The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-06
and Western Railroad Company.

Norfolk and Western Railroad Company.
PHILADELPHIA. June /. 1895.
To the Shareholders OF the Norfolk and
Western Railroad Company:
In the last annual report to the share
holders, presented at the meeting held
May 81 last 1t was stated that at the
close Of the year 1872 the Company had
in its treasury or in use as collateral
$5.s3s,0O OF it's l00-year mortgage bonds.
and had outstanding bills payable
amounting 70 S1SS,s2S; that the collateral
loan Of 100000 was payable December
81, 1879, and that $4,000 convertible de-
benture bonds would be payable January
II, 1884,; and Il 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.
TO 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 10 the
shareholders
100000 Of its l00-year mortgage bonds.
and 100000 OF preferred shares. for
$4,000 cash and accrued interest on the
bonds
The shareholders 10 have the privilege
10 purchase for every 100 shares of COM
mon or preferred shares. or part thereof,
registered in their names on June lS,
1893:
$1,000 Of l00-year bonds and ten shares
Of preferred stock for Sl,050 and accrued
interest on the bond.
Payable 10 per cent. at the time ~
subscription. 10 per cent. June 3Oth, 10
per cent. September Both, at which date
the shares will be deliverable, and the
remaining 70 per cent. and accrued inter
est on the bonds December %, 1898, when
the bonds will be deliverable
The right to purchase will expire June
13, 1893. at 2 +. NJ, and may be exercised
at the Office of the treasurer Of the ccm-
pany In Philadelphia or at the ofhce OF
Messrs. Vivian. Gray q Co. 0he COM
pany's London correspondents), 10 Throg-
morton avenue. London.
Assignable receipts will be given Tor
the first two payments, which must be
surrendered when certificates OF stock are
delivered and a receipt Will be given
for the third payment, which must be
surrendered when the final payment IS
made and tho bonds are delivered
Subscription blanks and forms for as
slgnment OF rights can be obtained at
either Of the ab0ye-named Offices.
Transfer books viii close June 18th. and
reopen June n, 1898
Arrangements have been made with a
guarantee syndicate who have agreed to
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 lis
financial requirements. and that upon
the completion Of the transaction the
company will 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 ist and July lst. and are first
mortgage upon the Ohio Extension, 1872
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 al Lambert Point ana
Norfolk, formerly the property OF the
Norfolk Terminal Company, these rep
resenting cash expenditures OF over $o,-
0O0.000: and u is also a general mortgase'
subject 10 prior mortgages upon the lc-
naming property Of the company AT the
date Of the mortgage, october, 1852 the
mileage covered by the mortgage being
936 miles
The mortgage Is for $l5OO0.O00 Of which
100000 ara held by the trustee to re-
tire prior mortgages, after which the
l0O-vear mortgage will be a first mort
gage. Upon the completion of the present
proposed transaction there Will be out
standing Of these bonds $l5,065000.
The gross earnings Of the company have
increased from s.. 2G7 2sS I'm 1881 10 @,y'2sol
i'm 1892. and the net earnings from Sl,loh-
o5s I'm 1881 10 50. tS,275 I'm 1891, but on ac-
count Of the general business depression
and the operation of 2i7 miles OF new
road. on which the traffic development,
| had but begun. the net earnings In lD-
were only $2.g2l 200, Notwithstanding which
| the surplus income for the year. after w
povment Of an fixed charges, was SIZ5'ol5'
The exceptional severity Of the weather
| during the first two months Of the present
year caused a slight falling of In earn
ines and an increase In operating eN-
penses but the results Of the operation
~ vour line since thea have been very
satisfactory. and there is every reason
10 believe that the surplus income over
fxad charges for the year lSJ5' notWllh-
et,,1ing the increased interest paym 'nts'
will equal. Il not exceed, the surpii as
income # the preceding year. and TINS
v.ithout counting on any net 'eVflue
| during 1898 from the ONO ENte Isl 'li'
Iately opened the traffic on when 3 III
| creasing and gives promise OF great eA-
r,nsion I'm the immediate future.
/ f''''-' nv order of the Board,
f. J.. KIMBALL,