The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-10-17


Miles.
! Central railroad and branches ............ 3sS
| Southwestern and branches 1913
Savannah and Western. .........-.......... $40
| Montgomery and Eufaula .................. 80
Mobile and Girard 5000. .....--.... ..... IS
Total. 1884
The average mileage operated during the
year was ,2ll miles.
THE SYSTEMS EARNINGS.
The gross earnings of the railroads were
| s., lO7,595 "a. The operating expenses,
taxes and betterments were IS. 1916, 3G6 7G,
| leaving the net earnings s., 7g9, 32S IS. The
net income from the Gee IN Steam ,hip Com
| pany. $476, 454 o. from the bank So, pa IS,
and from investments $l32, 1868 2S, addel TO
| the net earnings OF the railroads, agsrs-
gate 81, 49,. 395 16. This is charge1ble with
1854, S95 interest on bonds, S50,582 O3 in
| terest on loans, s276, 900 interest on certifi-
Gates of Indebtedness, S462, 1872 so rentals of
roads, leaving { ie excess Of income over the
| fixed charges S7S3, G65 GO, which, added to
the surplus from last year, amounting to
S4lS, 236 y, makes total of 81 1862, 1911 IS.
This as disposed of in the payment of
| $500, 900 dividends. $23. 376 % advanced on
! the Georgia railroad lease, and 1900 set
aside II the Montgomery and Eufaula rail-
| road sinking fund, and 800, 900 for the
| Ocean Ste inship sinking fund. leaving
THREE YEARS SHOWING.
The results of the SYSTEMS opera
| tions for the last three fiscal years
that Of 1888 embracing only ten months,
owing to the date of close of the fiscal wear
being changed in that year from Aug. 81 to
June 80, show that the. gross earnings for
| 1883, with an average mileage of 1OO7
miles, were 81, 295 307 So, and for 1887, with
an average mileage of 9Sl, were S4,42l,-
| $50 So
Tue expenses, taxes, and betterments for
| 1883 were 81, Az, 535 16, and for 1887,
| 81, AL, 8l4 80. the total net income for 1888
was 81, 443, 638 60, and for 1887, 81, 2S9,-
| GAL 66. The average gross earnings per
mile for 1888 were 1865 As, and for 1887.
"a, 507 81. The average expenses per mile
| for 1888 were 81, 405 60, and for 1887,
81, 4S9 TO- The average net income from
all sources for 1888 was 81, 426 IS, and for
1887, $2333 9S.
The general features of the company's
policy may be summed up as purposing to
| apply the tire net earnings of the com
| pany, over and above the usual dividend,
to bringing the physical condition of the
| property to the highest modern standard of
efficiency, both as to track and equipment
Within very short period the
weight of loaded cars in general
use has increased from $1,000 to
| ueCeSSlUdOlDR cOrre-
| spending increase in the solidity of track.
and in the motive power. Hence the com
pany entered upon extensive renewals Of
| track with heavier rails than the patterns
| previously in use, and systematic ballast
| ing of the road-bed. AS no construction
| account is kept on the finished roads, the
amounts expended for these purposes are
charged as operating expenses, and reduce
| the apparent net earnings.
| THE CoMPANY'S DRAWBACKS.
Abiding to the special causes which af-
fected the company's operations during tho
year, the president refers to the cotton
crop, which fell short about "a, 900 bales. as
| compared with the year previous, of which
| about 90, 600 was from local st itions. indi-
eating short crop in the territory tribu-
| tary to the road. The prevalence of
yellow fever III Florida seriously af-
fected both freight and travel to
that state during the entire winter. The
| unprecedented freshet of September
also did great deal of damage. In addi-
ton to these physical difficulties, the com
pany suffered some very material reductions
| OF rates by the commissioners of Georgia,
South Carolina aud Alabama and by the
rulings of the Interstate commerce commits
sion. During the last two years much Of
its best local territory has bean encroachod
upon by the completion OF other roads, the
Georgia Midland, the Atlanta aud Florida,
the Georgia Southern and Florida, the Cow
ingUon and Macon, the Savannah, Americas
| and Montgomery, and the Chattanooga.
| Rome and Columbus. AS tn 213 miles of
new roads built and acquired in the las
two years are all Of them branches and ex-
tensions into new territory, and necessarily
| enjoy much less business than the trunk
lines and older established branches, it is
naturally to be expected, q president says.
hat the consolidated earnings of the system
per mile would be diminished. But even
| as compared with the very prosperous wear
of 1887, the gross earnings per mile for the
extended system for the last year show
only falling of from S4,507 80 to s., 2l7 66.
ITS INDEBTEDNESS.
The indebtedness and fixed charges of the
system for total OF 1854 miles includes
outstanding bonds aud guaranteed stocks
amounting to $50, SS2, 256, an average of
Sl9,S72 to the mile, aud fixed charges aggre.
eating 81, S24,029 an average of 81, ia to
the mile.
The sinking fund of $4,000 a wear
against the $1,500.000 Of first mortgage
bonds on the Mon gomery and Eufauia
road now amounts to $l97, 00O, aud the sink
ing fund OF SlOO, 600 a year against 1887 900
Of first mortgage bonds of the Ocean Steam
ship Company amounts to 100000
No material changes occurred in the status
of the auxiliary system. The S372. 00J {
per cent. bonds of tae Western of Alabama.
which matured October, 1888, were pro-
vided for by the sale, at par, of an equal
amount of AZ per cent. mortgage
bonds of new issue, prepared to replace
these, and the remaining 81, III, 900 matur-
ing October, 1890. The same conditions of
increased competition, reduced rates, q
short crop, aud the floods of 1888, which
depressed the earnings of the syste n proper
for the last fiscal year, have also operated
against each Of the auxiliary hues TO a
greater or less extent, especially against
those centering in Augusta.
The net earnings of the auxiliary sys
tenn, which includes the Western railroad
Of Alabama, the Georgia railroad, Port
Royal and Augusta, Port Royal and West
ern Carolina, Atlanta and West Point, Sa.
vannah, Griffin aud North Alabama. Upson
County and WrightsVille and Tennille
roads were s994,669 ~, an average of
1919 30 a mile.
VIEW OF THE SYSTEMS PROPERTY.
A condensed view of the whole extent of
the property and its capitaliz atloa and
Outstanding obligations is SHOWN Ia the FOL
lowing table:
Outstand z
Miles obligations
Co. operatd Of all kind,
raliroad ..-..s. ..+s+... 81 Si4479,0 900
system proper 30 Propris-
tAfN ZINES s...s...- 4Il 1Nr an