The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1896-08-21
RAILROADS FOR SALE.
a Rumor That the Philadelphia Office:
Will Come to Roanoke.

III oOille To Roanoke.
The Philadelphia Press of the 10Th in
slant publishes the following piece of
railroad news:
Ii nothing intervenes there will bo two
large railroads sold ut public sale NEXT
month, both of which have their general
Offices In this city. The largest is the
Philadelphia and Reading, and the other
Is the Norfolk and Western. Both of
these companies have had plans of reor-
ganization prepared, and when they are
sold they will be reconstructed under
them.
The sale of the Norfolk and Western
railroad is set for September 1G. and all
lines and property which come under the
control of this company are to be parted
with on that date. a new comnany is
to be formed, and in all probability a
new name will be given it. On Deem
Der 81, 1879, the average miles of track
operated by this company were 1870.
one nne gross earnings for 1895 were SO, Coz
49, o9' ana the operating expenses 81 ,523,
O36, leaving net earnings of Sc, 1873. 45l
But after the deduction of interest
charges there was deficit of 1864 $50
and after payment of sundry debts incur
red prior to February 5, 1895, and charged
TO the income account Of the company
the deficit was further increased, so that
on December 81, 1895, there was deficit
CT Income account of 81, 232, 1872 This
company owns and controls some valua-
BILE railroad property, but it is thought
That the property will be kept intact
Ihere have been number of rumors
afoat recently in regard to the Norfolk
and Western Railroad Company chang
ing its headquarters from this city to
Roanoke, but at the Office of the com any
very little information can be gained n
this subject. 1t was stated Yesterday
that there is a possibility of the company
moving its offices to New York city.
but this is hardly probable, az the change
is said to be made to cut down expenses
The company has no direct connection
with the offices in this city, and owing
to recent decision of the postmaster
general, 1t is compelled to pay postage
ON railroad matter that was formerly
sent to it by the railroad mail service.
There are other factors in the case that
are responsible for the rumors afinat in
regard to She contemplated change 1t
is thought ii any change will be rnade
that Roanoke will he the place seler4ed.
as the offices then will lie handy for ali
those who are connected with the road
While the sale of the Reading property
is set for September %, it is generally be-
lleved that 1t Will not take place, although
all signs point TO it's sale. The members,
of the reorganization committee who
have the matter in charge say the proper
ty will be sold, but in railroad and finan-
cial circles it is thought different. Re-
Gently the reorganization committee OPEN
ed negotiations with the Philadelphia
and Chester Valley Railroad Company
security holders for the eating down of
the interest on the 5 and per cent.
bonds to and 3 per cent respectively.
IL Is understood that this overture has
met with the appreciation with nearly all
the holders of the securities of this COM
prsny. 1t is said ths II similar moves have
been made with other companies that the
Reading either leases or to'which il guar
antees the interest ON honda