The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-11-12

To o '. ...... i7oss 81 a.sn a.
Total ..... ss.sis $3.50 ls2.4'o SCI
Grnd TIL ! s7io1 @ l5s.2a
owing TO the recent disturbance In the
speculative cotton market the marketing
q nat portion Of the crop remaining in
holders hands was greatly retarded by
reason of the prevailing belief among
holders that prices had been depressed
on fictitious grounds and that they would
later work back 10 she same or a higher
basis than that which prevailed prior 40
the sensational drop OF i35 points. or near
ly 81 per bale. This determination
20 hold cotton was seriously felt in local
trade circles. and probably IN none more
than by freight brokers owing 20 the
light demand for room and "a consequent
dropping Of rates TO the distress point.
But the past week has witnessed a marked
improvement IN the turn OF the market
which q IS believed will bring out much
Of the cotton that would have been
marketed Que for the check caused by the
slump IN prices. II the belief that there
remains considerable lots throughout the
interior yet 10 be marketed Is true. Il fol-
bows that the railroads have in store a
continued profitable season In handling
cotton
Next IN importance TO its increased bus
mess In approaching the Centrars Sc
curties IS the wise and conservative
management Of President John NJ Egan
os the head OF It's operating department.
Analysis Of Report for 1900.
Commenting upon the centrars annual
report for 1900. the New York Commercial
Advertiser says:
Not Httle interest seems TO have been
s-oused by the analysis OF the Affairs Of
Ue Central OF Georgia that was publish
= some time ago upon the appearance
q the annual report for 1870. The con-
lsion then reached was that the regu-
Or payment OF interest on the consol-
lated per cent bonds seems assured. al
cough the margin Of security on the
.4sls OF the earnings Of the last two
cars Is not too large. that. In view OF
t.e continued increase IN earnings the
.-st income bondholders are not unlikely
20 get their fun per cent. this year.
aUd that the outlook for the Junior seCur-
lies will depend upon the degree Of pros
.arity that the company shall enjoy in
fHe future. In short. considering the fact
taat earnings have shown from the hrst
interrupted growth, and that the man
asamcnt Is prudent. the outlook for the
p.4perty Is altogether favorable. althoush
lrvely less revenue IS being pul into
Nt.termouts and additions and the net
So Jmc is being more completely distrib-
a.el than Is the rude IN the practice OF
man y companies In these times.
Ae can see 40 occasion 90 change these
opinions Others familiar with the road.
however. maintain that the views sum
married. above are not sufficiently san
ellne. and that the security for the con-
sas Is greater and the outlook for the
lraome bonds. the amount OF which all
iHI Is only N5.O00O0O. Is brighter than
20. company's annual reports indicate.
enc correspondent writes for example.
nope that you viii bring out the d.
weston OF income under the practice OF
TIE company Of charging 20 operating ex-
I#ases the construction Of new lines IN
Alabama. 60 which you refer briefly. 50
tHlI the present security holders can zee
thtt the margin OF surplus would have
N.eu larger hut for these methods.
Others have called attention TO certain
o. llarties OF the companys state
meats Of miscellaneous income and liked
charges. These points doubtless nave
ir.e ana are worthy Of examination.
So Gar as We can see, the company has
tt charged 20 operating expenses the
COST Of the new lines IN Alabama or OF
Others. No special appropriations OF IN
me Tor these properties have been made,
ttt railways are not IN the habit OF IN
ea4Irg tho cost OF additional mileage ~
t.a maintenance expenses Of old lines.
assume that the Central Of Georgia
al pursued this unusual ana deceptive
course NOT only IS unnecessary but
amounts 10 the declaration that the main
f.Hir.c of the existing roads has been
Heent The accounts show the prop
sfr 10 have been fully maintained since
la. hlt with no great amount 10 apaie'
if anr
point o. fact the mileage. owned AMI
t.H.ei. has Increased In ire last ihv'e
t.rs hnv-three miles. OF this total
uty-one miles Is road buil' by an
company aud leased by the 'enira
~ storgla sixteen miles read fought
sHt. most OF the stock having heen
0d before. and sixteen miles new foai
-trIctcd The cost Of this consiruc-
was mot out Of working capital ana
i1gements have been made for the re-
.Haursement OF the treasury, when nee
ay. by the sale % bonds. Operating
uses and the annual divislhle income
nor been affected by these transsc-
' ln the fiscal year 1907 about s-H.-
working capital. all told. Wa put
be road for extensions and improve
own to 1910 the reports have specified
tlancous Income as embracing IN
from Investments. including steam
r In 1870 steamships are not
nod and tho Item OF income from in
iHtnts. in connection with the list OF
riiies owned. indicates that no rove
from the Ocean Steamship Company
Included IN the miscellaneous re-
OF the past year. The 81 amsn p
ilny. as Is well known. has been eN-
ing large sums for necessary in-
ements an Savannah and Hobok n.
lost a ship last winter. and Pc um-
nothing came 20 the parent comp1ny
has source in isse-ieoo Ordinarily.
teamship company Is a profitable in
meni, and 70 whatever extent Il may
4epended upon 90 furnish net revenue