Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1912-01-11
[HE ARGUMENTS FOR AND AGAINST
PROPOSED $34O,OOO.OO BOND ISSUE
Mayor Mathis, Alderman Council and General Man
ager Hagarty Throw Light on the Subj ct.
MR.. COUNCILS VERSION OF The ISSUE

Mh. UUUNGlL ) VERSlUN UF IhE ISSUl
f Alderman L. G. Council, who is on'
: Of the committee to go before The
Railroad Commission, representing
the municipality, was not aVerse Il
expressing his views when seen b!
a Times-Recorder representative.
while my remarks in Council
when the matter was broached were
brief, | think they made my position
very clear" said Mr.. Council 81 car
do nothing now but reiterate, anG
perhaps, amplify them
ITO begin with, as I stated to
Council on Monday night, l am un-
equivocally opposed to any over
fiotation of securities on a public
utility proposition, that I am opposed
to water in the stock or bonds of 4
corporation that deals with the en-
tire public, as lighting company does
and enjoys the privileges largely of a
monopoly because of the peculiar ma
ture of its business.
''It is accepted to be in the prov
ince of the state to supervise the is
suing of securities nowadays to pre-
vent this very thing 1t took the
public many years to awaken to the
Importance of this and to enact sta
tutes for its protection. 1t has done
so, though, and those statutes should
be enforced.
ut is the duty of the Railroad Com
mission, as l understand it, to care
fully investigate every proposition #
this nature that is presented to it, 20
rigidly scrutinize the actual status Of
the corporation seeking to issue Sc
curities, to go as thoroughly as pos
sible into its past and proposed in
vestments, and see to it that no un-
necessary burdens are laid upon the
consuming public, who are to be it's
patrons, and that no frauds are per-
petrated upon the investing public,
who buy such securities.
81 feel sure that no one can do
otherwise than approve of such pro
lection being thrown by the state
around its own citizens and around
the good faith of the corporations t
charters and that are permitted by it
to do business in Georgia and to sell
Georgia-issued securities outside of
Georgia.
"I must confess that the amount f
the bonds proposed in this instance
struck me at once as an exaggeration
of the actual values represented.
so stated in Council. I believe the
municipality is moving in the right
direction in insisting that the Ceorpi3
Railroad Commission investigate ami
detormire this matter II ie its duty
! tn do so. and it is the duty of the
/ Americas public utility cornoration to
present its facts to the unbiased and
disinterested state commission. If it
can show that it has actual invest
ments here that justify such bond
issue. or that its actual investments,
nlus pronosed improvements, justify
such An issue of bonds. then it will
ha with the commission to act accord
ingly. IF the reverse is the case,
then it will he with that BODY to pro
tect the public from anv over issue.
In either event 7 feel. with the other
members Of Council, that the munich
nal government has merely done its
drtv in demanding the showing. in
insisting that the matter be threshed
out by the Railroad Commission as
the BODY authorized by law to do so.
The mavor and aldermen are merely
doing their duty to the public as they
spirit Of antagonism to the lighting
corporation. am opposed to any
such spirit as that I am glad, per-
sonally, that these capitalists of New
i, York have seen fit to place their
money here. I hope they will pu
more money here, that they will bt
| the means of bringing other invest
: ments here | am decidedly in favol
, of the glad hand to all investors, t,
: protection of their investments, ant
; to every proper encouragement tha
, can be given to them. But at tn
same time it is our privilege and righ
- and duty to see that in the matter o
g securities there is no over-issuing =
J become a tax upon our public. That
r l construe it, is the spirit in whic
a Council is acting, not in any spirit ,
f hostility to the gentlemen who hav
. invested their money in the lightin
Q and power business in Americus."