The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-11-05
MR.. COMER'S REPORT.
THE RECRIVER'S REVIEW OF THE
CENTRAL's CONDITION.


Judge Speer Made Acquainted With
the CentrsTs Financial Condition.
The Operations of the System Dur
ing the Last Five Years Reviewed.
Its Earnings, Expenses and Fixed
Charges Given in Detan-The Gross
Earnings and Fixed Charges Shown
TO have Greatly Increased. While
the Net Earnings Have Decreased.
The Fixed Charges For 1898 Rs
timated at Over $4,000, OOo-supt.
valleys Report.
Receiver Conner mas submitted to Judge
Speer his report Of the operations of the
Central Railroad and Banking Company
Ence the inauguration Of the receivership,
with comparisons with the operations dur
ing similar period of 1890, when the gross
and net earnings of the Central railroad
reached their maximum. He also gives a
full statement of the physical and financial
condition Of the property, with tables show
ing the comparative earnings Of all the
various branches of the system, with
amount of earnings or deficit during the
past several years
The table is important as showing the re-
lative value OF the various portions of the
property. The figures bring out in plain
relief the fact that the auxiliary system has
been continual drain upon the property
for years, that none of the leased lines
which have been acquired within the last
several years have ever paid interest on the
investment and that the expenses of some
Of the important divisions of the property
have for the most part exceeded their
earnings
THE PUBLIC'S FIRST INFORMATION.
The report is important as giving to the
public information which has never been
given it before. Ii shows that the net earn /
ings of the Central railroad proper and the |
steamship lines have always exceeded ex-
penses while for the most part the other |
portions Of the system have been operated
at loss. These facts furnish a basis for
calculations for the future restoration OF
the property. The report is dated Oct 20, |
but the corrected proofs Of the copy were
only received by Mr.. Conner yesterday.
Mr.. Conner received a telegram from
Judge Speer yesterday morning giving him
permission 10 make the report public.
The report is official" said Judge Speer
in his telegram, "and you are at liberty to
make IL public | think il admirable"
Mr.. Conner begius his report with a state
Inent Of the appointment of Gen. Alexan-
der as receiver on March last From
June l, 1891, TO March i, 1892, the property
ment Of the Richmond and Danville rail |
road under lease contract made with the |
Georgia Pacific Railway Company. No
account is taken in the report Of the oper-
ations by the Richmond and Danville COM
pany, as that is a matter now undergoing
Judicial investigation.
UNDER THE ALEXANDER RECEIvRRsHIP.
A statement is first given of the opera
tons Of the road from March to April l,
under the Alexander reCeivership During |
that time the total earnings Of the system !
are shown TO be $685. o. and the total {
expenses S459, ia 81. There was a loss on
the auxiliary system during this time Of
$50, l54 a., leaving net profit |
OF SfO,343 so. March % the {
receivership was made permanent i
and the directors we're appointed receivers | '
On the same day Gen. Alexander resigned ,
and Mr. Conner was elected a member of | !
the board Of directors and subsequently, was |
appointed one Of the receivers and made | ,
chairman of the board of receivers. July
10 he was made sole receiver.
A statement of the operations of the
property from March 30 June 80 is given.
the fiscal year of the Central ending June 30. |
This statement shows the total earnings Of
the Central system Ia this interim to have
been S2,0S9, ITO 50, and OF the auxiliary
system, composed OF the Port Royal and Au-
gusta, the Port Royal and Western Carolina.
and the Epson County railroads, to have |
cen STA, BIB II, making a grand total of
S2,2o3 ,4e4 3d. The expenses were for the |
Central system 81, 1872, go 80 and the aux
Hilary system 1881, 391 CO. total Of 81, 9I3,-
81 80, showing net loss on the auxiliary |
system Of S67,077 "a. leaving 1856, $40 90 |
net earnings Of the system, within the time |
specified.
THE ROADS OPERATIONS.
Tables are then given showing the entire |
operations of the property under the receiv-
ership from March to Sept. 80. The earn
ings and expenses are given in detail for
each month
The totals for the various portions of the
property are given as follows:
EARNINGS.
CENTRAL SYSTEM.