The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-11-05

| increased from 81 ,595, 5Tl 10 in 1887 70 81,
All, 1876 is In 1891. The net earnings also
increased from 1914, 1914 % in 1887 TO $685.
621 Sc in 1891.
THE SOUTHWESTERN RAILROAD.
The earnings of the Southwestern rail-
road we're greatest in 1890, when they were
81, 269, SO 90. In 1887 they were $751;
1873 % and 1891 81, 16l, 1873 40.
The expenses increased In greater pro-
portion than the earnings, the net earnings
being less In 1891 than for either OF the
previous four years. The net earnings 10
1883 were S48l, 74S go aud 10 1891 were only
500, 254 10. The fixed charges increased
only about 81, 900 "a this time and are esti-
mated at 1865, 422 so for 1898.
The Mobile and Girard railroad decreased
In gross earnings from 1887 30 1891, while
its expenses increased from $43, 164 81 to
$500, 1893 a. This was due doubtless TO the
extension Of the road which was being car
ried on during this time.
All the minor branches OF the road are
| taken up in like manner, and their earn
ings, expenses and fixed charges for the last
! five years given.
The earnings and expenses for the whole
system are then consolidated as follows:
! EARNINGS.
1887. "a, 42l. $50 so; 1888, $4,S74, $50 e.;
1889, IS, l07 .595 "a; 1890, 5000 935 80; 1891,
| So ,253 500 50.
1887, S2,441, Sl4 90; 1888, S2,sO1, 257 Sc;
1889, $780, 66 76; 1890. 81, 367, 400 &c. 1891,
| 81. SS9, 800 30.
The net earnings for these five years were
respectively sl,979,S6 81, S2,073. 703 OIL,
81 ,791, 1928 So, 1,673, 525 90, Sl.364,3 $40 43.
1t will be seen that while the gross earn
| ings increased about 40 per cent the expenses
increased by over 100 per cent. and the
net earnings decreased by more than 331F
per cent. The percentage OF earnings de-
voted TO expenses was 55 in 1887 and 70 In
1891.
In addition TO this there are the auxiliary
roads consisting of the Port Royal and
Augusta, the Port Royal and Western
Carolina and the Epson County railroad.
The net earnings Of the Port Royal aud
Augusta railway in 1891 were $73,935 SO,
of the Port Royal, and Western Carolina
railway S7,l54 II. and of the Epson County
railroad 81 ,379 "a.
tenn for 1891 were 1912, 1853 68 and the total
expenses s729,6S3 81, leaving ss2 40 IA net
earnings
This added to the operations OF the Cen
trail railroad for 1891 makes the gross
earnings of the combined roads for that
year $7,065, 1923 so. expenses IS $1,000 98,
net earnings 81, 446 ,Sl9 81.
This is exclusive of the steamship lines
The mileage operated increased from
l,S43 miles In 1887 to 1893 In 1891.
THE BIGGEST YEAR.
The greatest earnings of the Central Rail-
road Bank during the five years were
81, 654 In 1888. This decreased to $50, 527 90
in 1891.
The greatest net earnings Of the bank
were S52. Ala 81 In 1888 and the smallest net
earnings 81, 500 30.
Mr.. Conner relates the manner In which
the Central came into possession OF the
Macon and Northern railroad, with which
the public Is acquainted.
The Central Is colessee with the Louis
Vile and Nashville of the Georgia railroad
at an annual rental Of 5000, 900, the Central
being responsible for one-half of this
amount. The lease was made in 1881 and
up to April l, 1892, the Georgia railroad
had failed to earn this amount by $780,
643 10, one-halt Of which was paid by the
Central.
OF this. Mr.. Conner says: Though this
lease appears to have been Improbable,
| large portion of the deficit has been TO-
CURED by OUTLAWS for Detterments and i'm
provements to the property. The harmon~
| ious relations in working the property which
should exist between lines so intimately
| connected should result In much good to
both. 1t seems fair to assume that this
property, now that It is in good condition
and well equipped, will in future earn its
annual rental, and, iu giving the fixed
I
road and Banking Company 1t is omitted"
THE oENTRALs owEINas.
The Central Railroad and Banking Com
pany also owns 81 SOC, 900 Of the g.. 900, 600
stock OF the Western Railroad Of Alabama
| from West Point, Ga, to Selma, Ala, 1885
miles; SlSS, 800 of the 81 49,, 200 stock of
the Atlanta and West Point railroad from
Atlanta, Ga, to West Point, Ca, 81 miles
W., 600, total issue of preferred stock and
$3.50 Of S50.715 common stock of Wrights-
vile and Vennille railroad-Tennille. Ca
to Dublin, Ga, IS miles
Mr.. Conner estimates the fixed charges
for 1893 at 2,5S0, 842 "a, under the follow
ing heads: Coupons 81 ,367, 480, rent of roads
S469, 1858 so. certificates OF indebtedness
e276,000, interest 1852, 795 n, sinking fund
$4,000. The total fixed charges of 1891
were S2,OS4, 40 90. A table showing the
consolidated net earnings of the Central
railroad, the Ocean Steamship Company
and the Central Railroad Bank is given,
showing the total net earnings for the five
years from 1887 to 1891 to be as follows, re-
spectively: 81 S64, 29l 81, $3.s69,417 SO,
81, 553 63S "a, $2,400, 535 81, S2,263, 6S7 10.
Mr.. Conner says: "a glance at the tabu-
lated statements given Is sufficient to see
that for the past five years gross earnings,
fixed charges and interest have steadily in
creased and that for the past four years
there has been a constant decline in net
| revenue. IL Is estimated Cnat Tor the fiscal
year ending June 80, 1898. the fixed charges
and interest will amount TO 81, $3.50, $40 81,
while the property to be operated is the
same as for the year ending June 80, 1891,
with the addition Of the Macon and North
ern railroad 105 miles. fixed charges &c.,
600, and a short extension, about 20 miles,
OF the Mobile and GIrard railroad
The completion Of the Savannah, Ameri-
Gus and Montgomery railroad. the Alabama
Midland, the Georgia Midland and the
Columbus Southern, all of which have been
built through the Southwestern territory in
recent years, is given in explanation in part
OF this decrease.
NOT PAYING YET.
These statements also show" says Mr..
Conner, THAT most OF the newly acquired
lines, both those built by the company and
those purchased, have not earned interest on
cost 1t remains to be seen whether sufficient
business will be developed on those lines to
make them profitable, and whether the
parent company can take care of them in
the meantime This, Of course, depends
very largely upon what financial arrange
ments the company can make and the gem
eral business Of the country for the next few
years.
another serious trouble is the very low