The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-06-10
BUSINESS NOTICES.
NORFOLK AND WESTERN RAJLROaD
~ COMPANY.
m, Al HILAUELFHIN, June i, fS.I3
Railroad COMPANY. 80" " ee'ern

To 81. fuILaDELrHIA, June I, 1893.
10 the shsrs holders OF the Norfolk and Western
In the last annual report to the shareholders
presented at meeting held May Sd last, II was
stated That at the close OF the year 1872 the com.
pany had in Its treasury In its use as collateral
S9,ssSOOO Of it's 10c-year mortgage bonds. and had
that the collateral loan or 81 OOOO q was paysbIe
Deccmoci 81, 1888, and that $525tOO convertible
I isa bonds would be payable January i5
would De made during the year for the funding
OF these obligations.
- 10 meet these obligations and those incurred
IN properly completing the Ohio extension and
the Columbus terminal, to provide Tor the cash
Foine soc que on car trust obligations and
S Oh directors has decided to offer 10 tho share
So,so .OO of preferred shares. for IS 25O.OW cash
and accrued interest on the bonds ~
cbase to have the privilege to pur
o or Pa Sn thereof, registered in their names
Sltoo OF loO-year bonds and 10 shares OF pre-.
bend @ va eu9
Payable 10 per cert. at the time OF subscrip,ion
10 per cent. juno 81, 10 per cent Scptembcr ~ Of
Mnicn Gatc the shares Will be deliverable and the
hon% ~ per cent and accrued interest on the
deliverable. "uS "'' NC
The right TO purchase will expire June 10. 1898
AT .. NJ, anu may be exercised at the office az
inc treasurer OF the company In Philadelphia or
ut the office of Messrs. Vivian, Gray 4 CO. dhe
vo,npany LONDON correspondence, 10 Throg-
Assignable receipts will be given for the first
TWO payments, which muet be surrendered when
certincates OF stock are delivered, and receipt
VIII be given Tor the third payment, which must
oe surrendered when the final payment is made
and the bonds are delivered
SUBSCRIPTION blanks and forms for assignment
OF rights can be obtained at either OF toe above.
named Offices.
Transfer books will close June ~ and roon.r
June II, 1873. f
Arrangements have been made with guarantee
hn
ali the bonds and shares subscribed for by the
sharcholdcrs.and the company il thereby assured
That ample provision has been made FOR its flnnn.
cal requirements, aud that upon the comniction
OF the transaction the company will be entirely
working capital '' N
the lOOycar mortgage bonds bear per cent
interest, payable semi annually j, nuary LIST and
July LIST, and arc u first mort gage upon thc Ohio
extension, 192 miles In length: the steel bridge
across the ohio river upon Il miles OF the North
T aroma, extension; upon various other short
nfahches' ana III on the extensive terminals nj
Lamnert Point and Norfolk, formerly the prom
crty OF the Norfolk Terminal Company, these
representing cash expenditures OF over SlUMjO.
y: and II Is also general mortgage. subject to
prior mortgages. upon tho remaining property OF
me company AT the date of the mortgage. October
g3G miles '1'"s
ih he mortgage is for si',oOOoOo, OF which s25,
OJOt0p arc held by the trustee 10 retire prior
mortgages. after which the lO0-ycar mortgage
" IL be a iitst mortgage. Upon the completion OF
the present proposed transaction there viii he
outstanding of thc;c bonds Si5.065.t 90.
The gross earnings of the company have in.
creased from Ss,26i.2SS in 1881 to $9,a52 SSi in
Is :,3' and the net earnings from ST ,l04, O5G in
1881 to S3lIS,275 in ISL. hut on occount or mr.
genera business depression aud the one ration M
q; miles of new road, on which the traffic de-
veioplnent had but begun, the net earnings In
1892 were only $2a2i,2t9. notw outstanding which
the surplus Income for the year, after the nav.
ment OF all fixed chargcs, was $72G.3I3
The exceptional severity OF the weather during
the first two months OF the present year caused
slight falling OF in earnings and an Increase In
operating expenses. hut the results OF the opcrn-
non oil your line since then have been very salts
factory anu there Is every reason to believe that
the surplus income over fixed charges for the
payments, will equal II not exceed the surplus
income or the preceding year, and this without
counting on any net revenue during lS,3 from
the ONO extension, lately opened, the traffic on
wmch IL increasing and gives promise OF great
expansion in the immediate future
by order OF the board.
F.J. KlMBALL,
nroai "A