The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-06-08
BUSINESS Noy1uEs,
NORFOLK AND WESTERN RAIIRo.n
~ lli ft COMPANY g.fl F'T -.

AID J..
TO the share holders OF the Norfolk and Wes.srn
Railroad ComranS: F'1T 10 - - 1850
In the last annual report to the shareholders.
stated that at the close OF the year 1879 the com
gany mad In lite treasury or in lite as collateral
outstanding bills payable amounting 70 SIS DIS
that the collateral loan OF $4,000 was payable
December 81, 1893, and that s525.C0o convertible
ueoenture bonds would be payable January -
1894; and 1t was further stated that pecments
would be made during the year for the funding
oil these obligations.
To meet theee obligations and those ,ncnrred
IN IN properly completing the Ohio extension and
the columbus terminal, to provide for the cash
rolling stock, and for working capital, your board
Oh directors has decided to offer 20 the share.
S5.oCo,COJ of it's lOc.year mortgage honda and
S5Vo1VOI OF preferred shares, for IS, 10000 cash
ana accrued interest on the bonds.
Inc shareholders to have the privilege to pur-
chase for every 100 shares OF common or preferred
en en- or PsTs thereof registered in their names
SltW OF lOO.year bonds and 10 shares OF pre-.
,erred STOCK for Slo5e and accrued interest on the
Payable 10 per. cent. at the time OF snbscrin,ion
10 per cent. June 81, 10 per cent September 80 nj
winch date the shares Will be deliverable and he
remaining ~ per cent. and accrued interest on th
deliverable. A"e "i' oo
The right to purchase will expire June 10, 1899,
tae treasurer OF the company in Philadelphia or
ut the office OF Mcssrs. Vivian, Gray ~ 60. 1,he
company's London correspondence, 10 Throg.
Assgnable receipts will be given for the frs,
TWO PAYMENTS, which must be surrendered when
Certiheates Oh stock are delivered, and receipt
VIII oc given Tor the third payment, which must
he surrendered when the final payment is made
and the bonds are delivered
Subscription blanks and forms for nssirrmrn,
OF rights can be obtained at either OF the above.
named offices.
Transfer books will close June IL and reopen
Arrangements have been made with q guarantee
synoicate, who have agreed TO take aid nav for
all the bonds and shares not subscribed for nv rho
shareholders, and the company is thereby assured
that ample provision has been made FOR i.s n nan
cial requirements, and that upon the completion
OF the transaction the company will he entirely
free of all floating Indebtedness and have nlnpls
working capital
The 100 year mortgage bonds bear nor cent.
interest, payable semi. annually January LIST ard
july LIST. and arc first mortgage upon the Ohio
extension, ~! miles in length; the steel bridge
Carolina extension; upon various other short
branches; and uEon the extensive terminals AZ
Lambert Point and Norfolk, formerly the prop
erty OF the Norfolk Terminal Company, these
representing cash expenditures of over 10000
U y: and II is also general mortgage, subject 10
prior mortgages. upon the remaining urOpcrty of
the company ut the date of the mortgage. October,
dSS", tnc mileage covered by the mort gage being
The mortgage is for 81. eco, OF which sas.
oJu''0O are held by tho trustee 10 retire prior
mortgages, after which the l00-ycar mortgage
w., WI be fist mortgage. Upon tho completion OF
outstanding OF these bonds S15.0i5,t00.
The gross earnings OF the company have in
creased from S926i,sSS in ISL to S9a52 sSl in
!ss2, and the net earnings from Sl,l04 .05i in
lsSl TO S3,ltS,2'5 In 1871, but on occoun, of the
general business depression aud the ope ration Of
u! miles OF new road, on which the trafic dc
velopmcnt had hut begun, the net earnings in
lS'2 we're only S2,92l,2J Notwithstanding which
the surplus Income for the year, after the psy.
ment or all liked charges, was S726,3i3
The exceptional severity OF the weather during
the irst two months of the present year caused n
slight, falling or in earnings and an Increase in
operating expenses, hut the results OF tho opera
non OF your line since then have been ycry salts
thc surplus income over fixed charges for the
year 1913, notwithstanding the increased interest
payments, Will equal, II not exceed. the surplus
income OF the preceding year, and this without
c coz on any net revenue during 1923 from
the Ohio extension. lately opened, the traffic on
which Is increasing and gives promise OF great
expansion in the immediate future.
by order OF the board,
. F. j. KIMBALL,
W. ahC President