 | History of Roanoke County |  |
One-Hundred-Year Mortgage
With the object of perfecting northwestern and
southeastern connections, and for other purposes deemed
advisable by the Company, the Norfolk & Western
on the twenty-ninth day of October, 1889, created
what is known as the one-hundred-year mortgage,
which is a first lien upon the property when all underlying
liens are refunded.
This mortgage provides an issue of $10,000,000, five
per cent. bonds, of which $6,000,000 was for the purpose
of constructing the Ohio Extension, $1,500,000
for building the North Carolina Extension and the remainder
for redeeming the Norfolk Terminal Company's
first mortgage, and retiring the convertible
debenture loan of the Railroad Company.
The Ohio Extension follows the waters of the Big
Sandy River from Elkhorn, in McDowell County, for
about ninety-five miles, thence about fifteen miles over
a low summit to the headwaters of Twelve Pole Creek,
which it follows for about seventy-one miles and
crosses the Ohio River by a steel bridge and runs about
fourteen miles to Ironton, Ohio, making a total distance
of one hundred and ninety-five miles.
| History of Roanoke County | |