The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-12-11
OLIVES RAP AT THE DEAL
HIS BILL FOR FORGETTING CHAR
TIERS UNDER FIRE.

Hon Pope Barrow Appears for the
Richmond Terminal Company in
Opposition to the Measure - Mt
Olive Will Have Something to Say
Later-Col Fry Favors It
ATLANTA, GA, Dec, 10.-The sUb-com-
mittee of the committee on railroads ap-
pointed TO consider the bill of Mr.. Olive OF
Ogletborpe, providing for forfeiture OF the
charter of any railroad which shall sell cut
for the purpose of destroying competition,
held session tonight in the Senate cham
Der. Mr.. Olive, who introduced the
measure, upon taking the floor at the re-
quest of the committee, stated that he
was not prepared TO make an
argument in favor of the bill He
wanted to hear from those who
were opposed to it, and then he would have
something to say. He explained the mean
ing of the bill. In bis opinion certain COZ
tracts had been gone into which were in
violation of the constitution. His desire in
introducing the bill was to require the rail
roads 10 carry out section 5097 of the Code.
COL. BARRow's OPPOSITION
Hon. Pope Barrow, caunsel for the Rich
the committee in opposition to the bill. He
thought that the measure went far beyond
the constitution Of the state, and the con-
stitution did not prohibit contracts being
gone into by individuals and any corpoia a
ton. The passage Of this bill would
result in the passage of re
tro-active law. and even this would
not do away with contracts between
individuals and corporations. He said that
to cause the Central to forfeit its charter,
would be TO destroy all contracts with
leased lines, and if this was done thousands
of citizens of Georgia, who held stock in
the South Western railroad, Augusta and
Savannah and Georgia railroad. would
lose their dividends, upon which many Of
them now live.
WRECK AND RUIN.
The result of the forfeiture Of the charter
would bring wreck and ruin 70 the stock Of
all leased roads, and the values Of same
may never rally. Another point 'that he
made against the bill was that it
provided for taking the control Of
the property Of a majority Of the
stockholders by the minority, and
authorize the minority 10 Te-organiZo the
company and run it. He thought that if
wrong had been perpetrated, the court
should be appealed to. That was the place
TO 20 TO. 1t was not necessary 10 pass bill
TO require the railroad companies 10 carry
out the provisions or the constitution. The
court would require this, and the constitu-
ton Of the state was tho highest authority
that would be quoted in such proceed
ings.
ADVOCATED By COL. FRY.
Col George T. Fry appeared in advocacy
Of tie Olive bill He thought that the pass
age OF the bill was imperative, as it was a
question for the legislature whether they
were to follow the constitution of the state,
or follow the dictates Of Wall street II
this business of consolidation is allowed to
stand, and competition is broken up by one
man power, great injury will be done to
railroad building in Georgia. This gigantic
railroad combination is just gigantic trust
organized to drive out all competition, and
If this is allowed all projected lines would
be frozen out.
LEASE OF THE GEORGIA.
The Georgia railroad. il is claimed, is not
earning the amoent for which it is leased
but the Centrars stock has gone up from
800 to $500, and the Wall street specula-
tors have got the benefit of the deal. He
thought that the Olive bill was the ma
chinery necessary TO put the provisions Of
the constitution IN relation to this matter
in working order.
The committee adjourned at 10 o'clock at
the conclusion OF Col. Frys argument.
A resolution was passed inviting the bust
ness men of Georgia. who feel an interest in
the provisions Of the Olive bill to appear
before the committee.