to complete the cana
to Coviugtou, the legislature, on the 23t
of March, 1860, passed 40 "act to amend
the charter of the James river and Kama
wha company, by which the capital stock
of the company was increased to twelve
million four hundred thousand dollars, il
shares Of one hundred dollars each, anc
the board Of public works was directed t.
subscribe on behalf Of the commonwealth
in addition to the shares now owned BY the
state in said company, for sevcnty-fouI
thousand shares Of said capital stock, which
shall be declared by said company SIX
per cent preferred stock on which six dol
lars per share shall be paid to tho holders
thereof, before and dividend shall be paid
on another stock Of said company; whereof
seventy Two thousand shares shall be taken
in full satisfaction of the debt now due
from the said company to the state, and
for the assumption by the state of The
Debt for which the state is bound as The
surety for said Compsuy, and the annuity
to the old James river company; aud fol
the residue of two.thousaUd shares, The
bonds of the state for the aggregate
amount Of tive hundred thousand dollars
are to be delivered to the company, to be
applied to the extiuguishment Of the
floating debt of the company The COM
pauy was also authorized 10 borrow money
at rate of interest not exceeding seven
per cent. per auuum, aud not exceeding
$1,000, 900, for the purpose Of com
pletiug the canal to CovingtOR. The
company being thus relieved Of its indeb:
sdness TO the state and released from the
lien upon its property was placed 10 con
di,iOu by which It was hoped and believed
it would be enabled to borrow money suf'
fciCDt to complete the canal to CoVingtOn
About this tiRo a French gentleman,
representing company Of European cap
itaIists, and voUched for by the French
consul 10 Richmond proposed TO enter 10.
to 40 engagement for completing the ca
nal to the Ohio river 90 40 enlarged scale,
Ills propositions. after prOtracted consid,
Grafton, we're aCceded to by The Ceupasy,
and the requisite Legislation was obtained
from the state The civil war interviewed
to prevent the execution Of the provisions
of this engagement, which was finally
abandoned 10 the spring Of 1867.
On the FIRST of March, 1867, the legis.
lature of Virginia passed an act autbOriz.
TIE James river aud Kauawha company
40 borrow the sum Of seven hundred and
fifty tbousauddollars, to be applied to paying
Of the floating debt Of the company, put.
ting and keeping its present works 10 re.
pair, aud to give mortgage on the prop.
erty, franchises and nett revenues Of the
company. for the purpose Of securing such
loan"
A committee Of tho stockholders, at their
called meeting in March, 1857, reported
The floating debt Of the company to be
about sG99,4eO. For The purpose Of liq,