The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-08-30
DECLARED 3 IA PER CENT.
CENTRAL'S EARNINGS JUSTIFIED
DIVIDEND ON FIRST INCOME.

Dividend Payable Oct. 1-GrOss Earn
inGs of the Central for Past
Fiscal Year Amounted to $6,OS6,
263.33 and the Net Earnings to
S1,S79,s5 7.S7-Increase in Gross
Earnings over Preceding Year
Amounted to S31S 200, but EN-
penses Were Henvy-DirectOrs Feel
Grntified at showing Made.
The directors of the Central OF Georgia
Railway Company. at their meeting yes
terday, declared divident Of 81 per cent.
upon the first income bonds of the com
pany These bonds amount to 100000
and the dividend, the largest that has
ever been declared upon them, amounts
10 $4,000. It is payable oct l.
The meeting had been called for 10
O'Clock in the morning, but owing to the
unavoidable delay that Col. Evan P. How
ell one of the directors, experienced in
reaching the city it did not actually be
gin until some three hours later than the
time originally fixed The meeting was
called to order by Maj. j. T. Hanson,
chairman of the board of directors, who
presided the other directors present be-
ing President John NJ. Egan, Col Evan
P. Howell Mr.. Joseph Hull, Col. A. r.
Lawton, Mr.. T. NJ Cunningham, Mr.. A.
Vetsburg. Mr. L. b. Harold and Mr. S,
r. Jacques. Mr.. T. Fletcher Smith, as
sistant secretary of the company, acted
as secret ary of the meeting.
Nearly three hours were consumed at
the first session of the board. and almost
as much time again after the members
had luncheon, which was served daintily
in one of the lower rooms of the Central
Bank building. IN the directors room
upstairs, the sessions of the board were
held. Many matters of detail and policy
were discussed. and the prospects and
condition of the road and OF the Ocean
Steamship Company were considered fully
and at length. The result exemplified
status that was gratifying and encourage
ing TO the directors, pointing as it did
to still more gratifying conditions in the
not far distant future
The net earnings of the Central for the
fiscal year ending June 80, were S1S79.-
S57.S. The gross earnings were 81, 0S6. 263. 49,
and the operating expenses and taxes
s4,2O640 46 The increase in gross earn
ings amounted 10 S3lS.O00. but as the in
crease in operating expenses ana the ex-
penditures for betterments was also
heavy, the net increase was not as large
as 1t might otherwise seem Ii was sufF-
cient however 20 justify an increase in
the amount of the dividend upon the frst
income bonds of the company of one and
a quarter per cent. over that declared last
year.
when Mai. Hanson was sen at the De
Soto by Morning News reporter after
the meeting had adjourned. he stated thar
u was a matter of satisfaction to him
sen and to the other directors that they
had round 1t possible and proper to de
clare the dividend Of three and quarter
per cent. upon the first income bonds
Inc dividend was fully justified. he said
by the earnings of the company for the
fiscal year ending June 30.
ChQer the terms Of the mortgage said
Mej Hanson. 50 10000 Of 3 per cent. con-
soiidated bonds were SIT aside for better
ments since the company was reorgan-
Izsd only $1,000 OF these bonds have
Teen withdrawn for this purpose. al
though more than 10000 has been ex
pended for betterments during the past
nscal year, while large amounts
nave been expended every year prior TO
the last in betterments
Mai. Hanson said that while the COM
pany was authorized to withdraw these
ponds Tor this purpose, il has been the
policy CT the board, since the reorganiza-
ton 10 avoid increasing its fixed charges
by their sale, because, under the reor-
gsnization. the company was capitalized
Tor all II ought to carry. While the use
Of these bonds for the purposa indicated
as permitted, their use is not mandatory
even for betterments. Under the reorgan-
izadon plan and in accordance with the
terms OF the mortgage, bette-ments may
be made from the gross income.
Since the reorga nization of the com
pany. Mai. Hanson explained, large sums
of money mad been expended for the i'm
provement of the raj way lines of the
system, while other large sums had been
consumed In the extensive additions made
10 the terminals of the Ocean Steamship
Company at Vale Royal and Hoboken
Three of the ships of the Ocean Steam
ship Company have been rebuilt a. a cos,
of nearly half mill on dollars and
fourth ship is even now in dry dock is
being thoroughly and completely over
hauled and equipped with new boilers
and engines. When completed she will
be practically as COOL as new
The cost Of repairs on this ship, said
Maj. Hanson, will have 10 be charged
against the operating expenses of the
Ocean Steamship Company during the
present fiscal year, but as the improve
ments upon the companys line are prac-
ideally completed. so far as Is at present
contemplated, and the railway company
is in fine physical condition. the directors
confidently anticipate that n the gross
earnings of the present fiscal year equal
those Of last year, there will be a hand
some increase in net results.
The board of directors approved at the
meeting the action of the Finance Commit
tee in Withdrawing $4,000 of the 5 per cent
consolidated bonds and selling them for
the purpose of making betterments