The Birmingham age-herald., 1912-07-14

tional expenditures. including those re- gently made, it must have additional reve- nue. It regrets to say that the net revenue during this period has hardly advanced at all and it has been wholly insuff.- cient to pay a return upon this large new investment In addition to this. 1t has authorized and has in course of construction other new lines, extensions and improvements aggregating S24.044,- 155.02. It cannot justify these addi- tional expenditures unless It can show additional net returns.
 Every dollar of this money. including every dollar of the more than $20o,000,- 600 invested In the property of this company is the property of private in- dlvlduals. It cannot induce the invest ment of new capital unless it can show q fair return upon that already invested and reasonable prospect of a fair re- turn upon the new. It cannot continue it's policy of development which 1t has pursued with an unremit- ting and untiring hand if 1t is to be denied a voice in the management ot it's properties and an opportunity to be heard in defense of its rights in court of justice.
 In taking the stand which 1t is taking and making the fight which 1t is mak- ing, 1t believes 1t Is taking stand in defense of the highest and best inter est of the people themselves It has never been willing to be subservient to special interests. It has fought for the opportunity of serving all of It's patrons alike without discrimination, and 1t has endeavored to maintain it's rates as well as 1t could in recent years, not because of a desire to charge ex- orbtant and excess,ve rates. because that has never been it's policy, but solely because the rates which 1t had in force were as low as 1t could con- sistently maintain with due regard to the rights of the invested capital which 1t represented.
 The communities served by this road have been prosperous. Every mile of new track which 1t has laid, every mile of second track which 1t has laid, every extension which 1t has made. has added to the prosperity and well-being of this state and of the south. Practically two-thlrds of it's mileage in this state consists of branch roads, largely and generally unproitable condition ex- isting on no other important line. It
 Is not fair. on the contrary, 1t is wholly unfair to compare 1t with two or three sections of main lines where the traffic is denser and where operating condi- tions sre more favorable.
 It invites comparison of all Of It's rates with the rates of all of its com petitors In the states of Kentucky. Ten- nessee Georgia, Alabama and Missis- sippi where practically all of It's busi- ness Is done. Such comparison will show that the charge of discrimination Is wholly unjust and unfair. It will show that this company Is not now earning anything like as much upon the value of it's investment as the com mttee of wholesale merchants are earning upon tho value of their invest ment. It will further show that 1t 10 not earning a fair or just return upon the value of it's property. It is willing to be fairly tried in a court of justice, but 1t is not willing to be lynched with out protest.
 THE LOUISVILLE & NASHVILLE
 RAILROAD COMPANY.
 By M. II. SMITH. R'esident.