The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-06-09
BUSINESS NOTICES.
NORFOLK AND WESTERN RAILROAD
IN COMPANY

r. PHILADELPHIA, June 1, 1898.
10 the share holders OF the Norfolk and Western
In the lsst annual report to tho shareholders
presented at a meeting held May Sd last II was
pany had in ts treasury or in lis use "a en;i.terai
SS,ssSo00 OF Its 10c-year mortgage bonds and Ind
9Sn.stanoing bills able amounting to SisS0S;
thst the collateral loan or $2(1 W was nav, lie
December 81, 1898, and that $5a5, COO conys, dnle
H ssns bonds would be payable Janusry Is,
would be made during the wear for the fundinr,
oil these obligations.
To meet these obligations and those incurred
IN properly completing the ohio extension and
tue Columbus terminal, to provide for the cash
payments rSiin que on car trust obligations and new
roiiing stock, aud for working capital your hoard
OF directors has decided TO offer to the share.
So!O!Ooj OF preferred shares. for $S.25OOOO cash
anu accrued interest on the bonds.
cbase f smarcnoiders to have the privilege TO pur
ensse lot every loo SHARE OF com or preferred
shsres or part thereof, registered in their names
on June u. 1St3 ~ 9
Slto of l0U-year bonds and 10 shares OF pre-.
tcrred stock for SlC5p and accrued Interest on th
bend eSs' y" tue
Payable 10 per cert. at the time OF subscrintiop
10 per cent. June -, 10 per cent Septembcr ~ ~
wnich date the shares VIII be deliverable and the
oahmrng per Gent and accrued interest on the
1omus Deccmoer -, lS3, when the bonds will be
deliverable. ~ VIC
The right to purchase will expire June ~, 1873
NJ .. NJ. ana may he exercised at the oflic. OF
ate .Icaaurer OF toe company In Philadelphia or
n nj the ONCE OF Messrs. Vivian, Grsy y Co Ithe
,Wrpm1s London correspondcntsl, 10 Throg-
Assignable receipts will he given for the first
two payments, which must be surrendered when
certihcates OF stock are delivered, and = recent
viii be given Tor the third payment, which must
We sa t when the final payment is made
ana inc bonds are delivered.
SUBSCRIPTION blanks and forms for assignment
Oh Fights can oe obtained at either Of the above
Transfer books will close linn, ~ md -,o,,,,
June u, lS.S. ~ iS'
Arrangements have been made with II guarantee
n npr reb
all the bonds and shares subscribed for by the
shareholders, the company is thereby assured
mat ample provision h. been mndc for lis tinnn.
cal requirements, and that upon the completion
oi the transaction the company will be- entirely
working capital. M '''''D''
The 1Oo-year mortgage bonds bear s per cent.
interest payable semi.annually J.nuary LIST and
July LIST, and arc first mortgage upon tho Ohio
extension, 1872 miles in length; the steel bridge
across the ohio river; upon Il miles OF the North
Carolina extension; upon various other short
branches and III on the extensive terminals M
nnnctt Point and NorfOlk, formerly the pron-
crit OF the Norfolk Terminal Company, tlcsc
representing cash expenditures OF over $1,000.
y: anu II Is also n general mortgage subject to
prior MORTGAGES, upon tho remaining property OF
thc company at the date OF the mortgage. October
H,d miles s
,G rh e mortgage is for si5oOo.ooo of which $a5,
oJo'oo are held by the trustee 10 retire prior
mortgages. after which the lU0-ycnr mortgage
W., W.il he mast morigagc Upon the completion of
me present proposed transaction here will br
outstanding OF these bonds Sl5.N,5.t00.
Inc gross earnings of the company have in
creased from S!.6l.s>S in 1881 to 50, a52 SSl in
!sa?. anu the net earnings from ST ,l04,OjG In
1881 To SltS,215 In 1871, but on occoun, of I he
ychcrn business depression and the operation OF
~ miles OF new road, on which the traffic de-
Vclopincnt had but begun, the net earnings in
ii S!s were only Seasl ,aCo, notwithstanding Which
thc sutpins income for the year. after the pay
mont Oh ali liked charges, was $72G,3l3.
inc exceptional severity OF the weather during
the iirst two months OF the present year caused Il
silGht railing OF in earnings and an Increase in
operating expenses, but the results of the opera.
ton or yonr line since then have been very salts
factory anu there is every reason to believe that
the surplus income over fixed charges for the
year lSE'' Notwithstanding the increased interest
payments, Will equal. II not exceed, the surplus
income or the preceding year, and this without
counting on any net revenue during 1Sl3 from
the ohio extension. lately opened the traffic on
when Is increasing and gives promise OF great
expansion in the immediate future
By order of the board
+. j. KlMBAII,
rpa