The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1914-08-19
OLD DEBT D llDENCE
GIVEN IN SCI ~ PSlS

Glass B was next taken up. showing
stocks purchased by the state Of Viz
ginia with the common fund Of the
two states prior to January i, 1861,
which is now and had been prior to.
and since that time owned by the
state of Virginia.
Mr.. Hillman introduced statement
as defendants exhibit No. 2. showing
the holdings Of the state Of Virginia
in the Richmond, Fredericksburg and
Potomac railroad as Of the first day
OF January, 1851, and their book value
on the dates mentioned, no figures be-
ing obtainable for the exact date Of
January 1, 1857
This statement discloses the fact
that the stock that was held on the
first day Of January, 1861, and Is now
being held by the state Of Virginia,
was .$275 10000, representing 2,T52
shares; that its par. value as OF jan
uary i. 1861, was $50, making total
valuation Of this asset as Of that date
Of $412. 10000; that from 1850 to 1858
inclusive on capital stock Of 81 ,000,-
900 dividend in cash was paid to the
state OF Virginia Of seven per cent
that in 1854 a dividend Of three and
one-half per cent was paid and that
there were paid in bonds three and
one-half per cent; that In 1856 there
were paid In bonds seven and one
half per cent: In 1858 the capitalize
ton was raised to 81 ,033, 800 but moth
ing was paid in dividends on stock
or In bonds; In 1S59-60 the capitalize
ton was raised to $1,043, 10000 and
seven per cent was paid in bonds: in
1851 on. a. capitalization of $1,116,-
10000 there was q three and one-half
per cent dividend which was not paid
until 1873; IN 1862 on a capitalization
OF $1,142,900.00. a cash dividend Of
five per cent was paid; in 1853 eon the,
same capitalization a dividend Of
ltwenty-six and one.half per cent was
paid; in 1864 on the same capitalize
ton dividend Of thirteen and one
half per cent was paid.
All stock above 1900, 100000 was
guaranteed stock and paid z per cent.
guaranty and participated in any
thing above that that the other stock
earned.
The total dividends paid by this
company in 15 years, according to Mr..
Hillman's statement, amounted to 104
1-2 or almost per cent.
August 10.
AT the meeting before the Commits
sioner this morning, before any evil
dence was taken, the Commonwealth
of Virginia moved. In substance, to
limit the evidence in relation to the
value OF the assets claimed by West
Virginia to June Both, 1858.
Thereupon full discussion OF the
merits Of the two dates Of January !,
1851, and June 80. 1853, as the prop
er time for fixing the value of the as
sets was had by the attorneys upon
both sides. The master overruled the
motion and said that he would hear
the evidence as to each Of these dates.
and would decide finally, after the
evidence was all in, whether he coulu
determine the value as of one of the
particular dates or make his report In
the alternative.
This was a severe blow to the vir-
ginia people as they had hoped to con-
fuse the case by fixing the date of
June 30, 1853, when 1t would be
very difficult and In some instances
impossible to determine with any de-
gree of accuracy the value Of those
assets.
The Goth day of June. 1853, is re-
ferred to me as being the date Of the
creation Of the state Of West Virgin
la; and the date Of January i. 1861,
was the day fixed by the constitution
of West Virginia as the date upon
which 1t assumed an equitable pro-
portion OF the debt Of Virginia.