The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-11-08
CENTRAL'S PROSPECTS
AS PRESENTED TO THE STOCK
HOLDERS BY PRESIDENT CONNER.

AS PRESENTED TO THE STOCK
HOLDERS BY PRESIDENT OoMER.
A Conservative Statement Showing
That With Liberal Financial Aid
and Good Business the Road Can
Pay ell Fixed Charges and Have
Nearly S25o,Ooo a Year for the
Make stockholders and Security
hold srs of the Road Feel Better.
OFFICE OF THE CENTRAL RAILROAD
AND BANKING COMPANY OF GEORGIA.
SAVANNAH, GA, Nov. 4, 1892.
To the Stockholders:
The board OF directors having approved
and adopted the report of the operations
and condition of your company recently
made by me as receiver to the United States
circuit court, by permission of the court
this report is now submitted to you.
In preparing the report l have endeavored
to present the affairs of the company in a
way to afford readily a clear understanding
of its condition aud Of the difficulties now
attending it,
The future of your company, as stated in
the report, depends very greatly upon what
financial arrangements can be made and the
general business, of the country served by
its lines. The principal difficulties are the
large floating debt and the amount Of money
required TO put the property in condition 10
obtain the greatest economy OF operation,
both at time when general business is very
greatly depressed and confidence shaken.
hdu hot N Anafinor daht
car trust aud real estate notes aud the tri-
partite bonds maturing Jan. l next, and the
amount estimated by your general superin-
tendent as necessary to be expended within
the next two or three years in order to OBJ
tain the greatest degree Of economy Of OPP
GRAFTON, can be funded at per cent, and
that business should resume the proportions
of the average of the three years ending
June 80, 1891, the result would be about as
follows:
Fixed charges other than tripartite
bonds ......''Sl,5lo,Sio 81
The following items funded at s
per cent:
Tripartite bonds. .......,.,.......'. 4gg9,OOO w
Floating dept 5.232 OPS 90
Past due coupons ................... 427, $40 90
Past que interest on certificates OF
Indebtedness ................ loo,OUO W
Equipment notes in which is in
cluded interest to maturity. .... S7243 25
Real estate notes in which is in
cluded interest to maturity. 2s7, 935 90
Additions and improvements recon-
IN snded by general superintendent 4,575,000 90
16,b31,7s9 %
Funded at . per cent. the interest
would ACKNOWLEDGEMENTS. s26. $50 &C
Total fixed charges would be...... 2.744, 800 81
Deduct income from Investments. 1S4,73t 80
Net fixed charges to be obtained
from operations of property. ., $50, 22S 81
Average gross earnings Of the COM
bined roads for the three years
ending June co. 1891, not includ-
ing Macon and North9rn railroad,
105 miles, and Chattanooga, Rome
and Columbus railroad, 1873 miles. 6SS6, 095 90
1t seems reasonable TO suppose that with
the property put i'll good condition. as con-
templsted in the report Of the general super
intendent, that it could he operated and
maintained for % per cent. of gross earn
ings This would give net earnings from
combined roads, estimating the Macon
and Northern and the Chatta-
nooga, Rome and Columbus to
earn only operating expenses, 81, sos, 1875 %.
Average net earnings Ocean Steam
ship Company ....................$ 474533 co
Average net earnings OF bank. %, 24s 90
Total net earnings ...............S s., S02 e14 IS
Condensed these figures show:
Net earnings S2S02,9l4 %
Fixed charges ...,...... ........... $780, 293 81
Balance, ..............."....... 2i2GS5 SO
These estimates have been prepared with
care and are believed to be conservative.
Respectfully submitted,
H. NJ. Conner. President,