The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-11-10
Roanoke.

The Philadelphia North american of last Fir
day contains the following article, referring t
the Norfolk and Western and Shenandoah
Valley Railroads and the Philadelphia comps
MES which propose developing the resource
of Southwest Virginia:
''The Norfolk and Westerns recently pub
! lished statements OF earnings and expense
for the twelve months ending September sc
1881, showing gross earnings of $2,203, O0o. Oe
and net earnings OF 81, 1855, 74455, means sur
plus OF $525 ,048.55 above the amount of tn
$660,696 required to meet the annual interes
of the funded debt of the company. Thi
road, formerly the Atlantic, Mississippi ant
Ohio railroad, was purchased at public sale il
Richmond, on February 10 last, since which
date there has been an increase of $4,000 il
gross earnings over those of the correspond
ing term of $780, The fact that the company
has since its organization been accommodating
a surplus of net earnings at the rate of 1925,
600 per annum in excess of the amount re
quired to meet its fixed charges, and, therefore
applicable to the payment of dividends, indi
Gates remarkable result for railroad line
which was only seven months ago sold under
foreclosure of its mortgaged Indebtedness In
the prospectus issued by the gentlemen by
whom the purchase OF the road was organized
and executed, it was assumed that the gross
earnings of the company from February Of
the present year would not exceed those oil
the same portion of the previous year. The
actual gain, however, of $4,000 over the
previous year is matter of congratulation to
the stockholders of the company and is vim
dication OF the foresight displayed by the
Philadelphia capitalists, by whom the enter
prise was projected. The recent consolidation
OF through traffic of the Shenandoah Valley,
Norfolk and Western and East Tennessee,
Virginia and Georgia systems, is an evidence
OF the growing influence of Northern capital
in the important fields for investment which
the South is now literally offering, and which
are about being brought within easier reach
by the approaching completion of the extern
sion of the Shenandoah Valley railroad, which
will very shortly connect its tracks with those
OF the Norfolk and Western railroad at Roam
oke. The value of this extension may be in
terred from the fact that when completed it
will establish the most efficient and important
trunk line between the Atlantic seaboard and
the great southwest, traversing for hundreds
OF miles the rich fertile valley which lies di-
rectly west OF the Blue Ridge, and which is
continuation in agricultural and mineral re-
sources as well as geographically, of the Cum
berland Lebanon and Lehigh Valley of Penn
syvania. The Norfolk and Western railroad
Is low rapluly constructing DranCn. seventy
five miles in its length, from New River de-
pot, on its main line, to some important coal
and iron deposits The fact that these deposits
are within short distance of the railroad and
need the construction of so short line to make
them available at the points where ore, coal and
limestone are all readily accessible, seems to
guarantee for the near future large develop
ment of the iron manufacturing industry in
the State of Virginia. These points have al
ready attracted the attention of furnace men
from Pennsylvania, and have led to their in
vesting largely in Virginia ore properties.
The company is also about to erect extensive
wharves at Norfolk for the expectation of coal.
The Southwest Improvement Company has
been incorporated by capitalists of this city,
with Mr.. Edward T. Steel as president, and
capital of 81 900 900, to develop the resources
of the New RIVER railroads neighborhood
Mr.. Steel has just returned from tour to
Europe, where he has been securing for the
settlements some of the better class
of immigrants. 1t is proposed to fund a town
called Pocahontas near some of the largest
iron formations in the historic neighborhood
OF Abb's Valley, and the company will build
tor its employees series of substantial and
constructed cottages. The Northern
enterprise that is thus settling this promising
region of the South Is centred in Philadelphia.