The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-01-18
THE W. AND T. RAILROAD.
Some Comments on Mr.. Woods An
nual Report.

Some Comments on Mr.. Woods An
nual Report.
DUBLIN. GA, Jan. 16.-Editor Morning
NetCs: My attention has been called to the
report of President J. s. Wood OF the
Wrightsville and Tennille railroad as pub
lished in your issue OF Jan. 10.
As good many prominent stockholders
of that road reside In Savannah some COM
ments on the report of the president may
be Of interest to them. dislike very much to
criticize Mr. Woods report, but it appears
SO extremely unfair toward his predecessor
and SO we'll calculated to mislead the stock
holders that | cannot consent to accord it
the small degree Of approval that would be
implied by silence.
Mr.. Wood states that his gross earnings
during the past six months were 81, 1903 As
less than those during the corresponding
period the previous year, but that his net
earnings were 81, S4l go more than those of
that period. In order to make this state
ment appear plausible he charges to ''oper-
ating expenses" all of the expenditures that
occurred during the last six months of Mr.
Thomas administration, and claims that
the operating expenses Of that period were
$50, 366 4S. The total expenditures were as
stated, but they included $40, $50 which was
not properly chargeable to the business of
that season. This amount was composed of
the following items: Damages paid to per-
sons for injuries done in 1884 and 1885,
81, $50, and amount paid for new steel rails,
S., 200.
Renewals of rails are generally included
in operating expenses, but it is not proper
20 do SO in this instance especially 10 max
ing a comparison of the earnings of a few
montbs) for the following reason: The
WrIghtsville and Tennille was built with
very little cash, in the cheapest manner
possible, and laid with secondhand iron
rails. II was the policy Of the company
from the beginning TO take up the old,
heavy steel rails as rapidly as the surplus in
the treasury would allow. Having con-
siderable surplus in the treasury in the fall
of 1890, though it was not necessary to do
80, it was deemed advisab BILE to invest IS, 200
in steel rails.
1t does not appear that any money what
ever was invested in rails during Mr.. Woods
administration, nor does it appear that any
thing was paid out for damages from accl-
dents that occurred in former years. Con-
seQuently II he wished to be just to Mr..
Thomas and make fair comparison, he
should not have added these expenditures to
the operating expenses as he did. The net
earnings under Mr.. Wood were $15,341 80.
Under Mr.. Thomas for the same length of
time the true operating expenses were
1875, 9l6 AS. and the net earnings 1928, 949 10,
or $s,6O8 40 more than those under Mr..
Woods administration during a period OF
six months
During this length of time the operating
expenses of the road under Mr.. Wood, were
little more than 60 per cent. of the gross
earnings. Under Mr.. Thomas they were
little less than SO per cent. The net earn
ings under Mr.. Thomas were Sc per cent.
greater than they were under Mr.. Wood.
consider Mr.. Woods report very err
roneous, but presume it is the result of cares
Iessness or inexperience in railroad matters.
and not of extreme anxiety to make ia
yorgble showing on the eve Of an election.
ARTHUR PEW.