The Montgomery advertiser., 1903-06-18

yinced that a decrease in the rate on hay and grain in Alabama would re- suit in an Increase of the tonnage in the State. the rates would be lowered.
 Coast Line Speaker.
 For the Atlantic Coast Line. Vice President T. M. Emerson made brief statement, replete with figures. He. too. said that the year 1sOe had been the most prosperous in the history of the road. In that year, he said, the company had gross earnings of sSss. .7oo.o5, with operat- ing expenses of s6ee 2oo.T. The operating expenses had. therefore. been So.I per cent of the gross earnings.
 The road was confronted with the con- tftion that s600 a mile in earnings was left to pay the interest on the bonds and make returns to the stockholders. This was, he said, less than per cent.
 These figures showed. he said. that the rates were reasonable and that e re- duction would be an unnecessary and un- just hardship upon his railroad. The figures were so plain, emphatic and con- vincing. he said, further argument was unnecessary.
 Major Hanson Talks.
 Major J. F. Hanson. chairman of the Board of Directors of the Central of Georgia, took the floor, as he said. to make a brief statement of the financial operations of his company.
 The Central of Georgia, Major Hanson said, had beer, able to add to profit and loss in 1902 tile roads most prosperous year, less than 3 per cent. The gross earnings for that year from the Central property. he said. were H,750000. Out of this the net earnings were only s1z2.s4o. or 27 per cent, which was to pay the t,ta tto nA aNrn to the stockholders.
 Any man can see,". said Major Han son. '.as far as the Central Is concerned. that it cannot stand a further reduction of rates"
 To show the accuracy of the financial statement which he read, Major Hanson invited the Commission to send a public accountant to examine the books of his company. He would, he said, pay the expenses of the accountant and afford him every facility for his work.
 The Georgia rate law, he said, was full of wrong and injustice. He was con- vinced of its inequality and injustice. and he remembered that the br other of Mir. Conner. H. M. Conner, for many years at the head of the Central of Georgia. had on all occasions denounced the in- justice of the law when 1t was proper subject of conversation.
 Major Hanson said he had no doubt that the Georgia law had been largely responsible for the general wrecking of the roads of Georgia several years ago. He pointed out that in the past twenty years everything that went into the con- struction of railroads had incfeased in value. Major Hanson declared that it had not been shown that the railroads were receiving more than a fair return from their property in Alabama.
 MT. Conner Interposes.
 At the conclusion of Major Hanson's remarks, MT. Conner arose to a question of personal privilege. His brother. H. M. Conner, had, with Major Hanson. opposed the Georgia law. His brother had been appointed receiver Of the Central after the road had been wrecked by certain interests in Wall Street. These Wall Street speculators, he said, had secured control of the Central by the purchase of 4o.O0o shares of stock from Hetty Green. They had, he said. insist ed on wrecking the road. although an offer was made then to purchase their stock at a reasonable rate, but they had refused the offer.
 He read from The Atlanta Journal to prove the statement.
 T deny that" said Major Hanson, eff the rates are to be fixed by the newspa- pers, God help the railroads
 The Commission recessed at ?. m. to meet at ?. m.