Savannah morning news. [volume] (Savannah) 1868-1887, 1882-06-13

To the Associate Stockholders Of the Central
railroad:
IT'S said that ga fellow feeling makes us
wondrous kid" and when this feeling
arises from common suffering, 1t may be
assumed that all will be kindly disposed to
confer together, and discover, II possible,
the cause of their wrongs, and the authors
thereof.
As a stakeholder, have been searching
| the annual reports of the President and
Directors of the company for several years
back, with great care, to discover, II posi-
BILE, the true cause Of the sunshine and
cloud that fit alternately over the land
scape, now presenting q dark picture,
then a bright one, but 1 have not
| yet been able to solve the great and vexed
| question, nor do j think any. honest solu-
ton can be made. By reference to the re-
port of the President and Directors, dated
| September LIST, 1881. it will be seen that the
earnings of the company were So, ,707, ,S9l 35
| mot including the large income from the
steamships), being $517 ,40I SO increase over
the previous year, and that, after covering
all current expenses, paying fixed charges
| and tlOO dividends of per cent. each
to us needy stockholders, there were ample
| funds left to make improvements, or
betterments, to the extent of $457, ,000i
embracing the following, viz: Extra rolling
stock, $l50,OOO steel rails, $205, 200; i'm
| prOvements and enlargements of shops at
Macon, $40 900; new brick warehouse and
improvement of grade at Hampton, and
other items Besides the application of this
amount-S455OOO out of the said earnings
| 1t will be seen that bonds of the Western
Road of Alabama, in which the Central is
| jointly interested with the Georgil L all
road, were paid exclusively by the Central
| to the extent of $269, 900, and that the said
bonds ''are held for future adjustment with
the Georgia Railroad Company"
Turning now to the presidents Report
OF the Ocean Steamship Company" of same
date-September 1, 1S8l-it will be seen
that after paying sll current expenses, and
making many improvements and additions
to the property, VIZ: buildings extensions
to wharves, erecting a large grain elevator,
! and building a most capaciOus warehouse.
| for storing cotton, etc. (the warehouse is
now rented for five thousand dollars, 10
per cent. on its cost, there remained
a net income for the year Of $30l, 121 81,
| but not dollar of this net income was given
to US poor needy stockholders. Some of
you may be inclined to ask, why not :? But
| don't be too hasty; look little further on
| in the report and your intended question
| will be answered. You will discover that
| this little net sum of 1901, ,121 81 was
| also used to add to your magnlh-
cent steamship companV's property.
For instance, AS 80 were paid for the
steamer Juniata-present intrinsic value
| $120. 600. Again. $94 642 So were paid for
| the steamer Dessoug, that brought over the
| Obelisk from AleXsndria-nOw estimated,
| by judges, to be worth $12O, 900. Two
| lighters were built also during the past wear
| to supplement the wharf room at New York
costing $40, ,913 42-and the final payment
! OF $6S, ,973 63 was made for the
| steamship City of Augusta-all of
which are additions to the property OF the
Ocean Steamship COMPANY, made at an ag.
gregate cost of $253, ,008 o. and paid out of
| the net earning fund of 1901. 12l 81. To
show how judcious It was to apply the net
1 funds to the purchase of the ships and
| lighters enumerated, they are now estimated
by competent judges to be worth $780,,
| 981 05, being fully $50, ,87S 03 more than
/ cost. But am keeping the floor too long,
| and my companions in misfortune WILL no
| doubt, prefer to hear from some other
STOCKHOLDER.