The Montgomery advertiser., 1907-04-20

necessary to be in its possession and then at the request of the Board. he left all the papers with thsm to be examined at its leisure. When the time comes the Board will find heavy task before them.
 Georgfa Colonel and the Governor.
 The other members of the Board and entertained at the passage of wits be- tween the Governor and Colonel Law ton. who represented the Central Col onel Lawton was before the Board for nearly two hours and a half and his examination proved to the most en- tertaining feature of the series of meetings. His answers to the Cover nor's searching questions, his quick grasp of the situation. enlivened now and then by a touch of humor. bright ened the rather prosaic proceedings of fixing taxes.
 At one stage of tn. proceedings. while the Governor and Colonel Law ton were wading through a sea of fig ures, the Georgia Colonel was quoting from a statement he held in his hand 'Ts that statement in svidencsr asked the Governor.
 Tt Is not replied Colonel Law ton.
 Then you have refused to put It in evidence?" said the Governor. 'No, I have not" said Colonel Law ton.
 why isn't 1t in evidence thsnr' asked the Governor
 q haven't been asked to place 1t in evidence" said Colonel Lawton. T ask that 1t be submitted as evil dence". said the Governor. .. "Then, allow me to hand you the statement" said Colonel Lawton and everybody smiled.
 During the searching enquiry as to the financial condition of the Centrai. Governor Conner asked him what was the apportionment per mile of t'rs' income bearing bonds.
 "I couldn't possibly answer that ques' tion, Governor" said Colonel Lawton "You have asked me question thai was never asked man before.
 In taking the stand Colonel Lawtor was sworn, explaining that he was no' appearing sn the role of an attorney but that he was before the Board te give testimony on the tax valuations o1 the road, Its indebtedness and its finan' cial condition, all of which he was Ia mIiar with.
 He informed the Board when ques. tioned that the road had $5,o00,5o0 O, stock on It's own lines and between $6,' BOG, 900 and $7,000,000 of stock on lines leased by the Central. It had never paid interest on its stock and only 1T inc pAst five years had 1t paid interest on its bonded indebtedness, which wa' divided into a number of classes. or it's entire system the road had an In debtedness of about $30,00o a mile.
 In reply to a question Colonel Law ton said that in the court proceedings 1t was shown according to the mos careful estimates of the Chief Engineer and his assistants that it would cos' $1s.oo0 a mile to reproduce the Cen tral. wo-thirds of the road, he said was in the State of Georgia and thi' was the better part of the system. AT ter paying the interest of the road'i bonded debt, 1t was able to show ne earnings of only s7S,0o0 during tho year of 1906.
 Tax Board Comes Later. colonel Lawton, the Board believe' that your road Is worth more than I would take to reproduce it." said Gov ernor Conner. Between what 1t is ac tually worth and what it would cost tt renroduce 1t there is a difference or which the Tax Commission will latei pass, as we have recently had Ia, Commission created in Alabama fol that and similar purposes"
 Colonel Lawton in closing his state ment before the Board said that it wa, the desire of the road to bear its fall proportion of the tax of the State, 1T harmony with the amount other inter ests and other property paid. but ht hoped that the Board would not ask tho road to pay on a higher valuation thar that placed on other property of the State.
 He made the point that the road that cost the most to build, being often built