The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-02-27
Urges Legislation Per-
mitting Traffic Agree
ments Under u. S.
Supervision
MAKES CHARGE ON FISH
ACCUSING HIM OF MISCONDUCT
or t. c. FuNDs-pEFENps
ACTION or BIG CON-
H,NEs BUT REFUSES
TO TELL PERSON.
AL DEALS.

New York, Feb. 3G--Tho assertion
that StuyvesaDt Fish was deposed
from the pres dency OF the Illinois
Central because of misconduct as to
funds of the company; the continued
refusal to answer questions relating
70 individual stock transaction; the
explanations Of transfer OF 800, 900
shares OF Southern Pacific stock to
William Rockefeller during the at
tempt Of James r. Kenne 10 secure
control of the road and of the delayed
announcement of dividends in Union
and Southern Pacific; the attempts
by the government to show Union
Pacific charges of unfair rate, stiles
competition in territory ttaversed by
its lines and that its dividend of 10
per cent and expenditures of S240 000,.
600 on betterments came from unfair
toll on patrons; the academic discuss.
ion OF railway gulation by high au.
thorities on either side, that ran from
Il plea of legalized com binations of
railroads under government supervis-
ion TO the suggestion that the govern.
ment controls railway stock issues:
the charge and admission that miscon.
duct of railroads created popular
anger thai moves determinedly for
their regulation the charge that no
other country in the world is so hos.
tile to large transportation intere SITS
the assertion that the purchase ofl
Southern Pacific by Union Pacific Civ
en- the southwest ten years advant.
age In development; that the failure
of the Union to secure the Northern
Pacific left the northwest ten years
behind where 1t would have been I'll
the control had been obtained, and all |
ending with remarkable scene where |
the government and the man stood |
confronted
Session Memorable One.
These were the events that made |
today's session Of the interstate com.
merce commission with Edward r. |
Hartman as the sole witness a mem.
orable one. They gave vivid and init.
mate realization of the problems of
swollen wealth and railway regula.
tion, and the participants. their utter.
ances and circumstances gave the in.
quiry Importance. 1t all made notable |
contribution 10 financial history
light and dark-of the time.
Hartman occupied the stand
throughout the entire day and his
examination in chief was conducted
by Frank b. Kellogg. of st. Paul.
Mimi. special counsel for the gov.
ernment.
Harriman's account of the famous
delayed dividend announcement in
August last came late In the after
noon. He sal dthat the qeustion Of
earnings first came up at the July
meeting OF directors and the estimate
of earnings was so surprising that he
asked them to consider the question
Of dividend IL actual figures came I'D
TO the promise of the estimates. At
The August meeting actual figures
were at hand. The Southern Pacific
meeting was held in the morning and
The meeting of the Union Pacific in
afternoon. The Southern Pacific first
declared a dividend of 2ib per cent
IS per cent Of which went TO the !
Union Pacific. owner of that among of
stock Then the Union Pacific divi-
dcnd OF per cent was declared. the |
directors deciding to pass it to the
executive committee for approval and
which was customary.
Why Announcement Was Held Up
The meeting Of the executive com.
mittce was scheduled for 10 O'Clock
the next morning but Hartman said
he was prevented from being present
because he was compelled to attend
the funeral Of a friend. It was late .
when the executive committee got
together. II was decided not TO make
the announcement Of dividend until
the following morning so as 10 give
The New York market an advantage
over london.
Hartman proceeded in his nara. .
zion without interruption until this y
point He spoke deliberately and with
out hesitation. Kellogg questioned q
him closely in an apparent effort to
elicit some admission OF motive IN :
the delay in the announcement. but y
IIar' iman's replies we're direct. He y
admitted the delay in announcement n
vas unusual but sal dthat the occa.
sion was unusual
COmmlss 'oner Lane asked what Y
Hartman knew about the buying of n
Union and Southern Pacific stock on .
he market between the time the d. u
-ecors decided upon the dividend and G