Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1883-11-28

! MEETING OF THE DIRECTORS OF THE NOR
! FOLK AND WESTERN RAILROAD COMPANY
! The board of directors of the Norfolk and
Western Railroad Company held meeting
at the Braddock House in this city to-day
The company has had under consideration
/ for some time past the Importance OF build
ing warehouses; coal piers, &c, upon the
property controlled by them at Lambert's
Point, Norfolk also extending their New
River Division TO open up new coal mines,
and the building of branch lines into the
important mineral district adjacent TO its
line. The question of making financial pro-
vision to enable the company to undertake
these impol tant works, having been referred
To a special committee, the meeting held
o-day was for the purpose OF receiving their
report.
The committee submitted a statement in
which they ca He'd attention 10 the fact that
in the past three years the gross earnings
from the traffic of the line had Increased
over forty per cent, largely due 10 the poll
cy adopted ny the company i'll building up
its local industries, and stale that, althohSh
more than two millions Of dollars had been
expended during the period for betternents
and mprovcments upon lis line, in addition
to the amount provided from the sale OF It's
mortgage bonds, the traffic has so largely in
creased that the present facilities are lnsnt-
fcent.
The committee further reported that taking
into consideration the valuable results that have
hr,.n secured ny former extensions, they ronsld-
cred il important that comprehensive policy
should l." adopted. by which financial provision
should liz made .nr the Immediate requirement.,
and such further extensions and improvements,
rs may from time 10 time b. requisite.
Ia, 1,
miItcr recommended that the company issue
- 800 600 Improvement aud extension bonds Sc
cared hy a mortgage upon the property. and sub
mitlcd II proposition 10 the company from syn
diratrot bankers. headed by MeSsrS. DrcNcl " IL"
and f. ". Clark Il Co.. of Philadelphia for the
purchase of the bonds on terms which they recon-
,lrrurd Shnuld he accepted
The board unanimously concurrsd in the report.
and recommendation of thu commit the sale oil
the bands confirmed, and the president was aii
lied TO undertake The work OF construction
and improvement.
We learn that tn" new mortgage Will be Tor
2lWnNDp. but that not more than the 12,otn,-
UD above referred TO will hr issued ut ihr present
time: ana that no further issue will b: made ry'
ccpt for the pnrpo.ri OF eNtcnSl"llS ahii improve
mrntS. and only when 50 authorized ny The vote "i
he stock holders. the present is>uc of H.h')'r,o
supplying adequate means to prosecute I" compile.
tiou all the improvements that are III present con
tcnplard.
The present funded debt OF the Norfolk and
WESTERN Railroad Company is but 81, 200 per
mile and the proposed issue at bonds iakln" mt"
consideration the inrrca I'll mileage due 10 the pro-
posed extensions will make the total funded debt
So $50 per mile II remarkably small funded in
debt cdncss for 81 important Il line.
Th. following directors uf the company were
pr,.."ul: r. i. imill. president: +. W. Clark.
Ihu G. I.ullitl John f. Whitehead. j. \. John
>tmu Charles Hacker. Joseph |. Dnran. general
counsel T.. l. Rollins. \. i. iIrmphill. secretary.
- VS. also :. g. CALDWELL president of the FL
deity Insurance. Trust and safe Deposit at l'hIl;'-