The sun., 1893-06-05
Norfolk and Western Railroad
Company.
PHILADELPHIA. Juno !, 1893.
To the Shareholders of the Norfolk
and UcstcIn RaiIrOaH C0DiDany:

In the last Annual Report to the shareholl-
ers presented at the meeting held May 3 last,
II was stated that at the close Of the year 1892
collateral s3.i3S.OUo Of it's i00.year n,ortsase
na had ihn hills
loan loan Of s2.QO0.QQ9 was payable Decenter 81.
1893, and that S525UU0 convertible dcbenture
and it was further stated that arrah gem ents
would he made during the year for the fund
ing OF all these obligations.
10 meet these obligations and those in-
S5ssa IN G6neFy t6 ihs oho m E5
vide for the cash payments due on, car trust
obligations and new rolling stock. and for
decided to orer to the tho sRafeholders "A"
S3.eg0,g0 9f its loO,year mortgage bonds.
,Ed and SS;oOO,ooO ot preferred shares. for S5.-
bonds.
The shareholders, to have the privilege to
preferred shares. or part thereof, registered In
their .1 @ names n on on June IL. 1893 ,o
preferred stock for 81 $50 and accrued Inter-
est on the bond.
t,dp payH9ie 10 per cent. at the m time OF subs.rp-
Der 80. at which date the shares will be deiv-
erable, ana the remaining 70 per cent: and
1893. when the bonds will be deliverable.
,s Tae right t t3 % purchase will expire June 13.
adelphia or at, the ONCE Of Messrs Vivian.
i'd 'T avenus hondo9.
Assignable receipts will be gwen for the irst
when certicates " Of stock are are delSsred. del and
receipt will be given for the third payment,
whiem Tpst be sn15e1deTed when the final
Subscription blanks and forms for assign-
ment OF rights can be obtained at either ofths
onrr Transfer Soqks will close Juno 49, and re-
antes syndicate. who have agreed to take and
pay for all the bondsand shares not subscribed
thereby assured that ample provision has been
made ior its financial requirements. and that
company will lie entirely froe OF ali floating i'm
dehtedpcss and have ample working capital.
osI the t0oyear mor.ssgG or, bonds bear 6per
the 9hio Extension: lo2 miles il length: the
miles ofths North Carolina Extension: upon
various other short BRANCHES: nnd upon the
Norfolk. formerly the property OF the Norfolk
Terminal Company. these representing cash
nlso general mortgage. subject to prior mort
cages. upon the remaining pronerty OF tho
iaS!i. the mileage covered by tie mortaagc
The mortgage is for $4,000. 900. of which
prior mortgages. after which tho lOO-year
mortgage will 10 first mortgage Upon the
completion OF the present proposed transact
i tier M there % will be outstanding OF thes" bonds
qo ss!nns & the 1897 s si Heys III
In 1882 and the net earnings from Sl.1O4.-
U56 in 1881 to $3.1&S275 in 1881, but on
account OF the general business depression
and tho operation f2i7 miles of new road on
which the tranc development had hut begun.
the net earnings in 1892 wore only S2.92l.2Oa,
notwithstanding which the surplus Income for
the year. after the payment Of all fixed charges.
was S72A3l3.
Tho exceptional severity Of the weather dur
Ing THO first Two months Of tho present year
caused slight fai ina off In ehrn lngs and an
lnrrpuSe IN operating PNVpnspS, but the
suits OF tho onerntion Of your line since then
have been verr satisfactory. and there Ia every
reason to believe that tho surplus income over
fixed charges for the year 1893. not withstand
ing tho increased interest payments. will
equal. II not exceed. tho surplus income OF the
preceding year, md this without counting on
any not revenue during, 1898 from tho ohio
eNten sion. lntsy orened. the aiiic on which
Is increasing. and gives promise OF great ex.
pansion In the i'm mod lnte future.
BY order Of the Board,
+. j. KIMEALT,
President,