Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-04-21
NORFOLK & WESTERN
THIRD ANNUAL REPORT or PREsl~
DENT r. J. klMBhLL.
Industrial Devciopmsnt-sdiies Operated
and Earnings Per Miic--Bonds ana
stochs-MIIaage Acquired.

HI his amman ItDOtt AOt 'fN
December 81, 1890. President r. D. himoaii'
Of the Norfolk aud Western railroad says
During the past year your company lIahs-
norted 1910. 2sI passengers and o.Oos.oS1
tons of freight. and these figures wouio
b.ve beer, LARGELY exceeded had your com
pany possessed adequate transportaIion Ia
cilities and rolling-stock. During the las.
s;x months of the year the construction OF
the second or double track between haa,
ford and Roanoke and between bluenelo
and Bluestcne Junction caused coh51a an
detentions to passing trains, restrlc.ev . e,,o
traffic. and increased the cost OF opeTat.on,
unon The completion Of this work Inucn
relief will be afforded, but IN order that
vour company may be enabled 10 trans
mort the product of the many new INDUS
trial establishments now under coIstruc-
ton il will be necessary 20 construct adul-
tional sections of second TRACK. 70 PIoa -
increased transportation facllties' "nu W
largely increase the roiling-stock'
REVENUE AND TRAFFIC.
The industrial development upon your
line began upon the completion OF your
New River branch into what Is now SOW
known as the Pocahontas coal heid, fro.
which the first carload of coal was
shipped In June. 1888. and during the year
1s01 there was furnished for transportation
over your lines 2,709,9f tons OF coal ana
coke. The first section OF your extension
into the Cripple Creek ore region was com
DIeted in 1886, and since then through the
opening of mines in that region as wen as
at many other points upon your line, YOUR
traffic IN iron ores has steadily increased
and DURING the past year amounted 70
4sO 1884 tons. With an abundant supply OF
coal and ores in close proximity the manu-,
faeture of pig iron followed as natural
consenuenee' and during the year 1890 your
COMPANY transported 1854 tons OF pig
IRON The erection Of rolling-mills. bridge,
works. foundries, and machlne,works ana
other diversified industries followed, ana
the industrial development extended 10 al
points upon your line, and great activity
and enterprise has been displayed in the
establishment of manufacturing plants and
the building up of towns and villages.
The efftct of this remarkable industrial
development upon your trafhc ana revenue
il best shown By comparison OF the re-
sults of the operations of your line for the
year 1890 with those OF 1888.
FREIGHT AND PASSENGERS.
During the year 1885 your company car
ried 38S, 037 passengers, and during the
wear 1890 carried 1,5l9,23 passengers, an IN
crease Of 291 per cent.
The number of tons of freight trans
ported increased from l,199,790 tons IN
| 1885 to 5,O59.595 tons in 1890, or 32Z per
| cent.
1870. and in 1890 were 1861, 9l5, an increase
/ of 173 per cent.
And the net earnings increased from
81 121 1923 IN 1885 to 81, 723,3O5 in 1880, an In
| crease of 1913 per cent
| Under the most favorable circumstances
| the development of any section OF country
penetrated by newly-constructed ran
| road requires time, and 1t IS therefore OF H.
| terest TO note that notwithstanding the
rapid growth Of your system by the con-
| struction of branches and extensions INTO
| sections of country previously without
| railroad facilities, the average earnings pei
mile Of your entire system have largely In
The average number of miles operated
| in 1885 was b03 and in 1890 was 626 miles,
an increase of ca per cent.
| The gross earnings per mile IN 1888 were
| SIS, 5O9 and in 1890 80, 155, an increase OF GO
| per cent.
NET EARNINGS.
The net earnings per mile increased
| from 1920 in 1885 TO S3,2I in 1890,
! an increase of 4S per cent, whereas the
| fixed charges, which in 1885 were S2,2l2
| per mile, decreased to S2.196 per mile In
| 1890.
It 10 also of interest to note that not
| withstanding the increase in the preferred
| CAPITAL stock on account of issues for pro
perties acquired and other purposes, the
| amount per mile has been reduced.
In 1885. with $40 miles Of completed rail-
road. your company had outstanding $751;
| DOC. 900 of preferred stock, equivalent TO
S35, 29l per mile. At the close of the year
| 1870. with ,O99 miles of completed railroad,
| the outstanding preferred shares amount
| ed to S31, 500, 900, equivalent to S2S,66O per
mile.
In 1856 there was no surplus income
| applicable 10 dividends. whereas IN 1890
| the surplus income, after payment OF
all fixed charges, amounted TO Sl.3S4 per
mile.
NUMBER OF MILES.
Your company has now in operation
| about LOO miles of railroad, and upon
| the completion of your Ohio and
| North Carolina extension will have IN
| operation over 1900 miles; and II
| ample financial provision be made
| so that your company may continue
! to encourage the development of the terri
| tory tributary to its lines by furnishing
necessary transportation facilities and
rolling stock, not only will the earnings
| per mile be maintained, but making due
Il
| newly-opened territory they will steadily
| increase. At no time IN the history of
your company have the prospects Of in
| creased traffic and revenue been so APP
| parent.
FURNACES AND MILLS.
| In addition to the industrial establish
ments previously constructed and III ope-
ration, there have been.completed during
the past year and are nov IN course OF
| constructionor under contract IL blast
furnaces, s rolling-mills, 50 woodworking
establishments, 80 foundries, machine
| works, and other iron-works, ISL other in
dustries, 1900 coke-ovens, coal-mines. 4S
| iron-mines, and As hotels.% With the COM
pletion and operation of these industries
| the traffic of your line will necessarily
very greatly increase, and if proper trans
| portation facilities are afforded, a sufficient
number of cars and engines provided, and
| the freight offered handled with prompt
ness the remarkable development which
has occurred upon your lines will continue
and your traffic and revenue proportion
| ately increase.
The Treasurer's condensed balance-sheet
and a statement and description in detail
of the funded debt of the company Is
hereto appended. For full statistics OF
the operations Of your line you are re.
ferred to the reports of the Comptrollel
| and of the Nlce-Presldent auu General
Manager. which will be published in CON
nectlon with this report.
The board takes pleasure in acknow
lodging the ability and i1elity with which
the officers and employees have discharged
the duties intrusted to them during the
year.
NoTE.-This preliminary report is printed
for the information of shareholders prlol
to the annual meeting to be held at Roa
noke. Va, Wednesday, May 6, 1891, Th'
full report, containing complete statistics
as furnished by the heads of departments
will be ready for distribution about tina
time.
"A pamphlet showing In detail the new In
dustries viii be mailed upon application TO tn
Secretary Of the company.
SOUTHAMPTON DEMOCRATS.
Delegates Elected to the County Conven
tion-District Officers Nominated.