The times. [volume] (Richmond, Va.) 1890-1903, 1901-12-11
BIG RAILWAY MEN
TALK ABOUT TAX.
Five Presidents Before
Finance Committee.
THEY SPEAK FRANKLY
Tell Why They Oppose Proposed
Plans OF Taxation.
TWO SITTINGS TO HEAR THEM
The Committee Listened to :he Arguments
Advanced. but Did Not Pass Upon the
Questions Discussed = c. & o.,
Southern, A. c. l., Seaboard
and N. & ". We're Well
Represented.
Tell Why They Oppose Proposed
Plans of Taxation.
TWO SITTlNGS TO HEAR THEM

The Constitutional Conventions Com
.nittee on rinance had before it ycster-
day number of prominent railroad Off
cials who appeared to discuss the matter
of how the new Constitution shall pro-
vide for the taxation Of such corpora
tons.
There were two sessions of the COM
mittee, lasting nearly eight nours. The
railway magnates gave their views, were
listened to with The closest attention, and
the committee VIII later on pass upon
the propos tions discussed.
The sttinEs of the committee were
held in tie Court of Appeals room in
the State Library building. Nearly all
the space was occupied at each session.
There were present: president Samuel
Spencer, of the Southern; President
George w. Stevens, Of the Chesapeake
and Ohio; President John Shelton VIE
liams of the Seaboard Air Line; president
Henry Fink. of the Norfolk and Western
and President Warren G. E4..ott, of the
Atlantic Coast Line; First VicePresi-
Gent "A. 3. Andrews and Assistant Vice
President II. w. Miller, of the Southern:
First Vice-President Harry Walters, Of
the Atlantic Coast Line; First Vice
President Decatur Axtell, of the Chesa-
peake and Ohio. and Judge Leigh r.
Watts. general counsel for the Seaboard.
The argument made before the commit
tee was singularly interesting, Instruct
i've, and frank.
During the recess these gentlemen and
some others were entertained 1T dinner
at lReuger's by PRESIDENT Williams. The
head -of-the- great Seaboard system has,
bv the way turned out chin beard, and
some of his friends did not at first re-
cosnize him when he made his appear
ance before the committee.
THE PROPOSITIONS.
Discussion YVES had on the two PROPOSE
tions before the committee. introduced
by Messrs. Harrison and Meredith. hs
Harrison plan proposes a SPECIFIC tax OF
$3.50 or $500 a mile on all railroads. the
tax to be applied exclusively for State
purposes. ~.
The Meredith plan is modelled on the
Connecticut law, which provides for a
franchise tax on a basis OF the capita
stock or bonded Indebtedness Of the ran
roads Able arguments in opposition te
both plans were made by Fresiue!it'
snencer. Elliott, Fink, Stevens, and vii
liamS.
President Samuel Spencer, of the South
crn halfway, IiitiuC eiiS ol'>1N'N'e o
ment. He contended that the ROADS IN
Virginia paid at present as much IN pro
norton as other property in the state
and as much as q. similar class OF prop
erty was taxed in other States OF TN
same class, and a great deal more tha1
many. Twenty-sx States of the Unlol
| paid less tax per mile and only twenty
| three States paid more. The net aver
age earnings over operating expense:
! of railroads in the United States wa
| s.. .727 per mile, while the average IN Vlr
ginia was only s1,225 per mile Virginia
! taxes were s177 per mile. while the aver
| age of the United States, with sz.l2
per mile average earnings, were only "a
| per mile.
PRESENT SYSTEM FAIR.
He thought the present system IN WI
cinia was fair but recognized a demah
! for Increased taxation. He made q Yer
strong argument agai'st puttn& am
| fixed principle of taxation in the organ
| law. and thought it should be lett TO III
| LegiSla ture.
Mr.. Spencer asked if a rigid system Q
! taxation should be placed in the Cor
stitution against railroads, why should nc
! the same system be applied to all classe
| OF property He said the matter OF taxa
! tion not having reached the stage OF a
exact science, it was perilious to incor