Reconstruction in Georgia, economic, social, political, 1865-1872 . n NewYork and Savannah, and so strengthened its control overcotton shipment to Northern ports. The Central in financialmanagement continued strong and steady. Its capital stockbefore the war was $3,750,000, increased to $4,666,800 inthe year after the war, and to an even $5,000,000 in meet the heavy expenses entailed by repairs in 1865 and1866, bonds were issued, increasing the debt in 1866-7 to$786,000 from $106,267, the amount of the funded debtin 1858-9. The stock of the company was held mostly inGeorgia, and of the
Reconstruction in Georgia, economic, social, political, 1865-1872 . n NewYork and Savannah, and so strengthened its control overcotton shipment to Northern ports. The Central in financialmanagement continued strong and steady. Its capital stockbefore the war was $3,750,000, increased to $4,666,800 inthe year after the war, and to an even $5,000,000 in meet the heavy expenses entailed by repairs in 1865 and1866, bonds were issued, increasing the debt in 1866-7 to$786,000 from $106,267, the amount of the funded debtin 1858-9. The stock of the company was held mostly inGeorgia, and of the nine directors all except one fromMacon were Savannah business men. The bonds issuedafter the war were sold in New York. In 1858-9 Centralstock paid 15 per cent dividend, in 1866-7 ar>d 1867-8, 12per cent, and thereafter 10 per cent. The Central with its 312 RECONSTRUCTION IN GEORGIA [312 leased property, the Macon and Western, was the best pay-ing railroad investment in the state. During the years ofreconstruction its stock quotations ranged from 104 to 130,. SAVANNAH ********** Constructed 1865-1872immnimmi Central System *HVE OAK Other RailroadsConstructed before I860 and its first mortgage 7 per cent bonds from 95 to the increase of freight rates after the war, gross earn-ings increased though net earnings were smaller—$818,659in 1868-9 as compared with $898,731 ten years earlier. 313] INDUSTRY, COMMERCE, BANKING 3^ After 1870 the business of the road fell off considerably onaccount of competition of roads to the south, and the reduc-tion in the cotton The Southwestern Railroad tapped the rich and growingsouthwestern part of the cotton-belt, running from Maconto Albany, 106 miles, with branches from Ft. Valley toButler, where the Muscogee R. R. made connections to Co-lumbus, from Smithville to Eufaula, Ala., and from Cuth-bert to Ft. Gaines—a total of 209 miles. The Ft. Gainesbranch, from which iron was removed during the war, wasout of commissi
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