Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-06-07

NosroLx AND wEsTERs RAuroAD Cosrayv.y
PnfLApyIrHiA, Jane 7. 1898.
ITO THE SHAREHOLDERS OF
l. THE NORFOLK AND WESTERN RAIL



In the last annusi report 70 the shareholders,
presented al tbs meeting held Mar "a last. u
was stated that al the close OF tns year 1892 the
company had IN It's treasury or In use as col
lateral s5.g3S, 900 OF ~ l00-year mortgage
bonds. ana had outstanding pilis payable
amounting 10 ass, ggs; that tho collateral loan
of a.. 600. 900 was payable December u, 1898.
and that s525. 900 Convertible debenturs bonds
wouh DO payable January IL, 1884; and
s WAS further stated that arrangements you'd
DO made during the rear Tor the funding OF AL
those obligaIiorA
To meet these obi cations ana those Incurred
In properly completing tbs ohio extension and
the Columbus terminals, 70 provide FOR the cash
payments due on csr-irust obligations and SOW
roiins-stocs and for WORKING capital yoar Board
Of Directors has decided 70 ocsr ~ the share
bolders--
s5.00o.OcO Of It's I0c-yesr mortgage bonds
and s5,000,000 OF preferred shat -, tor e625O,.
600 cash and sccrued interest On she bonds.
1 Tho shareholders 10 have the privilege 10 pnr-
chase for every 100 shares % commop or pre-
'erret shares. or part thereof registered In
their names on juno Is. 1893.
$1,000 of loO-y-sr bonds and 10 shares OF
| preferred stock for $1,000 and accrued Interest
on the bond.
Payable 10 per cent. NJ the timo Of subscrip-
ton. 10 per cent June 30tb. 10 per cent. Sep
TENDER Both, ut whish date me shares will he
deliverable and the remaining 10 per cent AMI
accrued interest on the bonds December 20,
1898, wncn tho bonds will be deliverable.
Tho right 10 purchase VIII expire June -.
lSi.t NJ ?. W., tuu Ahay " NkcttIrFl ~ tlS
office OF the treasurer of the compapy, In Phila.
| aelphs. or At the ONCE Of hessrs Vivian, Gray
| & co. tthe company's London correspondence,
| 10 Throgmorton ayeauo. London
| Assign able receipts Will be given Tor the rrst
two paymonts, which must be slrrend erei wnen
| certificates OF stock ars delivered, AMI receipt
| wilt be given Tor the third payment which must
| be surrendered When the tnal payment ts'maio
and the bonds are delivered.
subscription blanks and forms for assignment.
| OF right. can be obtained at either 81 the above
named Offices
Transter- books will close June 18Th and re-
Arrangements have Ssen made with guar
| antee syndicate. who have agreed 70 take and
pay for oil she bonds and shares NOT gu Dscriboi
| Tor by the shareholders, and the company "a
| thereby assured that ample provision has been
| made for It's financial requirements, aud that
| upon the completion OF the Transaction the COM
psny will be entirely free Of all floating ,ndeb,-
edners and have ample working capital
| The lOO-year mortgage bonds bear per
! cent. interest, payable semi-annually January
let and July let, and are first mortgage upon
thu Ohio extension. 1872 miles In length the steel
bridge across the Ohio river; upon u miles OF
| the North Carolina extension, upon various
| other short branches: aud upon tho extensive
| terminals az Lambert Point and Norfolk, for
merly the property OF the Norfolk terminal
| Company. these representing cash expendi-
lures % over 100000, 600; ana Il IL also gene
| raj mortgage, subject TO prior mortgages. upon
1 the remaining property Of the company ~ tho
date OF tue mortgage. O'tpp"ts iooH, tn' nhho~
age covered by the mortgage being $50 miles.
| The mortgage u for S4J.i0O,Ooo. q which
| s26,OOO,OOO arc held by the trustee 20 retire
| prior mortgages. after which the lOo-year mort
| gage Will be a nrst mortgage Upon the con-
pleuon OF the present proposed Transaction
there viii be outstanding OF those bonds slo.-
| 00S, 900
Tue gross earnings ct the company have In.
| creased from o., 1897, PISS 10 1881 10 sp.992,Se
In 1892 and the not earnings from ) ,iOi,uod
In 1881 10 e3,l7S.2T5 IA 1891, ont on account
OF the general business depression an1 tho
| operation OF 2l1 miles OF new ROAD. on which
the traric development had but begun. she not
earnings IN 1922 were only s2'eti'Fo'' not
| withstandng witch the surplus gnromo tor tle
| year, after the payment Ot all uAcd charge !,
was s7263l3
| The exceptional severity ~ the weather d0fiuI
! the first two months Of the present year canse
| slight falling otf IN earnings ana an incrcaso
ia operating expenses but tho results Of tha
| operations ~ your line since then nave
been very satisfactory, AMI there il evory rua-
| con 90 believe that the surplus income over nxel
| char 80 tor the ye1r tsHi, Notwithstanding thH
| iucre ed interest payments, VIII equal " nu'
| exceeA the surplus income % the procodins
| year, ana this without counting or any not reFe
| nue. during 1898 nom tho ono cAien-lon' Iate'l
opened. the traric on which 4. mrrehsins ihl
| gives PROMISE OF great expansion 10 Ihe lmM'
dlnte future.
| b. order VI the hoard. ....,, -.,.
| - 7NY :. j. hiMbAiia fr'Aino"'
IEIN c I A l..
". have The following suus 20 loan: 500
81 900. $4,000, aud several o.ber amoun1S
| We can suit you. Dtye az "A irinL
AFpEhAOS H Pol AID,
70 d-2t Real 40 s'e col L21ns. |.
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