Savannah morning news. [volume] (Savannah) 1868-1887, 1882-06-23
The CENTRAL RAILROAD.
Conference No. 5-What Appears 20
be Detective In abe Statement OF
WEruthss TOuchingi the Receipts
and Expenditures Ofour Company.

To the Associated Stockholders Of the Central
Railroad:
Our brother stakeholder who had the floor
at our last conference suggested to ''Truth'
that all honest statements ought to embrace
not only the truth, but ''the whole truth and
nothing but the truth" This is required Of
a witness in our courts, and 1t ought to be
observed in making statements or giving
evidence before an inquiring public-more
especially when the evidence is given by a
witness called "Truth."
In the statement made by "Truth" In the
MORNING NEWS of the 22d inst, he gives
an item of S75, 900 as income from "divi-
deud from Southwestern, Atlanta and West
Point, Eatonton Branch, etc." Why ignore
the income from G, 200 shares Of MONTGOMERY
and Furaula stock (S43, 400, from the $780,
SOOO Mobile and GiIerd bonds, from Central
Railroad deben,ures, from Atlanta and
West Point Railroad debentures, etc, etc,
which swell this item Of income to about
s144.24t. instead Of the $4,000, as
stated? I presume that "Truth" knows
that the steamship company's reserve
is 100000 to secure bonds and not
$50 600 In these two items alone
there appears to be an error OF $119,244
Again, why saddle the $4,000 loss on the
Georgia Railroad lease all on one years
earnings of the Central, when those best
informed know that the whole lease money
will be earned by the Georgia Road after
this year. Even an average crop year will
balance all that amount. The property
leased will take care Of itself. 10 all fair
ness then, let this item OF $4,000 be
stricken out, also one-sixth Of the amount
named as interest on the Central Railroad
debentures (S276, 000)-say $4,000 as that
amount accrued prior to the beginning Of
the current fiscal year. "Truth" may
object to this elimination for the plausi-
bic reason that each year must
paw twelve months interest on the
| debentures. That is true as the rule, hut
| two months of the year under consideration
| fairly belong to the last year-which was
| fruitful and abundant-and not to this
one of short crops, arising from unusually
! bad seasons, from which kind Providence
| will spare US, let Us hope, for many years to
come. And why does "Truth" eliminate
the item of 1896, 9l9 70 from the statements
of "Philo Junius"-''the surplus of last
year?" II the corrections suggested be
made, namely: $119,244, $4,000, $4,000
| and 1896 919-amounting to S642, l63-and
this sum be added to the ''paltry sum" OF
$l54 4OO-making S796 563-we might agree
| that the earnings justified the payment Of
eight per cent. for the year to the needy
owners of the property.
In closing | will venture to say that II our
doubling friend, "Truth," will take more
cheerful view of life, and adopt Jacob
| Faithful'sn motto, "better luck next time"
we will all be happy next year, he as well as
| the needy stockholders. We have an abiding
| faith that there will not be such q season
again as 1881 for years to come. Mother
| earth will give US her average
| weld in the future as in the past,
| which, with care and economy, will en-
sure us eight per eent.from our shares, and
vet pay up any small deficiency that may
| possibly appear In our companY's treasury
for the day. Our credit will carry the def
cheney until we arrive at the better days
that are coming and are now near at hand.
hope some industrious stakeholder will
| be able at cur next conference to indicate
| the best methods of introducing "care and
economy" in the management OF our pro-
| perty.
With thanks for your polite attention, l
am your brother STOCKHoLDER.