The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-02-17
The New York Sun Makes Some Re-
marks About It's Management.
Vice-President Hartman Holds a
Little Select Meeting.
An Intimation That He Has Put
His Foot Into 1t.
A Probability THAT the Fish Hartman
Regime WIN Be Rebuked, and That
the Interstate Traffic Agree
ment VIII Be Signed.

NEW YoRK, Feb lG.-The Sun this morn
ing prints very interesting and sensational
article in regard to the present management
Of the Illinois Central Railroad. The art
Gle says:
Nice-President Edward ii. Hartman, OF
the Illinois Central, and some of his social
= chums whom he has made directors of that
company had conference yesterday al the
New York office of the company. II was
officially stated that the business that called
them together was Of routine character.
Whatever the occasion, 1t made those who
attended il ill-naturcd and uncommuni
catiyo. A reporter for Wall street news
paper managed TO get hold of Mr.. Hartman,
and asked him II his company would sign
the agreement of the Interstate Traffic Asso-
citation. Mr.. Hartman was quoted as saying:
"Neither the president OF the company nor
! can commit the company to any pledge.
The Board Of Directors will meet 20 take
action on this matter. Our directors will
decide" lie added that meeting to con-
slider the matter would be held early next
week.
This Is an entirely new position for Mr.
Hartman 10 take, md before he sewers his
relations with the Illinois Central Rail-. ad
Accompany, lac may wish lac had always been
as puncliliuus about consulting his Board OF
Directors rs lac now appears 10 be. Perhaps
" President Stuyycsant Fish had advised
with the Directors lac would not have us
sumod, as lac did In his correspondence with
Mr. Charles Francis Adams, that the Hi
nOis Central Is above cooperating with is
ncighbur lu secure better rates. The little
interview with Hartman, that was published
down town Yesterday. was promptly con.
tifucd us indicating back down ON the part
OF the FishlIlrr.mau management, aud IL
undoubtedly means that the company VIII
sign the interstate traffic agreement. II was
suggested down town tiut the meeting h Co
be- held next week. a rcClHssihcutiOu of the
Board might be- effected in order to determine
who approves OF the Hartman policy aud
those who do not. II also might be- worth
the time u Mr.. Hartman aud his associate,
to study thc figures which are presented
herewith. They were prepared by one ol
the best accountants iu the city, and the
results viii bear the closest scrutiny.
The Swl then prints tabular statement
showing the new securities issued by the H.
linOis Central since iss2 aud also the OK
pcnditurc- since that date fof permanent i'm.
provcmcnts aud extensions IL then com.
ments on the table rs follows
ID appear that the obligations 81 the illi-
nois Central have been increased since FL
ward H. Hartman became the controlling
spirit Ia iis Affairs s2i. ipuJl and besides
the management has used up the So ,OJ,GiO
Of securities that were in H. treasury. AC.
Cuuling to the statement 10 npprar that the
proceeds Of sJtau5 $40 Of securities have
passed through thc hands Of the Fish-llarri-
man management. As matter oi fact the
amount " LANCER than that ~ premium ol
sjG per share was received fuT the 10000
sharca of new stock that va, issued three
ycan ago. That premium would amount Ia
sliaO0l0 s0 that the proceeds of the iu.
crease ut capital account W,rc siN2tA. SO.
Against this j. the report OF the company
showing disbursements on construction. *.
tension uud bCttcrmcnt accounts Of sli.1iN.
SO, making difference between the face
value NJ thC srcuriti,- issued and the cost OF
additions tp the property VI ;s l,s,uji, and a
difference between tho cost and thc proceeds
Of the securities referred 90 ui si2.IE, uIL
All u these figures are from the company
reports.
Mc,srs Fish and Hartman doubt.
lCa have some explanation 90 make
regarding this remarkable Discrepancy
aud " 40, u is clearly their duty
10 make it before accepting q singh,
proxy from the stockholders OF the com
pany.
Tie cmark was printed In the financial
column Of The Su yesterday that the in1n
ngcmcnt and tie treasurer Of the lll'uui'
Central needed a thorough Uycrhauling. md
that the sooner u was done the better. sucl
showing o. the above seems 90 justify thu
statement ln looking Tor an explanation io
this wide difference between the receipt
aud disbursements " thc company 10 might
be- we'll % pay some attention 90 the com
mission account, u th" concern keeps one
orat least discover What compensation Hur
rimnu hns received fuf bis services in shak
ing sccuhty.huliof, out ~ their propcHic,
90 that De- might secure ihcm Tor iho lllinui
Central The Indications that these a. cn0Ugl
"a bp leaked for