The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-09-02
NEARLY HALF A MILLION.
CENIRABS BIG INCREASE IN EARN
INGS OVER LAST YEAR.

President Aiexander's Report of the
Years Operations-The Earnings of
the Ocean Steamship Company
Nearly Louble Those of 1871 he
! Proposed Trunk Line From Savannah
! TO BirminRham-The CentraPs In
| deotedness.
| The advance sheets of the forthcoming
report of President Alexander, of the Cen
| trial Railroad and Banking Company of
Georgia, were out yesterday. While the
report is not yet completed, it covers all the
essential facts in the financial operations of
the system for the ten months ending June
3d. and embodies a good deal of informa-
ton.
The president explains that the report
covers only ten months ito conform TO the
requirements of the interstate commission
| and to the fiscal year now being generally
adopted by railroad companies in the United
States, and also to allow the preparation of
the report before the beginning of the busy
season in the fall"
CHANGES IN ITS PROPERTY.
The following changes in the company's
property are noted:
The completion of the Columbus and
| Western from 9oodwater to Birmingham,
90 miles; the Eufaula and East Alabama,
| from Clayton to Ozark 40 miles, to be open
| for business this month; the Blakely extern
| sion to the Chattahoochee river, IS miles,
| and the bridge to Columbia, to be COM
| pleted by Oct /; the purchase of the East
Alabama railroad from Opelika, Ala, to
Roanoke, Ala, 81 miles; the addition of the
City OF Birmingham to the fleet of the
Ocean Steamship Company.
The report details the consolidation of
auxiliary lines and branches since effected
into single company to be known as the
Savannah and Western, the scheme of the
company being to comprise a trunk lire
from point near Savannah to Americas
and two main brauches-one to Birming-
ham via Columbus and Opelika, with side
lines to Newman and Roanoke: the other by
the Southwestern railroad to Eufaula. d
via Ozark to a connection with the Louis
vile and Nashville railroad
THE CENTRALS INDEBTEDNESS.
The obligations outstanding against it are
set down as bonds of the companies as fol-
lows: Columbus and Western first mortgage
bond', S800,UU0 hearing per cent. interest,
due January, 1911; Columbus and Western,
Western railroad of Alabama, $22S 900, at
8per cent, due October, 1885, and Column
bus and Rome first mortgage bonds $500,
wv, az y pr cont, Que january, lDI4, Total
81 ,22S, 600 A consolidated mortgage bond
is to be ispued, limited to SIT, 900 per mile,
and So, 900 per mile for equipment, TO retire
the outstanding bonds above mentioned.
Including 300 miles, tstimated as the
mi cage of the Ocean Steamship Company,
the entire mileage of the Central Railroad
and Banking Company, is put down at 1. $40.
and the amount of bonds and guaranteed
ST. ok outstanding and the annual fixed
charges, make the average per mtle respect
lively 81, 357 for the first and 81 ,06l for the
last
The net earnings of the company for the
ten months are set down at 81, 443 639 80,
leaving alter deduction of fixed charges,
an excess Of income of 1851, 504 %, aud after
deductlng 5000, COO of a dividend, and $lS,-
453 q advanced to Georgia railroad, ami
sinking fund of Montgomery and Eufaula
railway, leaves present surplus of S47S,-
220 %
THE SYSTEMS EARNINGS.
TIE following comparative statement is
made OF TIE earnings for tho year ending
June 80, 1888, with the year ending Aug
81, 1887, showing taat the Ocean Steamship
Company as nearly doubled its earnings:
Net earnings railroads 1898 1887
over ali exp sndituresS2, HS703 OF $1,979, S65 81
Net earnings steam
ship C0manes. 800. 526,201 20 274, 1914 p
Net earnings of bank. 52,414 81 1862 05
Income from invest
lnentS.. .........- Oo,oUl III DO, 4l9 SS
Total net income of
company. 80. .S27is,ssO % S2,ss9,e41 IS
Increase for twelve
ulOuInS. 4zJ,z(O % .........--