The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-09-06
$3.50, 271 81 $2SO,271 81

Credit balance, June
80. 1898 ............... S77SS IS
$2aO2n 81 $2aO27l 81
Credit balance carried
to succeeding year. s77SS 70
During the year the entire stock, $3.50 OO0
of the Bruton and Pineora Railway, a line
projected and partially constructed be
tween Bruton on the Wrightsville and Ten
nile Railroad, and Pineora on the main
line of the Central, about ninety-eight
miles. was acquired upon the following
terms: Purchase price 1910, 12755, to be paid
IN monthly instalfments Of $1,000, with in
terest at the rate of five per cent. per an
mum. Included in the price was an amount
which il was estimated il would cost to
put the road in operation between Bruton
and Stillmore, So miles and which was TO
be expended upon the property under the
supervision and control of this COM
pany. The principal of the month
ly payments, beginning Sept
/, 1897, total $S0,000 has been charged
to rentals. Under the terms of the pur-
chase the entire amount win be paid dur
ing the year 1901. When the road had been
put in condition TO operate as far as Stll-
more, there was a surplus of cash on hand
for construction sufficient to extend about
eight miles further, but in order to reach
a more desirable temporary terminus it
was determined to extend the
miles east of StAlmore The road is now
being operated for construction account
between Stllmore and Bruton, and the
work to the temporary terminus viii be
finished by about Nov. l, next 1t is the
intention to extend the line as soon as
practicable to a connection with the main
line of the Central when it will be oper-
ated as a branch line. Besides opening up
a fairly good agricultural country, this
line penetrates a good timber region which
will be Of great benefit and convenience to
the company,,as there is very lttle timber,
even for crossties, on the main line be
tween Savannah and Atlanta and on
large portion of the other lines radiatlng
from Il.
The $40. 767. 70 charged TO Liquidation of
Assets and Liabilities of Receivers and
Purchasers in profit and loss account Is
mainly for coal and other supplies and
material for which claims were made
against the receivership, but which were
resisted because the articles had been pur-
chased and In the main consumed by the
lessees of the property during the time of
it's operation by the Richmond and Dam
vile Railroad Company. 1t was thought
these claims should be made against the
lessees but the courts have held that they
are proper charges against this company.
There are some other claims of similar
nature amounting to some $4,000 to $4,000
to be paid during the present fiscal year.
For The purpose of information as to
the earnings, and to show a ready COM
parison the following comparative sum-
mary of earnings, expenses, net earnings
and other income, for years ended June
80 1898, and 1897, is submitted;
1898 1897
Gross earnings SIS, 5O7, O69 70 $3.50, 695 SO
Operating expenses. 8,483,776 80 3,271, 593 70
Taxes ........ ...... 1912 45 1896 81
Operating expenses
and taxes ......... S,6O9, 9O9 81 3.452,5 62 40
Net earnings ...... 1897, 100 SO 1,S2S, 1873 Sc
Income from invest
ments, including
steamships :. ..... 5000 60 Z75,76O "a
Rental of Lyons
branch =. -. 1880 90 1850 90
Miscellaneous inter-
est and rentals. 1874 IL 1047 IL
Total income So OO7, 4S5 10 S2,157, Sn OIL
The large decrease shown from income
from investments, including steamships,
occurs mainly because a large portion of
the earnings of the steamships have been
used in improving the property of the
Ocean Steamship Company, especially the
terminal facilities at Savannah. The i'm
provements of this character undertaken
ton and will relieve long felt want. es-
pecially in the economical handling of ma
val stores lumber and cotton. No dividend
was received during the year from the
Western Railway of Alabama, large por-
ton of the earnings having been used to
increase and improve its terminal faciii-
ties at Montgomery.
A description of the lines operated by the
company is submitted as follows: Lines
owned: Savannah to Atlanta, 294. 70 miles;
Savannah to Tybee ITO miles; Gordon 10
Covington, Sl.S9 miles; Meidrim to Lyons,
IS. 90 miles; Griffin to Carrollton, 59.57
miles; Macon Junction to Athens, 1O1.7S
miles; Americus to Columbus, e. "a miles;
Columbus to Greenville, marrow gauge,
AZ. 81 miles; Columbus to Birmingham, 1856. "a
miles; Columbus to Searight, Ala, 122l
miles; Opelika to Roanoke. Ala, 3613
miles; Montgomery TO Eufaula, Ala. 1885
miles; Eufaula to Ozard, Ala, 6O.00 miles
Total proprietary lines, 1179.73 miles.
Lines leased Southwestern Railroad sys-
tenn: Macon 10 Eufaula, Ala, 1880;
Fort Valley TO Columbus, 71.00; Fort Val
lev to Perry, 1850; Smlthville to Column
bia. Ala, 500; Cuthbert to Fort Gaines,
2O5O; Augusta and Savannah Railroad:
Millen 10 Augusta, 532l;. Total lines
leased ISS5.S2 Operated for account Of
IIpson County Railroad: GAINESVILLE to
Thomaston, y16.25; total mileage Of system,
/, So. 80. Less leased to Georgia and Ala
bama Railway Company: Meldrim to Ly-
ons. $780, Lines operated June 30, 1898,
d,523.71.
A statement Of the securities owned by
The company in other companies and cor
porations, and the status of them, is fol-
lowed by a statement showing the funded
debt of the Central Of Georgia. The fund
ed debt outside Of the income bonds,
amounts to $50, sO1 600, and the annual in
terest on that amount is Sl536.S0O. The
incomes receive interest only when the
money is earned.
The amount of rental paid on the leased
lines is as follows:
Southwestern Railroad,
5 per cent. on it's cap
ital stock IS, 191 100. .$259,555 90
Augusta and Sav'h Rd.
per cent. on its cap
ital stock Isl, O22 300. 51,145 90
Bruton & Pineora RI 5000 o. $lO6,790 90