San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1924-04-10
|SAYS len.
| FINANCES IN
| GOOD SHAPE
Only Calamity Could Put
Road in Hands Of Re-
ceiver, Head Claims.
IL ARMED $2,255,000
President Outlines 1923
Improvements at Mer-
ger Hearing.
Il ARMED s2,255,O00
Austin, Tex, April 1O.-with the

Austin, Tex, April 1O.-With the
present income Of the I.-G. y. and its
| fixed charges, nothing short of a
calamity that would involve all bust
ness interests of the Southwest could
force it again into the hands of re-
ceiver. This assertion was made by
T.. A. Hamilton, president of the road
testifying before the Texas Railroad
Commission at noon today in the hear.
10 purchase the stock Of the I.-G. n
Mr.. Hamilton's statement was made
N rebuttal of testimony of Thornwell
Fay Wednesday that although the
&c. y. showed a good earning figure
asst year n bad year" might a.ain
place it in an embarrassing position
financially. Mr.. Hamilton declared that
he road is in good shape. both physi-
ally and financially. giving IN de.
ails his reasons. He also outlined
comprehensive program of improve.
|nent for the coming year. with fixed
harges OF less than S1,200,000." Mr.
hamilton declared. nothing short OF
calamity which would affect all bust
less in the Southwest. could force us
nto /receivership. I see absolutely
DO danger of such contingency"
Road Earned S2,255.OOO.
In 1928. Mr.. Hamilton said. the
Dad earned s2.255.O0O which could be
pplied on its bond interest. The in.
rease in gross earnings of the road
Eas s per cent. while the net earnings
hcrcascd 6J per cent. The funded
cbt of the road. he said. is approx.
iately S5.G00000 and could be bonded
pr an additional S2S,00C,000. The
onds mature in 1852.
Mr.. Hamilton prefaced his testimony
18th statement that though he is
resident of the I.-G. y. is not ap.
caring officially for his road but has
een subpoenaed by the San Antonio
nd other interests. At the outset he
eclarcd that the road is in very
luch improved condition ~ compared
it'll the end of November, 1922.
II would say the road in very
pod shape for the character of traffic
nd the service required Of it," he
hid.
Might Lawer Rates.
Commissioner Splawn offered to al
wv the respondents to begin thnil
stimony this morning but Paul ID
ayser declined. saying that in tn,
terest of an orderly presentation u
e case he desired to wait until all o.
lie applicants evidence is in.
j. \. Brown. general freight agen
the Gulf Coast Lines. concluded
testimony with the statement that
ties on the I.-G. n. under the mer
+ would get the advantage of a one
le haul to New Orleans and eastern
Pints as against joint line haul and
pssibly a reduction in rates. Nj
rown filed an exhibit showing tho
ovement of vegetables from the Rio
rande Valley for thirteen seasons.
Mr.. Brown wouldn't admit on cross
animation that where the Interests
Houston as Port and the Gull
past Line conflicted that Houston
Duld suffer. The interests of the two
asserted. are identical. He admitted
at the merger would assist Beau.
Dnt in developing its port and
namship line. Mr.. Brown refused tt
oduce the operating contract be-
cen the Illinois Central and Gull
,ast Lines. also the divisional con
net. Formal demand for all con
lets between the two roads wa:
,de by Mr.. Kayser.
Ii was also brought out that when
heavy cotton movement on the