The Montgomery advertiser., 1903-11-28
HANSON TO CONTROL
WILL ETPREsIDENT or GEN.
 TRAIL RAILROAD.
Egan's Retirement Has Caused c Hitch in Management of Prop erty-other News of Rail-
 way World.

Hitch in Management of Prop
 erty-other News of Rail-
 way World.
 --S
 A dispatch from Savannah says:
 Tt Is accepted heres that Major !. F. Hanson, of Macon, will succeed to the presidency of the Central of Georgia Rail-
 'As . matter of fact, it is believed that policy was adopted which meant the resignation of Mir. Esan. He is to have 2 vice-presidents who will have charge of the physical property, but Major Han corporation. It is not yet known who will be this second officer In charge.
 statements made that the downfall of Mir. Egan resulted in his persistentence a SuSns qR tBos. Tso se1 strings decided to halt-has provoked a semi-ofEicial statement that 1t Is the pur- pose of those in control to continue the purchase of new equipment and to go on transportation facilities in every particu- lar.
 'aThere is not hitch as a result of the change of management Everything i is moving along just as smoothly, ny,n as If If executive heads. Official announcements will be made in a few days"
 The Accident Record.
 The accident bulletin just issued by the the railroad accidents in the United States for the three months ending June 90. and also completes the statistics Of acidents for the fiscal year As com pared with the preceding opartsr: 1n the ,S. ac. number of killed in train accidents being go, and the number injured, 2,62s, as against 300 and 2,sS4, respectively, in the preceding quarter Other kinds of acci- result of collision or derailment bring the total number of casualties up to q, ,305 as against 12308 in the preceding quarter; the total number of persons killed, how ever, being eighty-three less than in the preceding quarter.
 The total number of employees killed in coupling and uncoupling during the quar- ter was sixty-two, being fourteen less than in the preceding quarter. The total number of collisions and derailments was 2s60S, of which 1,4o5 were collisions and l,202 derailments, and of these POI col- lisions and 126 derailments affected pas senger trains. The damage to cars. amounted to $2.476,o34.
 As compared with the preceding year. the bulletin discloses a large increase in the number of casualties. There were 3.56 persons killed and 45.9T injured dur
 
 go 800 injured during the year preceding. This large increase in partially explained This large increase Is partially explained that has taken place during the last year, and the fact that there were more men at risk. The number of men employed in train service June 30. 1908, was 12 per cent greater than on June 30, 1902. There Is also good explanation of the increase state Commerce Commission has been persistent in it's insistance on full reports of all accidents from all railroads during the past year, and therefore accidents are time than they were in past years.
 The Hartman Syndicate.
 After having spent $40,0U0, 900 for im- provements and additions to the Southern Pacific system the Hartman syndicate is now preparing to begin the payment of dividends, says The Houston Post. Thus far holders of Southern Pacific stock have not been rewarded. inasmuch as a divi dend has never been declared. Like all other stocks, Southern Pacific has been on the decline during the past few months. The fact that 1t has never brought return to its holders, however, tells why 1t Is not over popular with spec Tlators: who ,. for the most u part are .k- look have been rapidly turned into improve ments and stockholders have been in- structed to be patient The fact that there is even a limit to patience, how ever. influenced the Hartman syndicate to intimate that improvements were at an end by presenting for publication a statement of cash expended for improve ments which could scarcely be expected to have any effect other than to persuade the investor that in light of what had been accomplished in the way of expen- ditures Southern Pacific stock Is a good thing.
 Today the Lucien cutoff in Utah will be formally opened in the presence of President Hartman and numerous other miles in distance and nearly two hours in time will be deducted from the trans- continental schedule. Millions have been expended for the construction of this ons Pacific are earnestly expected to be ben eflted as an immediate result.
 The following discussion appearing in The New York Commercial is an excel Southern Pacific:
 Southern Pacific was the feature of the railroad list. The stock was bought heav- E by aIS 5y tSs TU have John W. Davis $ 60. was ins credited "ito to Hartman. Among traders some of the to Keene. Mir. Keene was not S at his tSG of fce during the day. It was said that Currie Bros. had received a large buying order in Southern Pacifiv from Keene. The firm bought Southern Pacific openly and were believed to have distributed some of the heaviest buying orders among other brokers.
 Southern Pacific is a stock which it may be well to watch closely during the next few months. The stock is nov selling about one-half of the price touched last year. It is selling nearly % points below the figure at which control was purchased by the Union Pacific. If Southern Pacific was considered cheap at 60 by the inter ests represented by B. H. Hartman, they certainly must hold the same view at the present time. for meanwhile the earnings have. increased and the intrinsic value of the property has been vastly enhanced At 43 the market value of the S20n O0O 0 o capital stock of Southern Pacific is $se. 900. . O00. During the last five years the com pany has spent out of earnings on i'm provenents and bettermehts $40,OOO GOO. or nearly one-half of the present market value of it's capital stock
 Southern Pacific has now almost raacbed the point where the heavy expendifIres of earnings on Improvements will no longer be necessary. The company js earning between and 8 per cent on lie capital stock. Next spring 1t is ReneraiIv understood the question of starfInR divj dend payments will be taken up. At that time the question of refunding some of the high interest bearing bonds of inc company will also be considered, Through the refunding of these bonds large inter est charges will be saved which will en- able the company to make "a bond issue for Improvements and betterments with out increasing the total fixed charges of the company. The current earnings Twill then be relieved from having to pay for