The Birmingham age-herald., 1903-06-18
MT. Emmerson Speaks.


 T. M Emmerson, vice president of the Atlantic Coast Line, was the Eext speaker. He devoted his remarks to the Alabama Midland division of his road, quoting the | figures of income and expenses to show that the net earnings of the road were only $595 per mile on which to pay a bonded interest of $15,000 per mile, or less than per cent. He said that expert rail- road men knew that it cost more than s15,0O0 per mile to build and operate a railroad
 Chairman Hanson of the board of direc- tors of the Central of Georgia railroad next made a statement for his road. He quoted several columns of figures on gross earnings and operating expenses and went somewhat into the history of the reorgan- ization of the road. He said that the net earnings were not sufficient to pay the interest on the second and third in- come bonds and that he therefore could not see how 1t was possible for his lines to stand any increase in rates now charged. The only way that he saw to increase the net earnings would be to cut down the salaries of the employees of the road and this he would not do. Chair man Hanson said that passenger service now being furnished by his road was much better than the patronage it receiv- ed justified, but that they continued to | furnish 1t because the public demanded | It. He referred with emphasis to the in- | justice of the Georgia law, and the fight l of the late H. M. Conner, brother of B. B. Conner, to have that law repealed. There was no doubt in his mind that the adoption of the Georgia law had had much to do with the~bankrupting of sev- eral Georgia railroads. The speaker de- clared that this of all times was most inopportune to reduce the rates. How can they pay more when their earnings are not more than fair return?. The state should protect It's railroads as well as other industries, and it bad not shown, nor had there been an attempt to show that the management of the road was not honest and competent
 Major Hanson, before concluding, took occasion to pay his respects to that "cer- tain class of people with whom 1t has become very popular to make filings at the firm of J. 4. Morgan Co., of New York" He knew that this firm needed no defense from him but he did not think 1t fair nor right for persons to attempt to create a prejudice against firm that lad been of much benefit to the wohle country. He knew personally with what reluctance Mir Morgan had been induced to take hold of the banl1rupted properties cf certain southern railroads and put them on their footing These railroads had not wrecked anybody or any indus fry. but on the other hand had done much to develope the sections traversed by them.
 Major Hanson Recalled. AS Major Hanson was returning to his saat in fhe rear of the hall, Mir B. B.
 Conner arose and asked him to return to
 inc front as he proposed making a state-
 ment which he desired Major Hanson to
 hear. MT. Conner began by stating the re-
 lations existing between his late brother
 the Central of Georgia railroad and Major
 Hanson! also giving some of the history
 as to the affairs of the railroad. He as- serted that it was not the Georgia law that wrecked the property of the com pany but st it was the Wall street crowd fF came in control of it sev- eral fter the adoption of the