The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-08-09
ELEcTRIc'S STATUS REVIEWED
THE RECEIVERS REPORT FOR A
YEAR AND A HALF.

The Condition of the Property When
IL Went Into the ReeeivershiD and
as IL stands NOw-The Roads In
debtedness, Exclusive OF Its
bonded Debt, Reduced From ssh
500 10 SIs,30O-An Improvement
in the Property Predicted.
The general report Of Receivers John R.
Young and J. S. Collins OF the Electric
Railway Company was filed IN the United
States court yesterday.
The report is dated August /, and covers
the period from Jan. s. 1885 the date OF the
appointment OF Messrs. Young and Col
Inns as receivers TO July s. 1886. Since the
latter date the receivership has been IN
der a different bill. that brought against
the Electric Railway Company by the
Oglethorpe Savings and Trust Company.
The report Is very complete and covers
several pages OF typewriter paper. 1t
shows the state of the company at the
time the reeeivership began. At that time
war Of rates was In progress between
the rival street car companies. Fares were
one and two cents and the receivers saw
that the road could only be operated at a
loss. which was during the two months Of
which the rate war lasted, $3.50. Then
Judge Speer granted a temporary adjust
ment which allowed the fares to be in
creased. Since then the road has earned
surplus over operating expenses, but this
surplus has not been enough TO make most
Of the essential improvements needed.
The physical condition of the road al the
time Of their appointment was consid-
! impaired. This was owing to the war
| which, while IL lasted, would not permit
Of improvement. In order to operate
| more economically the receivers found ii
| necessary to do considerable work upon
the track and roadway, to improve car
| equipments, AID to rebuild the large
bridge spanning the Savannah, Florida
/ and Western railway, and make other
/ improvements. The total cost Of these
| improvements is placed at SS,0S020
Monthly reports have been made of
| the earnings of the road. The surplus
earnings of the property from the date
/ of the appointment of the receivers to
| June 30 are 1891. This, however, the re-
! ceiyers thought did not accurately show
| the earning capacity Of the road on ac-
| count of the losses sustained in the ear
lier part of their receivership.
At the date OF the appoint
ment of the receivers the road
| had a floating Indebtedness, exclusive of
! it's bonded debt, of $Sl, 9.62. The company
/ owned a considerable amount Of securities
| and other property which the receivers
| considered were not necessary in the OPP
Grafton of the road. Under an order of the
/ court these properties were disposed of
/ and the proceeds with parts of the sur
! plus which from time TO time could be
| spared, this indebtedness was reduced
! from 81,579.62 to SlS,391.S7 There are
| judgments against the company from dam
age suits arising prior to the appointment
of the receivers, amounting to $500.
In conclusion, the report stated that
with the physical condition of the prop
| erty improved, the addition of needed ma
chinery and rolling stock, the liquidation
| of large amount of the floating debt,
and the adjustment of fares to a
more reasonable rate, the owners and
creditors Of the road have reason to hope
for a gradual Improvement in the condi-
tlon Of the company's affairs.