The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-08
NorfoIk and western Railroad COMPANY

Norfolk and Western Railroad Company.
PHILADELPHIA, June 1, 1893.
To the Shareholders Of the Norfolk and
Western Railroad Company:
In the last annual report to the share
| holders, presented al the meeting held
| Nay 81 last. il was stated that at the
| close OF the year 1872 the Company had
! in its treasury or in use as collateral
/ S5.g330O0 Of its 100-ye8r mortgage bonds
! and had outstanding bills payable
amounting 10 $7SS.928; that the collateral
! loan Of 100000 was payable December
%. 1893 and that $4,000 convertible de-
benture bonds would be payable January
| -. 1894: and II was further stated that
arrangements would be made during the
year for the funding OF all these obliga-
tons.
To meet these obligations and those in
CURED in properly completing the Ohio
Extension and the Columbus Terminals.
10 provide for the cash payments due on
car trust obligations and new rolling
stock. and for working capital, your board
of directors has decided TO offer to the
shareholders
100000 Of its 100-year mortgage bonds.
and 100000 Of preferred shares, for
$. 10000 cash and accrued interest on the
bonds
The shareholders to have the privilege
to purchase for every - shares of COM
mon or preferred shares. or part thereof,
registered I'm their names on June -.
1893
$1,000 of 1OO-ycar bonds and ten shares
Of preferred stock for 81, $50 and accrued
interest on the bond.
Payable 10 per cent. at the time If
subscription. Is per cent. June SOth, 10
per cent September S0th, at which date
the shares will be deliverable, and the
remaining 70 per cent, and accrued inter-
est on the bonds December -, 1893, when
the bonds will be deliverable.
The right 10 purchase VIII expire June
u. 1893 AT 2. NJ, and may be exercised
at the Office Of the treasurer of the ccm-
pany IN Philadelphia or at the office OF
Messrs. Vivian, Gray G Co. Che com
pany's London corresqondents). 10 Throg-
morton avenue, London.
Asslgnable receipts will be given for
the first two payments, which must be
surrendered when certificates Of stock are
delivered. and n receipt will be given
for the third payment, which must be
surrendered when the final payment is
made and the bonds are delivered.
Subscription blanks and forms for as
sienment OF rights can be obtained at
either Of the above-named offices.
Transfer books viii close June 18th, and
reopen June q, 1895
ARRANGEMENTS have been made with a
guarantee syndicate who have agreed 10
take and pay for all the bonds and shares
not subscribed for by the shareholders
and the company is thereby assured that
ample provision has been made for us
financial requirements. and that upon
the completion OF the transaction the
company viii be- entirely free Of all float
Ing indebtedness and have ample work
ing capital.
The l00-year mortgage bonds bear per
cent. interest. payable semi-annually Jan
uary lst and July 1st. and are hrst
mortgage upon the ohio Extension lT
miles I'm length; the steel bridge across
the Ohio river: upon seventeen miles OF
the North Carolina Extension; upon va
rious other short branches; and upon the
extensive terminals at Lambert Point anu
Norfolk formerly the property OF the
Norfolk Terminal Company, these rep
Tcsenung cash expenditures or over Spo'-
000.000 and Il is also a general mortgage
subject to prior mortgages, upon the lc-
naming property OF the company at the
date OF the mortgage, October 1857 the
mileage covered by the mortgage DelhB
936 miles.
The mortgage IS LOT ft'''JVfVYVf "a ""'N-
$50 900 are held by the trustee 10 re-
tire prior mortgages, after when tne
1O0-year mortgage will be hrst mort
gage Upon the completion Of the present
proposed transaction there Will be out
standing Of these bonds l5O6J,oO.
The gross earnings OF the company nave
increased from 1920. IS in 1881 TO $9.so2. 81
i'm 1892. and the net earnin"-i from |i,lOf'-
O56 I'm 1881 to s.. Es.275 in 1891, but on ac-
count Of the general business depression
and the operation OF 2l1 miles OF new
road. on which the traffic Development ,,ia
had but begun, the net earnings IN 49,
were only g 92l. 209 notwithstanding "i zen
the surplus income FOR the year AFTER ele
payment Of all fixed charges, was S'-o'sl9.
The exceptional severity OF the weather
during the first two months OF the present
wear caused a slight falling Off In earn
ings and an increase In operating eN-
penscs. but the results OF the operation
Of your line since then have been very
satisfactory. and there Is every reason
TO believe that the surplus income over
fixed charges for the year 1873, hot"Ith-
standing the increased interest payments
will equal. If not exceed. the surplus
income # the preceding year, ana TINS
without counting on any net 'eV-lue
during 1898 from the Ohio EXta Isl )n'
lately opened. the traffic on which 8 IN
creasing and gives promise OF great eA-
pansion In the immediate future.
BY order OF the Board,
f. J. KIMBALL.
President.