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

/ for this season.
/ 1t will be seen that there is a difference
between March TO October. 1890 and March
| to October, 1892 Of $3.50, 372 SO gross earn,
/ ings and S247, 225 05 net earnings.
( BUSINESS DEPRESSION CAUSED IT.
/ Mr.. Conner says of this as follows:
/ This is accounted for mainly by the great
depression in business throughout the entire
/ country served by our lines, by the unusual
lateness In crop movement this year by the
/ accidents to the tunnels hereinafter
referred 70. and in part by the increased
/ competition from rival lines Expenses
/ have been largely increased during the past
four months In order TO improve the road
way and to do necessary repairs to
rolling stock. On taking charge OF the
/ property found the track and shop forces
had been reduced to less than hall the usual
/ number OF men and in the shops this small
/ force was permitted to work only SIX hours
a day. Reduced Co this point no Improve
! ment could be made in the roadway. In
| deed it could not be kept up and its condition
was steadily declining, while repair work
was rapidly accommodating III the shops.
THE COOsA TUNNEL DISASTER
"To add 10 our other difficulties, on May
! 10 the timbering in the tunnel through
| Coosa mountain, on the Columbus ana w est
/ ern branch of the Savannah aud w estern
| road, caught on fire. causing the earth ana
| stone from above 20 fall IN, ming me tunnel
| to such an extent As 70 render ordinary res
| pairs impossible After carefully consider
| ing the mntser IL was determined to arch
the tunnel throughout with brick. Before
this work was fairly begun the tunnel
| through Oak mountain on the same
| road also gave way. These difficulties
have been SO serious that the work on
them has not yet been completed. Besides
/ the interruption 60 and consequence heavy
] 1 hafuy N
months since q train passed over that SEC
! ton Of the road. it is estimated that the cost
| Of rapairiug-l might say of rebuilding
the two tunnels will approximate $500 900.
I am pleased, however, to say that while the
work has been pushed forward as rapidly as
possible, full force Of men having been
kept at work, night and day, it has been
done in a most substantial manner, aud it
Is not at all probable that they will ever
again cause trouble or expense.
IMPROVING THE RoADBEDs.
"a large portion OF the roadway, parttcu-
larly the branch lines, were found in very
bad condition, requiring many more than
the usual number OF crossties and some por-
ton sadly in need of better rails. To meet
this in part early in July 10000 tons of new
63t2 pound rails were purchased. about 80
miles OF which are being laid on the main
line between Savannah aud Atlanta, miles
CA bbO Angus anu odNhLuhu DIduCu anu
the balance on the Savannah, Griffin and
North Alabama branch of the Savannah
and Western. The terms upon which these
rail were purchased were $780, 900 cash, the
balance in six mouths, payments beginning
Nov. Is, 1892. This will permit the re-
moval Of the worn 56-pound rails to the
branch lines to replace lighter and badly
worn iron and steel rails"
THE ROADS FINANCIAL CONDITION.
Mr.. Conner then takes up the present
financial condition of the Central AS
suming," he says 1.-THE management of the
property Of the Central railroad and Bank
ing Company, without Organization, at the
OF the dull season, made unusually
dull by the great depression in general
business caused by the extremely low price
Of cotton, with an empty tressury-having,
by order of the court, paid out over $780,
900 to employees for services rendered dur
ing operation by the Richmond and Dams
vile Company-and large payments of fixed
charges, Heating debt and equipment notes
rapidly maturing, even before an orgauiza-
ton TO operate the property had been
perfected, the financial condition Of the
claimed urgent attention"
THE ROADS OBLIGATIONS.
He gives a table OF the Centrars obliga-
tions and fixed charges amounting to nearly
S59, 900 900 including the capital stock OF
the Central railroad, the Montgomery and
Eufaula raj way, the Savannah and West
ern railroad, the Savannah and Atlantic
railroad, the Ocean Steamship COMPANY
and the New England AMI Savannah Steam
ship Company amounting to about Sl4, 0O0,-
900.
There is no obligation named in connec-
ton with these stocks.
The annual interest upon the remaining
$40, OOO, 900 of obligations is named at ST.
1875 ,034 40. There is deducted from this
Sl07 ,72l so dividends upon stocks and bonds
held in the treasury Of the Central leaving
a total annual obligation Of S2Ol7, 3l2 90
due by the Central system proper. There
are contingent liabilities of the Port ROYAL
and Augusta railway. the Port ROYAL aud
Western Carolina railway, the Georgia rail
| road the Western Railway of Alabama and
the Macon and Northern railroad, the
| amount OF fixed charges upon which is
| S452 ,455, of which, however, it is estimated
| that only Sl43, 10 will be required to be
paid by the Central, as the remainder will
| be earned by the lines th emselves.
THE FLOATING DEBT.
A statement of the floating debt upon
July l, 1892, is given as follows:
| Speyer syndicate, principal and
interest, ,..........,.; ....~..... s3,Se9,6lG 66
MUTUAL LIE LIE insurance Company 100000 90
and interest ;,......,.. IOO,55O 90
| Knickerbocker Trust Company,
principal aud interest ........ 125,OOO 90
Hanover National Bank, principal
and interest ................,..... 253 100 OF
| Speyer Co ..,.....,.-........ -. 10000 90
equipment notes ....,..-........... LOSE, S35 "a
| Steamship real estate notes. ...... 32S'535 90
$3.50 ,6S7 OF
The equipment notes are due from 1892
to 1897, the steamship real estate notes from
| 1892 to 1899.
A statement of the floating debt upon
| Oct. l. 1892, is also given, showing an in
crease to a. ,222, 642 Is, by reason Of unpaid
interest and coupons.
A statement of the operation of the roads
comprising the Central system during the
five years from 1887 TO 1891, inclusive,
shows the earnings and expenses for each
year.
THE ROAD PROPER.
The earnings of the Central railroad
proper or main stem are shown to have in
creased from 81, 5S9. 6S2 in 1887 TO IS, IG2. sos
in 1891, while the net earnings decreased in
an inverse ratio from 81, 224,224 in 1887 &c
1901 OBS So in 1891. During the same time
the fixed charges increased from S7l2, $50 In
1887 to 81 ,OU7, SSl 90 in 1891. The fixed
charges for 1898 are stated at 81 1856, 723 H.
The earnings and expenses of the Mont
goinery and Eufaula railway varied, but
] AH