The Savannah morning news., 1904-05-17

mentioned can snow as low a ratio IN
1903 as the Central Of Georgia shows.
And it may also be observed that each
OF these three companies have an earn
ing power and traffic density per mile
of road much in excess of the Central
of Georgia, which will make our COM
pariSon the more striking. If II is a
low average in the cost of conducting
transportation over a series of years
that is desired. in this particular also
the Central of Georgia compares fav-
orably with the majority of Southern
roads. Only two companies, Atlantic
Coast Line and Alabama Great South
ern, showing any really striking diff
ference as against the Central of Geor-
gla. The Southern Railway with which
the Central of Georgia is compared
IN the Journals article shows for a
period of five years an average of
34.l6 per cent. in it's transportation
cost which is but IA per cent lower
than the figures for the Central of
Georgia for the same period. But even
in the case of the Southern Railway
when it comes to the last fiscal year,
that OF 1908, that road falls consider
ably below the operating standard of
the Central of Georgia, viewed from
the point of economy.
1t is not denied and indeed ii is
quite probable that as traffic condi-
tions improve along the lines of the
Central of Georgia, it will be found
that the cost of conducting transport
tation is susceptible of much improve
ment, and that much may be said with
out dlsparagement of any railroad in
the country. But, taking conditions
as we actually find them at present,
and considering what other we'll man
aged and established systems of the
South have done and are doing, il may
well be questioned whether the cost of
conducting transportation on the Cen
tral OF Georgia is excessive, or in fact,
any higher than might reasonably be
expected.
1T is true that for number of years
the net earnings of this road have
shown an insignificant increase COM
pared with the substantial improve
ment in gross; and the results thus
tar published for the current year par
ticularly the returns for the first
eight months as stated in the Journals
article, would seem to show that the
fiscal year of 1904 will form no excep-
ton to this general tendency. The
operating expenses reveal for this year,
as they have for some time past, a
constantly increasing ratio from year
10 year, as shown as follows:
1905 "A. 40 per cent; 1902, II So per
cent; 1901, 6S.04 per cent; 1900, IS IS
per cent; 1899, 65.19 per cent.
such a marked increase in the. OPP
| Grating ratio in the last 1ive years
would, on the face of the returns, seem
10 require some further explanation.
But the reason for such results is re-
vealed upon further analysis of these
| hsures, and this analysis will show.
think, wholly to the credit, so far as
economy is concerned, of the Central
| OF Georgia. For, while the operating
ratio since 1899 has increased a.26 per
| cent, the expenses due to the cost
OF conducting transportation and the
general expenses, taken together, hav4
decreased 1.5S per cent. Is not this
entire increase, therefore, in the op-
Grating ratio more than accounted for
| by the ever increasing sums which
this road has expended for the main
| tenance and improvement of it's prop
erty? This. 1 think. is shown Ivy the
following figures; the first line of fig
ures giving the total proportion of gen.
eral expenses and transportation cost
the second line showing the proportion
| charged to maintenance.
1903, So 70, 1913 per cent; 1902, SO. S.
31.7S per cent; 1901, 1907, 49, 81 pei
cent; 1900, 1923, .43 per cent. 1893
1925, "a % per cent.
There are probably few railroads il
| tAC OOuIll NAiSh Cdll SIlON SuCn d ldI
proportion of gross earnings expended
| for maintenance, and while other roads
may have been liberal in their mainte
| nance accounts. few show in such
marked degree policy of CONSTANT!
| increasing the maintenance charges. +
is for this reason that the Central .
Georgia can scarcely be compared Il
| its results as to net earnings in any
of the past few years, with The South
| ern Railway or perhaps with othel
railroads in the South.
And judging from the past is it no
| but reasonable to conclude that tbs
earnings of the current year have fail
ed to increase. due simply to this pol
| icy of the management of charging
large sums to maintenance for the prop
erty's good"