The Savannah morning news., 1902-04-15
APPROVED CAR DEAL
CENTRAL DIRECTORS LIKED PLAN
FOR BUILDING CARS.
USE OF THE UNION STATION.
Is A MATTER STILL IN MAI. HAN
SONS AND MIR. EGAN'S HANDS.

Regular Quarterly Meeting of the
Board of Directors of the Central
Railway Held observation-disclosures
That seems 10 Leave Little Doubt
as TO the Full Dividend Being De-
cIared on First Income Bonds.
Popular Idea That the Seconds
Will he Reached-If They Are Not,
1t Will Be Because of the Money
Spent for Betterments.
The quarterly meeting of the board
of directors of the Central of Geor-
gia Railway was held yesterday at
the office of. the company, on Bay
street. Those who attended were Pres
ident John NJ. Egan, chairman of the
Board Hanson, Directors Evan P.
Howell of Atlanta. 5. r. Jacques of Ma
con, J. w. English of Atlanta, w. c.
Bradley of Columbus, E. T. Conner of
Macon. u B. Harold of Americas, A.
r. Lawton and George ]. Mills of Sa-
vannah
The action of the Executive Com
mittee in arranging with New York
bankers for the construction of 500
freight cars to be added to the equip
ment of the Central was approved.
These cars are now in course of con-
struction in the shops at Savannah
and at Macon, the material being fur
nished by the bankers, who also pay
for the labor expended in the con-
struction. The Central builds the cars
with its own men. and in accordance
with its own specifications.
All possible dispatch is being made
in the construction of the cars, as the
Central has contracted to complete
them not later than August. Nothing
looking toward a still further increase
In the equipment of the road was con-
sidered by the directors though the
heavy and increasing business would
seem to indicate that there will be
need for even more cars when the 500
have been finished, this, too, despite
the fact that the Central last year
bought and paid for from it's earnings
400 new freight. cars.
Messrs. Egan and Hanson constitute
committee in charge of the Savan-
nah Union Station matter. They were
not ready to report, and it was decid-
ed to let the question of the Centrals
use of the new passenger terminals
rest with the committee a while long
er. The committee is seeking to as
certain with what facility their
passenger trains could reach the
Savannah Union Station, should
it dcide to make use of the station in
common with the Plant System,
The Seaboard Air Line and the South
srn Railway. The Central now has an
excellent line running into the city and
1t is 10th to give it up A route is be-
ing considered, however, that would
mean the construction of about 1900
feet of track for connection with the
approaches to the station that have
Just been completed. This connection
would be made at point near the city
waterworks. Questions of property
rights and right of way enter into this
arrangement.
Not until the special meeting of the
directors in August will the question
Of dividends be considered. President
Egan was asked if the full dividend of
per cent. would be paid upon the
first preference income bonds, and he
answered that the CeEral's earnings
have shown UP very well thus far
and. that, if they continue to make so
good showing, it is not improba BILE
that they will have the full dividend
declared. He would not express an
opinion as to whether or not the sec
0nd preferred bonds would be reached
by the division of the earnings.
1t is clear enough that the financial
world thinks that the Centrals bonds
are a good investment. They have
scared upward during recent months
Even the third incomes have been
very active, and have gone from al
most nothing to as high as 80. A year
OF so ago Mr.. j S. Wood of Savannah
was buying all the third incomes he
could get at and 6. AS a result of it's
advance his holdings must have net
ted him handsome results.
The Central's earnings which have
steadily shown a healthful increase
over those of past years, are response
BILE for the advance in its securities.
Many think that the second incomes
win really have some dividend, if but
a very small one, declared this year,
though for several years there have
been speculations upon this point, and
those sDeculations have always been
too buoyants If there should be no
dividend, however. it will be because
of the heavy expenditures the Central
has made for improvements in it's