Savannah morning news. [volume] (Savannah) 1868-1887, 1882-11-14
INTERESTS IN CoNNEoT1NG ROADS.

uuIl' The year past having dVeTaSeu plJo5S
per mile.
INTEREsTs IN CONNECTING ROADS.
In addition to the above mentioned roads,
which may be considered as constituting
the Central Railroad system proper, and
will be so called In this report, the company
has, among its Assets, important interests in
other roads, as follows:
1st Western Railroad OF Alabama, West
Point to Selma, 1873 miles. This road is
owned j>intly with the Georgia Railroad
and Banking Company, and operated by a
management appointed ny the two roads,
one-half the net results being paid to each.
The Georgia Railroads one half is included
in the lease of that road and It's assets, and
is turned over to the lessees There are out
standing against this road S1,S03 600 eight
per cent, bonds, Of which $3.50 600 have been
assumed by the Central r ,ilrosd In settle
ment for the Columbus branch, Opelika, to
Columbus, 20 miles, purchased by the Gen.
trial, as mentioned in the last annual report
There remains 81, 543, 900 against the line,
West Point to Selma. Steps are being taken
to organize company 20 operate the road,
instead of the present uuincorpora'ed joint
management. The respective interests OF
the joint owners will be represented by
stock IN the new company-this company
receiving One-half, and the lessees OF the
G. orgIa Railroad ope-hslf. It is believed
that this road will pay the Interests on its
bonds and good dividends on 50, 600 600 of
stock-$1 600, 900 to each owner. The in
terest of this company In the Western Rail-
road may therefore be considered ss repro
eented by 90 miles of railroad, with $77l 500
eight per cent. bonds outstanding against
t.
I'd. Georgia Railroad Lease. The Central
Railroad owns one-half Interest in the net
results ut this lease. 1t embraces the
4. III ,.,Eo
one-half interest IN the Western r lilrOad
Of Alabama, described ss above; a one firth
interest in the Port Royal Railroad, 112
miles; a ive-eighths interest IN the Rome
r .iro d, 20 miles; aud $440, 900 in stock
and $40 300 In certificates of indebtedness
Of the Atlanta and West Point RaiirOsd, 81
miles, out of a total issue of 81 ,232, 300 stock
aud an equal smount of certificates of
indebtedness, which are the only obligations
upon that road It's interest, therefore, in
the Atlanta and West Point r abroad is q
little greater than one-third.
The only indf btedness upon the main line
and branches Of the Georgia Railroad to be
provided for by the lesseee, is the annual
rental of 5000 900. This rentsl may be
treated as CAPT al Zsd at $4,000, 900 with in
terest at 6 per cent. There Is no indebted
ness upon the Rome Railroad Uoon the
Port Royal Railroad there are $3.50, 900 bonds
ahead OF the stocks and bonds rPDresen ing
the lessees interests-which are 5000 600 in
come bonds (having voting power and the
principal secured by mortgagel. ont of a
total issue OF 81, 500, O00-aud $50, 900 stock
out of an issue OF $750,OOO There Is also
an equipment bond of $50 600 on its rolling
stock. A condensed idea OF the value of
these interests may be obtained by adding
together fractional parts of each road rep
resenting the Georgia Railroads interests
therein, and the whole lease would stand as
representing 307 miles OF road encountered |
with a rental representing $1,000 600 CAPT
tai at 6 per cent; ard 1856 miles of connect |
ing roads (Western Railroad SO Atlanta and |
West Point Railroad 80. ROME Railroad 10 5, |
Port Royal r abroad % 81 eucumbered WITH |
1881 500 bonds (Western Railroad $771 500, |
Port Royal Railroad $4,000, including in |
comes), or say 443 miles OF road encountered |
with prior obligations averaging $24 AT Is |
per mile. The operations OF this lease for |
the past year will he referred to later.
Sd. Port Royal Railroad In addition to |
the interest carried in the Port Royal Rail- |
road by the Georgia Railroad lease, this |
company owns 5000, 600 of the Port Royal |
Railroad income bonds, principal lsecured |
by mortgage, spoken of above, and $50, 900 |
of the stock of the company. These /
bonds may be considered as represent |
ing q three-ffths ownership OF the |
entire road, with q prior encumbrance |
o. $ZOO UUU UTeJ uOrlkhkS Uuuubs hHu Il
$50, 600 equipment bonds on the entire 112 /
miles, or say 81 miles encountered with /
$3.50 900 prior liens, an average Of 81, 6S6 per |
An. TIE Savannah, Griffin and North
Alabama Railroad. The Central Railroad /
owns $3.50 900 of the first mortgage bonds |
OF this road, out OF total issue OF $500, coo, |
and 1901 100 Of it's stock, out OF total issue
OF 81, 0l0, 900. The stock is considered of
lite value, and is carried on the books at |
the nominal price of one dollar per share.
The road is 63 miles long, and has cost |
ira stockholders and creditors to build, |
Al b55 945 q. 1t has little or no /
rolling stock, and has been man
aged by officers OF this company from
motives OF economy. but this arrangement
rs not considered permanent Considering
the stock as valueless, and the whole value
of the road at present, as representa- by
the $500. coo in bonds, the Central Railroads.
ownerahip in It may be estimated at forty
ei0ht-dftie.hs, or say COS out of the SO |
miles, with no encumbrance.
6th' Upson County Railroad. The Gen.
trail Railroad owns $751;, 7OO-say about |
tbree-fourths OF the stock Of the Epson 7
Countv Railroad, out OF a total issue OF
5000 600 There Is no other debt on the
road. which is 10 miles long. From motives
az economy. II has been operated by the
Central for many years, and Its earnings and
expenses reported separately. Its stock Is
valued among our assets at one dollar per
share.
Central Railroad owns $436. 100 of the capt.
tai stock OF the Mobile and Glrard Railroad,
the total issue being 81 ,292,244 81. The
road is So miles long. and there are out
standing against It 100000 s per cent.
bonds, So. 900 9 per cent. bonds, and $500
600 4 Der cent. bonde; all except the $33, 900
q ner cents. indorsed by the Central Rail-
rnad. which holds also as collateral for lts
CONTINGENT liability as indorser 1901 800 OF
the stock. IN addition to the amount first
named A sinking fund Of $4,000 has been
accumulated against the per cent. bonds.
The bonded debt may therefore be con-
s,dared al Al. OBS, 900, or Sl2,S5e per mile,
and the Interest OF the Central Railroad az
one-third or % miles. The road is able to
nav lie own fxed charges and accumulate
sinkInR fund, but no early return Is expected
- l. - - waaN haNrst he