The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-03
NEWS OF
THE RAILROADS
Norfolk and Western Makes Remark
able Showing,
SOME INTERESTING FIGURES.
Ric!,mond's Transfer Business Grows
ing-Ncw James River Line
Proposed Other Items
Of Interest.
SOME INTERESTING FIGURES.

and Western Stocks and the demands for
the securities of this road have attracted
the attention Of every market IN the
country. The advances have been steady
and have not been affected by the Vloeht
fluctuations of the market. nor have they
suffered from the manipulationS OF the
professional They have maintained their
own and the only appreciable changes
were appropriations III values.
The increase in the business handled by
the road has been something remarkable,
and the acquisition of the Cincinnati,
Portsmouth and Virginia has served as u
decided stimulus to the properties of both
roads
The six months income statement, just
issued taken in connection with the con-
servative dividend action of the directors
brings out clearly the fortunate position
which has been developed for Norfolk and
Western property. Revenue additions
falling expenses, conservative financial
policy, capable operating management
and Improvement in equity values for the
shareholders, with reasonable dividend
disbursements, form a combination of
favoring circumstances not regularly
found united.
EXCELLENT SHOWING.
Tho general offices of the Norfolk and
Western have issued. under the date of
January 29th, a statemsnt of the financial
condition of the system at the date of the
last annual report The statement shows
the companyS capitalization as follows:
Bonded debt. $t9,099, 800; less owned by
company, $923.7OO; net bonded debt. $iS,-
1880; equipment bonds, $4,000, making
the total funded debt S4S 800. on which
the interest annually accruing is $2,229 6Sl.
The company has taxes to pay amount
ing annually to about $500, 600, they being
last year $3S1,921, but has no rentals, APP
parentIy, other than those which natu-
rally fall to them in the operating eN-
pense account. so that the total fixed
charges annually appear to be $2,65o.0Oo.
At the end of the last fiscal year the
total stock capitalization was: Preferred
(gross), $23. O0O, 600. of which So, III 400 was
outstanding, while of common GROSS $780,
OQG, OG0. The net amount outstanding was
$64, t69. 200.
To pay q. per cent. on the preferred re-
ouires annually 9S96, and consequently
fixed charges and preferred dividends re-
quire annually S3,5oo,o@6. Says the state
ment: The company. however, has a
small income from investments, etc,
which, for conservatism, We shall take
at such d sum only as will make the net
charges against operations for charges
and preferred dividends $3,500,00O per an
mum.
L or the year ending June Goth, last, the
company reported gross earnings, S14,09l,-
O24 and operating expenses, $S,il3,l6l
showing that the company earned clear
surplus of 81, 800 geo, over the requirements
for fixed charges and dividends. For the
five months, ending November 30tE, the
company reports, gross earnings, in
crease, $S4G,490; operating expenses, in
crease, S429,90l; net earnings. Increase.
$425, 1853; fixed charges, decreased, $3.50 s;
surplus increase, s44S,537.
THE STRONG: FEATURE.
plus of $2,5Go,C00, over the preferred divi-
dends last year has been increased this
year in five months by $44S, 53l, and a
similar rate on increase in the remain
Ding seven months would make the net in
crease, for the year, Sl,oI000V, or net
surplus over preferred dividends, of S.
5uuUO5 in round figures Th-ss would be
equal to common stock. 1t is, however,
understood that the management will
appropriate not less than $2,00J,O0J of the
surplus for betterment.
tho strong feature of Norfolk and
Western is the efficiency of its operating
department, the departments of expense
showing the following rates TO the gross
earnings: maintenance OF way, I.0o per
cert; maintenance of equipment, 1i.43;
conducting transportation, 29.S1; general
expenses and taxes, PIG; making total eN-
penses 57.55 per cent. Tor the fiscal year
of 1S59-l9G0. while that Of l697-lS9S was I01S
The efficiency of the property is being in
creased.
1t appears from the statement that
making reasonable allowances, for main
tenance and taking the company on its
bass by efficiency of about $S,5G9,0Q1 gross
earnings, would pay fixed charges and
about $lO,O00.G00 gross earnings would pay
charges and preferred dividends. Thu,
the Norfolk and Western could lose not
less than $4G9,O9o per month gross earn
ings from this years leVie and still pay
its preferred dividends.
MORE ROOM NEEDED.
The Richmond Transfer Company will
within the next fortnight. award the con
tract for extensive additions to the com
pany's stables, occupying the block on
Canal Street between Adams and Jetfer
son. Work OF the proposed improvements
will be begun Immediately after the
awarding of the contrast, and Will be
rushed to completion.
Colonel 5. II. Bowman, manager OF the
company, already has the plans OF the
proposed Improvements in hand.
The additions to the stables viii be built
on both the Adams and Jefferson-Street
sides, and will about double the present
capacity OF the stables. The addition to
the each Will be ITO feet long by p feet
inches in width, extending from Cana
Street back to the alley III the rear. This
wing will be used for Stabling. The plan:
also call TOR the raising Of the building
another story, and the wing on the JET
ferson-Street side will be used for stor
age purposes, while the other portion OF
the second floor viii be for carriages and
conveyances. The appointments viii be.
modern in every way.
REMEMBERED BY CLERKS.
The clerks Of the general office and tarff
bureau of the Chesapeake and Ohio, res
to-day presented Mr.. a. p Gilbert, chief
clerk to General Freight Agent, with q
handso1nely-frzG crayon. The picture
is the work OF Mr.. Edward III Mayfed
stenosrapher to Mr. Gilbert, who is
promising young artist. The crayon is
finely executed, and attracted much at
tention.
NEW RIVER LINE.
1t was stated yesterday that company
was being formed to establish a new line
of steamers on James river between this
city and Claremont.
Capt. James Cline, prominent river
man, is at the head of the enterprise The
company proposes to buy a small freight
and passenger steamer and operate it
along the banks of the river.