The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1890-12-25

Der %, 1890.
THE VALLEY VIRGINIAN.
sTAUNTON. VA.
THURSDAY, December rs 1890.
1o-EERRED MATTER.
Norfolk & W estern.
Alta meeting of the Board of Directors, held
November Goth, 1890, in Philadelphia. Mr.. Joseph
II. Sands was appointed Vice President, in
charge OF the Transportation Department, to
take effect January Ist, 1891. Mr.. Sands will con-
tinue to act as General Manager.
The following appointments by the President,
f. ]. Kimhall under the revised organization
for conducting the business Of the Company,
were confirmed, to take effect January lst, 1891:
David w. Flickwir, General superintendent
Eastern Division, Roanoke, ya A. G.. Hippey.
General Superintendent Western Division,
Roanoke, Va; 0. Howard Roger, Assistant Gen
eral Freight Agent, Roanoke, Va; E. T. Burnett,
Assistant Purchasing Agent, Roanoke, Va; G.
r. W. Annes, Assistant Treasurer, Philadelphia.
Pa; Walter Mcdowell Assistant Auditor.
Roanoke, Va.
At the same time the following announcement
was given to the public, signed by the President,
Mr. Kimbal:
The Shenandoah Valley Railroad has been ac-
quired by the Norfolk g. Western Railroad Com
pany, as of October 1St, 1890, and will hereafter
be known as the Maryland & washington DIVE
sion OF the Norfolk & Western Railroad, and the
jurisdiction of the heads of departments of the
Norfolk s. Western Railroad Company has been
extended over this division. From and after
this date the Maryland & Washington Division
will be operated in two subdivisions that por-
ton of the line between Roanoke and Shenan-
doah viii be operated as the Roanoke Division,
and that portion between Shenandoah and
Hageistown will be operated as the Shenandoah
Division.
PHILADELPHIA, PA,
Dec. 18TH 1890.
To the Shareholders of the Norfolk and WeSteTn
Railroad Company:
The reorganization of the Shenandoah Valley
Railroad, under progress for number Of years,
has been completed in conformity with a plan
adopted by the holders of it's securities. to which
your Company became party with view of
road, extending from Roanoke, Virginia, where
connection is made with your system, to Hagers-
town, Maryland a distance OF about 247 miles,
exclusive OF 80 miles of sidings, has been acquir-
ed by your Company as OF October LIST, 1880, at q
cost, as near as may be, of $4.5oO,00b preferred
shares and ~, 500 0C0 common shares, subject to
a mortgage which will be known as the Nor
folk and western Railroad Company, Maryland
and Washington Division First Mortgage Five
Per Cent. Gold Bonds,' for. $4,000 COO
OF these bonds there are set
aside for the construction
of a branch line about 70
miles in length, to point
on the Potomac River OPP
pOsite the city of Wash
ington -. ................. S., 100000
For the extension OF a
branch into the city OF
Washington, and for ter
niinal facilities ............ 100000
Reserved for the further
purposes of the Company. 100000
Leaving to be issued at the
present time S6, oG0,C0O
OF these there will be issued
for outstanding Shenan-
doan Valley Old First
Mortgage Bonds. .......... S., 22224, eco
For Car Trust Securities $4,000
And the remainder. ....... 2,Se7,U0O
have been sold and the proceeds will be used In
settlement of Receivers certificates and other
claims against the property for reorganization
expenses and for betterments to the property.
The total mortgage debt OF the Old company
was about $9.5G0,0O0.
The line throrghou is laid with steel rails and
condition, with TIE exception OF a number Of
wooden trestles which will be replaced by per-
tharemShlS haasted and number Of
senger and freight stations erected ample pro
vision for the payment OF these improve ments
having been provided in the Plan OF ReOrgani-
line to Washington will he constructed.
During reorganization the business and re-
sources Of the Shenandoah Valley Railroad have
considerably developed, and, though they, are
the current year, yield (tle last two months es-
timated) $l,5a3, l3s, equal to about 5000 mile.
Owing to the remarkable industrial develop
nent which, commencing in 1888 GncidenttO the
opening by yonr Company OF its line into the
lsPocahontas Coal Field, has extended through
out Southwest Virginia, and latterly northward
over the Shenandoah Valley Railroad, there is
newly acquired line viii Very greatly increase
and the revenue equal that Of any other part OF
For the year 1891 it is estimated that
the gross earnings of Jhe Maryland
and Washington Division will not be
And as provision has been made
through the Plan Of Reorganization
to place the property in condition
for economical operation, it is be-
lieved that the operating expenses
VIII not exceed to per cent, or l,04O,OU0
Leaving as net earnings for 1884,. s5so,OOO
The interest charges will be per cent.
on $4,000 or........... ............ 325,C0O
Leaving as net income. ........... $235, 600
An amount equivalent to more than per cent.
upon $4,5O0,0OU preferred shares Of your Company
issued sN IN part payment for the property
10 Immediately provide for the dividend on
che preferred shares to be issued special pro-
vision was made through the Plan Oh heorgani
SHENANDOAH Valley General Mortgage Bond the
amount thus realized being about S2ij,UUU which
Will be held as a Dividend reserve Fund. SO long
as may by your management lie consider Ell
necessary and will thereafter be used, or as
termentS.
The GOO of your common shares were
used in settlement with the holders OF 81, 5000
Income Bonds of the Shenandoah Valley Rail
road, and your Company is thereby relieved Of
any claim which might have been made on ac-
count or It's traffic contract OF Dec. 18th, 1882
The newly-acquired line is a most III portant
and valuable addition, and secures permanently
to your system close and direct relations with
the manufacturing districts of Pennsylvania
and Maryland, and with the New England
States. The line is through valley famous for
it's agricultural and mineral resources, serving
territory similar to that OF the Great Valley Of
Virginia, through which your main line extends
from Roanoke to Bristol.
Near its northern terminus the line crosses
and connects With the Baltimore y Ohio Rail
road, and at Hagerstown connection is made
with the Pennsylvania Railroad system, and
"i!h the Western Maryland Railroad:
Upon tie completion of the Washington /
Branch connection viii there be made with the |
Pennsylvania Railroad and the Importance of
direct entrance by your line into the city OF
Washington, the capital of the country, cannot
be OyereStimated.
The Scioto Valley and New England Railroad |
which was acquired by your Company, and in
corporated into your accounts as of February l. |
1870, has earned during the remaining IL months /
of the year (the last two months partly estimat-
ED 1904, lG7 gross and $500, 1877 net The interest
charges for the same period were $lS3,333, leay- |
ing net income $ll6, 1854 for II months, equival
ent to more than per cent. per annum on the
$3,C00,0G0 OF preferred shares which were issued |
in payment for the property. The earnings from
this division viii be very largely increased upon |
the completion and operation of your Ohio Ex- |
tension, work upon which is rapidly progressing.
Including the Shenandoah Valley road, your /
Company has now in operation about |, 100 miles
OF railroad, the greater part of which is through
q section of country which, in the extent and |
variety OF it's mineral resources, cannot be sur
passed, and is capable of indefinite yelopment.
Upon your lines there are now in course of con-
stluction under contract, or have been complet- |
Ell during the present year. by divers parties and |
companies, II blast furnaces, rolling mills, 20 I
wood working establishments, % foundry and |
machine works. 81 other industries, 2,2U coke |
ovens coal mines, "a iron mines and 50 hotels I
The operation OF these new Industries when COM
pleted must necessarily largely increase your |
CompanyS traffic and revenue.
f. j. KIMBALL, President.
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