Savannah morning news. [volume] (Savannah) 1868-1887, 1882-06-19


assocatedf) Stockholders Qfthe Central Railroad:
Three of our associates in misfortune have
given us a few grains Of comfort by re-
hash of figures taken from the official re-
ports OF former years. But is not this
rather cold comfort? Would not investors
prefer to see the figures representing the
earnings and expenditures for the current
year, and learn what are the prospects for
the future?
Like these stockholders, I have been
sesrching-not the "reports Of the President
aud directors for several years back''-but
for reliable information as to what will he
the outlook on the 31st OF August next (the
end of the fiscal year. with the following
approximate results, w:
Net earnings of road and branches 975, 600 90
Net earnings of Ocean Steamship
Dividends from southwestern. At
lants and West Point, and Eaton
ton branch, etc Observation-Disclosures. 1900 20
Earnings from Western Railroad
OF Alabama. and other Alabama
roads ......................... $4,000 co
Surplus earnings from last year
(see Cashiers statemenD. 1890. 396,9l9 %
From this amount must be deducted fixed
charges, dividends, etc, as follows:
Rental Southwestern Rail-
road .x.52,6OO
Rental Augusta and Savan-
nah Railroad ............. $1,000
Rental Eatonton Branch -. 1900
Ioterest on 81, 500. 600 second
mortgage b Dnds. $500. $4,000
Interest on Si,6aO,0C0 deben-
Interest on fl )ating debit. $4,000
Loss on Georgia Railroad
Ocean Steamship Company
reserve to secure bonds, = 100000
Dividend 4 per cent. In De-
cember, 1851 ............ 10000
Dividend 4 per cent in June,
1882. e.. .....,. SOO,OOO-S1 ,92s 800
This puts us through the esF comfortably
and le1ves US about 8 800 to go to the
credit OF profit and loss.
As The Feb uary debt is about paid 10 by
the sale OF 6 900 shares Southwestern Rail-
road stock. 81 $50 900 joint mortgage bonds,
aud $500 900 Mobile and Girard Railroad
NOR gage bonds, and as the Georgia Rail-
road lease will probably be remunerstive
hereafter, We will only have to sarn about
81 200, 600 net next year to insure US the
continuance OF four per cent. semi-anu usl
dividends To accomplish this the compa
NY win have to make assets am bunting to
$500, 900 more than has been Melted this
year. With good cotton crop, and ths sd-
1ltiou Of one more large ship, to the Ocean
Steamship Company, this does not appear a
difficult matter to bring about by continuing
the economical management OF our directory.
Croakers may say that this is rather more
than can be expected after the completion
OF the Macon and Brunswick extension 60
atlanta. It Is true that this new road will
be rival parallel line within few miles Of
the entire left tilnk Of our main trunk, Tut
81 a
try through which these roads pass give
enough business to both to ensure dividends
to their stockholders?
In the MORNING News, un lie: 6a'e OF
Nav 2 J, c1rresponGens, under the nom dc
0l,,nss OF HJunius, g In a very able article on
the subject or the AFT airs of the Central
Railroad OF Georgia, gives a set OF figures
to demonstrate the value OF the stock on
the basis OF assets over liabilities. Though
some of these figures are remarkably cor
rect, yet ! think ] cen point out several
errors, which It lasy be we'll to note His
figures are as follows,
Railroad and appurtenances. 80. . s12. 100000
Real esl ate banking house, etc 49,. $1,000
Ccesn Steamship Company lover all
Western Railroad of Alabama, half
interest lover al! lisbilities). ...... 100000
Alabama GO niles; -. 80 100000
Savannah and Memphis Railroad of
Alabama lover ell liabilities .... 323 0c0
8 335 shares Southwestern huroad
Company stock at $40 ........... 76n, 200
6, 100 shares NJ lntgomery and Eufaula
Railroad Company stock ........ $1,000
sos shares Eatonton Branch Railroad
Company stock, at Sll5 ......... d 425
1900 shares other TailroS d stocsa... 10000
1894 t6 in per cent GsrtincateS of
Indebtedness. at %. 49,. ............ 474 446
cent bonds -. -. 800. 100000
$50, 900 Mobile and Gjrard Railroad
per cent. bonds, at So. ....... GA 600
$3.50 COO Savannah. Griffin and North
Alabama Railroad per cent.
bonds, at 90 ............,. -. 48aOrO
$3.50, 900 Montgomery and West Point
8p-r cent. b9nds....-... ......,..' GOO
$50 900 Louisville and WadeY Rail-
road { per cent. bonds. -. -. $1,000
$500 City of Macon per cent bonds 500
Mechanical AMI Agricultural Asso-
citation of Georgia >. ........... 500
0ae share Savannah Cotton Ex-
change stock .................,t... 400
Total .............,.........,.,,S 21, 757, 971
LIABILITIES
Capital stock .......,.......S7 81, SOC, goo
First Nrfcy mar ant