The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1914-01-20

IS. A. F. and A. M. 1t was in
dorsed by the Grand Lodge A. r. and
A.. NJ, in 1904. and by the Grand
Chapter Order Eastern Star in 1905.
These two grand bodies agreed to
divide h expenses Of maintenance,
two-ffths by Grand Chapter o. E. S.,
and three-fifths by Grand Lodge A.
T. A. NJ. of N. G.. The subscrip-
tons from the Masons and Eastern
Stars Of North Carolina were first So
licited in 1910.
investment the past year and that
under the proposed reductions this
would be reduced to 1.19.
The points covered by the Seaboard
yesterday, three witnesses testifying
were following, first from Mr.. Math-
eWS.
At the present rates after paying
interest and other fixed charges the
Seaboard Air Line railway only earn
ed on intrastate freight business IN
North Carolina during fiscal year
ending June 80, 1913, $1.S65.89 IN a
property investment devoted to that
lass OF business valued at 81. $4,000.
If the proposed reduced ~intrastate
freight rates had beer in effect dur
ing the fiscal yea ended June 80,
1913, it was stated that the Seaboard
Air Line railway would lave suffered
$~1S8,269.74, which would have caus-
ed hen to do interstate freight bus
! mess at a loss of $~1O,263.15 per an
| mum, with nothtag left to a interest
| and fixed charges amounting to 1885,
1000.
Statement was made that the only
dividend declared by the Seaboard
Air Line Railway was l per cen on
it's preferred stock in November, 1913,
and that 1t had never paid a dividend
on its common stock. 1t was also
shown hat the Seaboard Air Line
Railway has only been out OF the
hands Of receivers for a few years and
is Just getting on its feet.
Quite g. lengthy explanation was
made as to the methods used in reach
ing the various figures which was
highly technical In character.
It was shown that Seaboard pre-
ferred as quoted by the Raleigh News
and Observer is selling at 48 ga cents,
while Seaboard common is selling at
18 1-2 cents. 1t was also shown that
Eeaboard refunding as, the only bonds
available for sale for improvements
are selling at "a cents.
The afternoon session was taken uI
by L. E. Chalenor. Freight Traffic
Manager, who state that intra-statt
freight rates on the Seaboard Air Lin
Railway were in most cases already
lower, or as low in North Carolina a.
tin adjoining States.
In addition, Mr.. Chalenor showed
that on Joint haul traffic the Sea.
board rates would be further reduced
regardless Of the act that they arr
now lower than similar joint haul
in any other State in which the Sea
board Air Line operates.
The testimony Of the Seaboard wa.
concluded by E. G. Bagwell, assistan
engineer, who stated that the Sea
!. provements in North Carolina which
! would cost in excess Of $1,000, 600.
} Difference in Cost.
Other features of interest were dis
5 cussions of the difference between tn
> expense Of local n through trains
Mr.. Chalenor declared that loca
trains cost nor to operate tina!
through trains, because they los
: more time, two or more minutes t
: the mile, burn up nor fuel, max
necessary the employment Of MOI
slowly. They have added expense i
the terminals and have no advantage
that through trains do not have
v At the conclusion of the Seaboard
testimony, attorneys too up the mat
ter Of hearing the smaller roads.
d was determined to notify them to b
here Tuesda. to be read to offer he
testimony. Judge Winston, speat
ing for the State, declared it impers
;. tive that the investigation be pusl1et
s that it is costing four or FIVE hundre
It dollars a day and the appropriate
J. will soon be exhausted. He aid h
= spoke purely in the interest Of eeoI
o omy. The commission took a rece: