The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-03
A TEMPORARY RECEIVER
APPOTNTED FORTHE NORFOLK AND
md WESTERN RAILROAD
Al Charleston, w. ya.-United States Judge
jackson Desisnates Col. Il. 7. yinson TO
Act as Such-N. and W. Statement.

HUNTINGTON, w. VA, June 2-Col-
onel u. T. Vinson this morning was ap-
pointed temporary receiver Of the Nor
folk and Western railroad by United
States Judge Jackson, at Charleston.
A Norfolk and Western Statement.
PHILADELPHIA, June 2.-The Norfolk
and Western Railroad Company has is
sued a circular to shareholders in which
| II Is stated that at the close Of the year.
| lsy2, the company had I'm fits treasury OF
| In use as collateral s5,93S, 900 Of its one
! hundred year mortgage bonds, and had
| outstanding bills payable, amounting to
| $los,s2S; that the collateral loan OF S2,000,-
coo was payable December 81. 1895. and
that S525.00O convertible dehenture bonds
would be payable January Is. 1894. and IT
was further stated that arrangements
would be made during the year for the
funding Of all these obligations
TO meet these obligations and those
Incurred I'm 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 the board
Of directors has decided to offer to the
share holders 100000 on its 1O0-year
mortgage bords. and s., ,000 900 Of preferred
terest on the bonds.
The shareholders are to have the pri-
vilege to purchase FOR every 100 shares
Of common or preferred share or part
thereof $1,000 OF l0-year bonds. and ten
shares Of preferred stock for SlOJ0. and
accrued interest on the bond, subscription
payable In installments up 70 Decem-
Der 20 1893.
The right 10 purchase will expire June
l3, 1893. and may be exercised at the
office Of the company in Philadelphia, or
at the office OF Messrs. Vivian, Gray *
Co, the company's London correspon-
dents.
The circular says arrangements have
been made with a guarantee syndicate.
who have agreed 10 take and pay for
oil the bonds and shares not subscribed
for by the shareholders. and the COM
parry IS thereby assured that ample pro-
vision has been made for its financial re-
qulrements, and that upon the compile
tion Of the transaction the company will
be entirely free Of all floating Indebted
ness and have ample working capital.
The one-hundred-year mortgage bonds
bear per cent interest. payable semi
annually and are first mortgage upon the
Ohio extension, 1872 miles In length: the
steel bridge across the Ohio river: upon
seventeen miles of the North Carolina |
extension; upon various other short !
branches; and upon the extensive ter !
mlnals at Lambert's Point and Norfolk. |
formerly the property OF the Norfolk |
Terminal c0mpony. these representing a |
cash expenditure OF ever ten million doll !
lars, and IL is also a general mortgage,
subject 10 prior mortgage upon the re-
naming property Of the company at the
date Of the mortgage. October, 1889,
mileage covered by the mortgage being
936 miles
The mortgage Is for 5000 600. Of which
~, 900 are held by the trustee 10 re-
tire prior mortgages. after which the one |
mortgage will be first mort |
gage. Upon the completion Of the pres
ent proposed transaction there Will be |
outstanding OF these bonds Sl5.055.Ol0
CHARLESTON. w. VA. June I'm the
United States Circuit Court I'm this city |
yesterday an attachment suit was filed |
against the Norfolk and Western Railroad
Company by j. G.. Hopkins. the assignee
Of Thompson Bros, Of Catlettsburg for
money due on contract for construction.
and the road bed and rolling stock from
Kenova to Blueheld was turned over by
Judge Jackson 10 the United States mar
shall for West Virginia, In whose hands il
Is nOw In. To-day application was made
TO have a receiver appointed for the road,
and Judge Jackson appointed S. Il. 4.
NinsOn, Of Huntington. W. Va, as tenn
)orary receiver. and set the time in June
At Parkersburg for the hearing of appll-
,atiOn.