Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-02-27

a.
to prevent US from continuing in tn,
management of the property. The
pool planned 10 sell its own stock tc
advantage. We feared that they
would get a temporary Injunction Ii
prevent us from voting the stock. In
order to prevent this We took this
method to enable us, with other prox-
les thai we might obtain. Ia secure
votes enough to protect us against
This speculative interest. II was a
purely protective measure
The witness then explained the en-.
try of the accoun uoon the records
and books of the Union Pacific.
Mr.. Hartman frankly admitted that
the transfer Of the stock was 10 place
IL f. The hands Of some one who
would act against this speculative
pool.
Pursuing his line. Nj. kellogg en-
deavored to have the witness admit
that the Rockefeller deal WAS merely
an evasion but Mr.. Hartman would
do SO. The transaction was to pro-
tect The property. he insisted, against
a speculative raid that threatened The
cortro!.
He admitted that Mr.. Rockofeller
Was paid SIS per cent commission. OF
&lNa.500. on the return of The stock.
NlI. tttlIlIllltlA = account tl Il~l -NN~
gusts famous DELAYED dividend came
i'm answer To Mr.. Kellogg's questions
about the failure of the Pacific roads
To reduce rates. WheP he reached
the matter of the DELAYED dividend
announcement. Mr.. Hartman broke
i'm. Il will tell YOU about thut." and
without further questioning he told
the store. of thai episode.
He said the question of earnings
FIRST came MP at the July directors
meeting, and the estimate of earnings
WAS SO surprising that he asked Them
To consider the question of "a dividend
il The actual figures came up To- the
promise Of the estimates. AT the An
gust meeting the actual figures We're
al hand. The southern Pacific meet
ing WAS held in the morning and the
Union Pacific meeting IN the after
noon. The southern Pacific declared
"a dividend of "a. 45 per cent Of
which vent TO the Union Pacific. the
of hat much stock. Then The
Union Pacific dividend of . per cent,
$ per cent from traffic cummings ana
. pet cent from investment earnings.
was declared, the directors deciding Ia
pass IT. to the executive committee for
approval and announcements, which
was customary.
The meeting of the executive COM
miltee WAS scheduled for 10 o'clock
The next morning, hut Mr.. Hartman
said he could not be present. 1t was
late when the executive committee got
together. BY the time the committee
had passed on the matter ii WAS after
s. o'clock i'm the afternoon. and the
question then whether the n
nounCemont of the dividend should be
public at once. thus giving the
London market The fun advantage of
The situation. or whether 1t should be
deferred until the following morning.
md the New York market given the
advantage. 1t was decided 10 adopt
Inc latter course and The committee
lid not make the announcement until
he new day.
MI. Hartman proceeded I'm his mar
alton without in|tcrruption until this
point. He spoke deliberately and
without hesitation. MI. Kellogg
Questioned him closely in an apparent
'ffort to elicit some admission of mo-
i've in he delay in the announcement.
)ut Mr.. Harrimdn's replies were di-
'ect. He admitted that the d|elaYfin
hr announcement was unusual. but
aid that the occasion was unusual
1t was staggering said Hartman.
Tt marked an epoch, but if | could
AVE been present at The hour for
which the executive meeting was held
announcement of the dividend
would have been made I'M the uSuat
way the morning after the meeting.
Commissioned Lane asked what the
kncN about the buying Of
'nion Pacific and Southern Pacific
took IN the market between the time
he directors decided on the dividend
nd The time it was announced,
Mr.. Hartman declared he ala NOT
now of any unusual buying of Union
stock, but when the question