Savannah morning news. [volume] (Savannah) 1868-1887, 1882-05-02
With an estimated surplus
12oR22

But in view of the legal construction placed
upon the Southwestern Railroad lease, the
June dividend should not exceed 436 per cent,
and further because OF hardship placed upon
the stockholders of the Central Railroad in
June, 1881, in the issue of the certificates of
Indebtedness the directors should ever here
after exert every just and proper means to
maintain dividends as above In ratio of 10 to 8:
and unless for the gravest and most impera-
tive or reasons the shareholders will
not again as quietly submit to the dis
aster, disregard of this plain and
simple obligation will certainly entail upon
them while the present construction of the
Southwestern Railroad lease holds as good
law. En- p0Ssdnt, it may be curious to note
thae IN the foregoing estimates the Cen
trsl system contributes about per cent. to the
net earnings, Ocean Steamship Company 81A
per cent, and investments and bank 4 per
cent, in all 1O1x per cent. The lowest receipts
basis for calculations, for months of April
May, June. July and August, were 5000 in
1857, the result OF the yellow fever
scourgee' and ood1 the eoo average herein
ponding period of last year. and by compari-
son of year with year failing OF of $685. 900 is
shown in gross receipts with ordinary expense,
this wear 81 926 900 estimated against 81 500 OOl
determined, for doing II per cent more busi-
ness in volume and prontableness last year
over this year.
Much is said by those disposed to underes.
innate Central Railroad stock about the pres
sure of an unweildly and cumbersome fioat-
ing debt resting upon it, From the best in
formation this debt may be set down at 81, ,450,-
600, and that, as is understood. covers the
entire unfunded debts of the Railroad, Ocean
Steamship Company, and Bank. 1t is perfectly
lncomprehensible to understand how this debt
can operate as such an incubus, when the com
pany could at any time iiquidate it by the sale
of part of the securities it was created to
purchase and either this should be done or the
debt funded, awaiting favorable market for
selling securities, as it was put upon the COM
pany for an increase for their purchase and an
increase of assets.
While funding or otherwise disposing of
this debt, it might be well to consid-
er also the proposition made by
by correspondent in a recent issue of the
NEWS. over signature of ''Stockholder," iD
regard to raising 81, 900 for an active bank
caDital for enlarging the compaDy's banking
facilities. For these purposes there are
SS 5OO,O 600 available assets now in hand, which
could be increased TO IS co., 600 by adopting
suggestion of Colonel Wadley for bonding the
Western Railroad of Alabama for expenditures
upon 1t by its joint owners, the Georgia and
Central Railroads, and making a similar dis
position in the case of the Port Royal Railroad
purchase. Admitting it may not be advisable
to market any. securities now, they could be
hypothecated for short loan until a eonve-
nient season came for disposing of securities
and the same objects be accomplished
Just at this time such a move would be most
opportune and far reaching in its results, and
the Macon and Brunswick Railroad with its ex-
tension be made to prove dead investment to
It's owners. even at price paid for constructed
portion. The Atlanta division Of the Central
system traverses one Of the healthiest and
most fertile and reliable farming sections
of Georgia The dOurisning cities and towns
along It's course are menaced with partial de-
population and diversion Of trade by the close
proximity to them Of the Macon and Bruins
wick Railroad extension. Through the Savan-
nah correspondents of the merchants of
Hampton, Griffin. Miner, Barnesville, Forsyth
and other points, it could be made known that
increased facilities could be afforded them for
purchasing and handling cotton through