Savannah morning news. [volume] (Savannah) 1868-1887, 1882-06-24
Reply TO "StOekhOIder'' and "PhIIO
Junfus.S

SAVANNAH, June 23.-EijtOr Morning
Ntaos: It would appear from the communi-
cation OF stakeholder" =" In his number five,
that I am called upon to make reply.
have already presented my views of the
case. have simply used the figures o. his
riend "Philo Junius." l hsve deducted
the surplus from last year 1896, ,9l0 73) be
cause they don't belong in this years earn
ings, and "Stockholder" knows it.
I wish Stakeholder" to understand that
I have used no figures OF my own, but have
merely criticised those of "Philo Junius, F"
and asked for the real facts in the case.
confess that as yet sm not the least en-
lightened, unless It be in few minor items,
which are so small that my opinions and
fears remain unaltered.
Why does " Stockholder not refute the
figures given by his f'iend, "PnilO Junius, {"
and corrected By mtg
In nv statement (taklDg the figures of
"Philo Iunius" without the surplus from
last year) the condition OF the road st the
end Of the fiscal year will appear Just about
as I have made It, aud l now call the aiten-
ton OF 'StockhOlder," "Philo Junius, " and
the public 10 this fact.
Both ofthese gentlemen may be directors
for aught / know, and II "StOckhOlder' is
one, be must certainly be one OF the old di-
rectOrs, aud, being so, II comes with grace
from him to say 1--WE should not blame the
innovators for the large debts contracted in
| 1850 and 1881" " He NAV do himself an in
justice Il he keeps on at this rate.
Suppose, now, l admit that "Stockholder"
is right (which l do 20 give mat
tiers the most favorable light posslble)
and the public will see at once thatthe divi-
/ dends this year have not been paid out of
net earnings, but out OF the surplus from
last year, and the various dividends on
stocks, etc owned by the Central. Now,
/ ssS-ockbOlder" knows that those same
sources Of revenue cannot BE- depended
upon next year, for they have sold within
the last sixty days the $500 900 Mobile and
Girard bonds and 8 COO shares Of Sou Invest
ems tock. We do not question why they sold
them, we simply know they are gone for
ever, and there must have Teen some urgent
necessity or good reason for disposing CT
them.
He saws he has an abIding faith that
mother earth will smile moro bropItiously
uron us next year. Faith aud figures don't
work In the same harness. We may hOps
she viii not dissppoint US another season.
But that Is In the future. prefer TO speak
OF the present. The Georgia Riilrosd may
not bring Us In debt next year, but is has
6oue 50 this year, and will so appear Ia the
Pres,deut's report. IL would be simply
ridiculous in making up the expenses for
tbs yesr for ssStockholder" to say "elimi-
nate the $50, 900 loss on the Geor ia Rail-
road because she won't do 50 any more" l.
nav profit the Central millions some other
wear, but not this year, and It is this year we
are trying to get 81.
The repOrts Of Bradstreet and the Agri-
cultural Bureau do not give us hittering
hopes for another season, but rather the
contrary.
Now believe the figures o. "Philo Junius"
are a little wrong in some minor points, but
be must answer for them himself.
l want ''Stoekbolder' to tell me IL the net
earnings for this fiscal year will exceed
SOS GOO. III so, how much? ask him If be
does not klOs0 they will he les? This is the
most important point Upon It hinges the
whole question aud the public sees now
sedulousiv he avoids It. Now l will tell b m
that the 6xed charges that must absolutely
be paid are as follows:
Rental OF the Southwestern. .....-S $4,000