Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1889-02-17
A R. R. SENSATION.
THE ILLINOIS CENTRAL RAILROAD
Regarded as Backing Down From It's PO-
siuOn---Will
SIGN THE INTER STATE AGREEMENT
Some Facts About the Roads Manage
ment.

NEW YORK, February 16.-The Sun to-
day prints q very sensational article in re-
gard to the present management of the H.
inois Central Railroad. The article says
that Vice President Edward II. Hartman,
of the Illinois Central, and soms of his So
cial chums whom he has made directors of
that company, had a conference yes: s:erday
at the New York Office of the company, PA
Broadway. 1t was officially stated that
the business that called them together was
of routine character. Whatever the oc
casiOn, it made those WHO attended it i'll
natured and uncommunicative.
A reporter for Wall street news agency
managed to get hold of Mr.. Hartman and
ask him if his company would sign the
agreement of the Inter-S ate Traffic Asso-
ciAtiOD. Mr.. Hartman was quoted as say
ing: Neither the President of the compa-
ny nor can commit the company to any
pledge. The Board of Directors will meet
to take action On this matter. Oar direct
oIs will decide He added that meet
ing to consider the matter would be held
early next week.
This is an entirely new position for Mr..
Hartman to take and before he sewers his
relation with the Illinois Central Railroad
Company he may wish he had always been
as punctiliOus about consulting his Board
of Directors as he now appears to be.
Perhaps if President Stuyvesant Fish had
advised with the Directors he would not
have assumed, as he did in his correspond
ence with Mr.. Charles Francis Adams,
that the Illinois Central Railroad is above
cooperating with its neigbbors 10 secure
bstter rates.
The little interview with Hartman that
was published down town yesterday was
promptly construed as indicating back
down on the part Of the Fish-Harrimsn
management, and it undoubtedly means
that the company will siga the Interstate
traffic agreement 1t was suggested that at
the meetisg 10 be held next week re-
classification of the Board might be effect
ed in order 10 determine who approves of
the Hartman policy and those who do not
1t also might be worth the time OF Mr..
Hartman and his associates to study the
figures which are represented herewith.
They were prepared by one of the best ex-
pert accountants in the city, and the re-
suits will bear the closest scrutiny.
The Sun then prints tabular statement
showing the new securities issued by the
Illinois Central since 1882, and also the ex-
psnditures since that date for permanent
improvements and extensions. 1t COM
ments on the table as follows: 1T appears
that the obligations of the Illinois Central
Railroad Company have bsen increased,
since Edward H. Hartman became the
controlling spirit in its affairs, S25, 1876, 600,
and, besides, the mans cement has used up
the IS, sos. $40 of securities that were In It's
treasury. According to the statement 1t
appears that the proceeds of S34, 3o5, $40 OF
securities have passed through the hands
of the Fish-Harriman managements
As a matter of fact the amount is
larger than that, as a premium of $50 per
share was recsiyed for the 40, 600 shares
of new stock that were issued three years
ago. Tha. premium would amount TO
So. $50, 600. so that the proceeds Ct the ln-
crease of capital account were S3S, 200, o4O.
Against this the reports OF the company
show disbursements on construction, ex-
tension and betterment accounts OF S2o,-
718. .sO7. making a difference between the
face value of the securities issued and the
cost of additions to the property OF ., ,ooH,..
O33. and a difference between the cost and
the proceeds OF the securities referred to
OF S12. 547, ,033. All OF these figures are
from the conpany's reports.a
"Messrs. Fish and Hartman doubtless
have some explanation to make regarding
this remarkable discrepancy, ard, II so, 1t
is clearly their duty to make it before ac-
ceptipg single proxy from the stockhol1-
ert of the company. The remark was
printed yesterday that the MANAGEMENT
and the treasury of the Illinois Central
Company needed thorough overhauling,
and that the sooner it was done the better
Such q showing as the above seems to JUS
tify that statement. In looking for an
exclamation of this wide difference between
the receipts and disbursements of the COM
pany. it might be well to pay some atten-
tion to 10 the commission account, II the
coacern keeps one, or at least discover
what compensation Hartman has received
for his services in shaking security holders
cut Of their properties, so that be might
secure them for the Illinois Central. The
indications are that there is enough to be
locked FOL"