Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-06-09
NORFOLK AND WESTERN RAILROAD COgPASy,l
PHILADELPHIA, Jsno |. 1893. {
ITO THE SHAREHOLDERS OF
J. THE NORFOLK AND WESTERN RAIL-

ROAD COMPANY;
In the last annual report % the shareholders,
pro seutei at the meotng held May 81 last, 70
wH5 stated that az the close OK the year 1897 tho
cOmpany had In IT. treasury or Ia use a. COL
lateral sJ,g3S. 900 OF ats iOO-year mortgage
bonds, ant had outstanding bills payable
amounting 10 s5ss,02S; that the collateral loan
OF s., OUO, 900 was payable nocemhor II, 1898,
AMI that $4,000 conycrtinls debentnte bonds
wOuld be- payable January -, lsJi. ana
IL was further stated that arrangements would
be- made during tho year tVr tho FUNDING OF all
these obligations.
10 meet these obligations and those incurred
In properly completing the ohio extension and
the COiumbus terminals, TO provide for the cash
payments due on caritrust obligations and new
rOlling-st0ck. and for working capital yonr Board
OF Directors mas decided 90 offer % the share
bOder--
$1,000. 0OO Of its I0O-yoar mortgage bonds
and $4,000, 900 Of preferred shares, Tor so,2O9,-
COO cash ami accrued interest on the bonds.
The shareholders TO hayo the privilege 10 pur-
cha se tor every 100 shares n common or pre-
TERED shares, or part iEoreof, registered ia
thcir names on June Is. 1908.
900 OF l0O-year bonds and 10 shares OF
preferred stock for $1,000 aud accrued Interest
on tho bond.
Payable 10 PER cent. at tho time 81 subscrip-
ton, IL per cent. June Both. 10 per cont. sep
teInber Both, at whish date the shares viii To
deliverable, and the remaining 20 per cent. and
accrued Interest on the bonds December 20,
1903, wnon the bonds will DO deliverabie.
Tho right TO purchase viii expire June is,
1888, nj . T.. 81, and may be- exercised at tho
Office Of the treasurer Of tho company, ia Philas
delphia, or az the once Of Nessrs. vivian, Gray
IL 60. tho cOmpanys London corespondentsl.
10 ThrogmOrton avenue, London.
AgsignablO receipts Will be given for The orse
two payments, which must 10 surrenderedwhsn
certificates 81 stock are delivered, and a receipts
will be given tor the third payment, which must
be surrendered when tho dual pay fnent - made
and the bonds are delivered.
subscription blanks and forms for assignment
of rights can To obtained At either u the above
named O11ces.
Trausfer-books VIII close Juno 18Th and res
opon June 2lsi. 1893.
arrangenonts have been made with guar
apteo syndicate. who bayb agreed 10 take AMI
pay for all the bonds aud shnres not suDdcfiooi
Tor by the shareholders, and tho company 10
thereby assured that ample provision mas Dssn
male for ita financial requirements, aud that
upOn the completion 81 tho transa ZION ne CON-
pany viii be entirely FREQ 81 all Boating tndebl-
edn6es and have ample working capital
Tho t0O-year mortgage bonds bear per
cent interest, payable scmi-anDullly January
Lot and July lst, and ara nrst mortgage upon
the Onto extension, l3', miles IN length lncs'e7
bridge across tbs OHIO river; upon miles OF
the North Carolina extension upon various
other short traLche3; aud upon the extensive
terminals at Lambert Point ana Norto'k' fVr-
merry the property OF tho Norfolk lefmlhsi
Company, these representing carh eap1hdl-
tures OF over slU.OOO,OOO; ana 10 IL also geDts
raj MORTGAGE, subject 20 prior mortgages, upon
the remaining property OF tue company AZ .h'
date OF the mortgage, October. 1859. the in'.e-
age covered by the mortgage being S1J miles
Tho mortgage IS for sij,CO0oOO. OF when
$4,000. 900 arc held ~ tho trustee ~ retlro
utior mortgages, after whiru tho lOu-year mort
gage Will be a lrst mortgage Upon tho coui-
pletion Of the present proposed transsction
here viii b0 outstanding ~ iA5ss bOh1S slo'-
O65,O0O. 4.
Tue gross earnings ~ tho company have VA.
creased from s2,2OT, 2SH ~ 1881 70 t9.Yot,rsl
I'm 1892. aud the net earnings from sl,lOf,VJo
In 1881 TO s3I7s.215 IA 1891, but on ac'0uhs
Of tho general business depression ana 700
onera,iOn OF 2l1 miles 81 now road, op wien
the tranic development had bIt bosln, tho net
earninss In 1902 were only s2,H2l,Euo, not
outstanding Which tho snr2lu- income 'of th7
year, after the payment u all hsed chafSes'
was s72B.3l3
The exceptional severity u mo wea'hof uutinf
the first Two months o. tle present yoAs tstsel
a sliyht falling Oh Ia earn1sS anu an lnfIoiS
Ia operating expenses. Dat 100 results on .u'
oDoratiOns " your nna buco lhsn nave
bean very satisfactory, ani there Is tFefy re-.
ION 20 believe that ihs surplus iheVme over htst
charues for the year 1898. Notwithstanding NO
Increased Interest payments, VIII olual, " az
exceed. the surplus income o. lh' p1o.ols.s
YEAR and this without counting ~ any mes Te'e-
me daring 1888 from the ONO extension, hisiy
oncnei. tho trafic ON whicn - increasing ana
gives promise os g-eGt expansion ia 'oo 'Mno-
date future.
BE order Of she board. .,,..,, o-..,..,,
80 TSD !. >. n hbASl, ttOas1o.s