New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-09-17
NORFOLK & WESTERN
Report Shows Marked Progress by
COMPANY in Last Year.

The report OF the Norfolk & Western
Railroad Company for the year ended June
SO 963. so. an increase OF $5,i5o.Foa, anu net
operating revenue OF S14.oIa.-9. an increase
OF S2A9 RS. Total income was Slol03,3l..
against S12.57S,457 in the year before After
interest charges, taxes and rentals there
was a balance of net income OF SSv+3.lo3, 2
gain OF s2,3.T.I32, and after the deduction o.
expenditures TO maintain earning power q
final balance OF $5,46S.566 was shown DlV1-
bends amounted 10 81 2525 sic. leaving Z SUI
plus for profit and loss account Of Sl.ll1 go
The balance 10 profit and loss account on
June 30 was E1,74i-752 Operating expenses
Increased II the year S3,SlI,QtS. the ratio OF
expenses TO operating revenue being 6J-v-
per cent. compared with co. Per cent IN
The report states that the expenditures for
road AM equipment aggregated sla-lsI. ~ -
all Of which. in accordance with the order OF
the Interstate Commerce Commission, mas
Keen charged to property investment &C
counts. OF this sum S2.512,59 = consists OF
expenditures which, IN the Judgment OF the
board OF directors wee reqglreo 20 oIlS -
changing conditions, and were necessary 20
maintain the earning capacity and preserve
the value OF the company property, ana
therefore should not be CAPITALIZED. The
pa vrnent Of SS.573,5IS 8 from income there
fore includes that amount, and also for rhs
same reason one-half or the principal Of
equipment trust obligations paid IN the
year The resulting net properly invest
ment for the year was E1o.6l $50 =
Showing the great progress MADE - me
company in perfecting the physical condI-
ton OF its property the report 70 stock
From the beginning IF It's operations.
October !. 1896. 70 June 81. 1910 your com
panv has expended for acquiring or cor
tensions, second track. S1dingSt yards.
equipment. grade revision and changes CT
line and other additions and improvements
and for advances 70 SUBSIDIARY CoTnpd mes
for construction purposes. the sum or SO
s51 TO So OF which the sum OF s53,5l9,421 2
vas obtained from sales OF capital obliga-
-, -9T- -ds~ -
income Of the equipment trust certificates
issued under your cOmpany's trust agree
r-ents 10000 was 7aid IN ths Zsar. The
total paid 70 June 50, 1910. IS S8.50',t coo. and
81 90 0oo was then outstanding and unrna-
Thesa expenditures and trust agreements
have added 10 YOUR company road 36.-9l
miles Of main line and branches, 81 $ miles
of second track and ass miles Of sidinEs,
and 20 its equipment so locomotives, Isl
passenger cars. Dps freight cars and 3e2
ma iutenanCe Of way cars
The conpany'S anticipated requirements
during 2 series OF years for further
branches extensions. second tracks Yards.
sidinsS. terminals, equipment and other ad-
ditions and beute-nenrs necessary 20 de
tate expenditures the cost or which viii
considerably exceed the unissued Temainde-
is. 49,. 00O OF the convertible bonds author
lied al the annual meeting OF stockholders
IN October. 1895. Desiring TO provide tcr
such capital requirements OF the company
~ means Of issues OF capital stock rather
than Of mortgage bonds, the board OF ii
rectors has determined TO submit 20 the
stockholders. at their October meeting.
proposal 10 increase the authorized common
stock Of the company by SI0,tfC,p4 70 an
aggregate OF Sl50.ur..GC0. and further pro-
posaI 70 authorize the creation and sale
from time 10 time OF an issue or issues Of
bonds Of the company not exceeding So
6o0.o00 convertible into common stock at
the option Of the holders during 4 term OF
years: such bonds 70 be sold In lieu OF
common stock at times when market coudi-
lions do not favor the issue OF stock