New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-29
S. P. NOT AFTER ATCHlSON
Rnmors Denied By Mr. Hartman
Purposes of Ne5e Preferred Stock.

z II Hartman, president OF the Southern
Pacific Company. yesterday afternoon issued
the following statement:
her. IS no foundation for the current reports re-
specting the purpose or the accltlohaI soov1g.yo
main purpose has oeen 70 provide the company
with strong capital reserve ana assure Inere 5
Of which a considerable amount mature during the
enk8nces the credit OF the company and safeguards
the interests OF the stockholders In al con
proveert and betterment of the properties and de-
an thus continue the Increase Of the company's
business. without incurrins the risk OF Heating
heretofore been necessary.
To the reporters Mr.. Hartman said that it
was the circumstsntiai stories which had been
appearing I'm papers regarding the alleged uses
20 which the 10000 600 preferred stock would
be applied that had impeled him TO issue the
foregoing statement. The purposes of the new
stock were those described in the statement,
and no other. OF the S1O0OO0o0O preferred
stock which the stockholders were asked to au-
thorize 100000 would be issued soon after
the Stockholders meeting on July 20, and the
unissued SeOOO0.OO0 would be reserved indei-
niteIy for purposes which had not Yet shaped
themselves. Asked about the current report
that the Southern Pacific buying into the
Atchison. MI. Hartman answered that the COM
pany had neither bought nor was planning to
buy control OF. and had neither acquired nor
contemplated acquiring an interest i'm any prop
.rty whatever, 3 statement disposing Of the
.Atchison runor.
Asked whether or not syndicate would be
formed to underTSrite the proposed issue OF
e4oOoOCOa preferred stock for which the COM
mon stock holders are TO be invited TO subscribe
20 the extent of % per cent of their respective
holdings MI Hartman answered that there
would be no syndicate adding that the share
holders would be the syndicate.
Then Mr.. Hartman was asked what was the
present status of the Alton. the preferred stock
holders Of which road were invited last pecem-
Der 10y Kuhn. Loeb & Co. to deposit with that
Banking house their holdings, subject 10 an
agreement authorizing the sale of the stock on
or before September 30. 1904, on such terms ana
q: such a price as might be approved by a COM
rnittee consisting of Mr. Hartman, John A.
Stewart and John J. Mitchell Mr.. Hartman
.a!d in answer to this question that the situa-
tion WIS not different from what il had been a
gear go AS TO the request for the deposit OF the
preferre! stock, he said that the case was not
as II he present Alton were an old road. He
regarded the preferred stock as in sense a
creation Of his own. and had been DESTROYS of
giving equal opportunity 10 all the preferred
stocl holGATS 10 share IN whatever arrangement
might be made regarding the property-if any
thing should be done.
Nj. Hartman expressed himself as conserva-
tfvely 5ullish on the market. renlarkinS that
market which doesn't go backward usually goes
FORWARD. Tie crop prospect, he said. was good.
Mr.. Hartman and James Stillman. president
the Oceanic. They expect to be absent two
l1nonths. and will spend much of the time in an
automobile trip in England and on the Cont
,nent.