The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-03
KEEPING WATCH
ON LAWMAKERS
E. H. Hartman Occupies Seat
in Senator's Private Gallery
in National Capital.
SNEERS AT RECENT INQUIRY
FACTS BROUGHT OUT ANCIENT
HISTORY.

Washington. March 2.-E. H. Harri-
man. who is in Washington for a few
days. in discussing the recent investi-
cation by the interstate commerce COM
mission in New York, today said:
There was not a single new point
brought out in the inquiry. 1t was
simply a rehash of matter which has
been given wide publicity several
years ago. This continual reform agi-
tation shows the animosity that exists
today against men and corporations
that have made a success. The inter-
state commerce commission could pro-
duce far better results if the members
would cooperate with the financial in
terests of the country instead of an
tagoniZing them. In view of the unfair
methods of the administration, as car
ried out by the commission, there is no
incentive for a man to be successful,
but I am sure that in the end the
American spirit will prevail. That is
more to the purpose than square
deal We may have square deal. but
unfair play. There seems to be a ten
dency among all unsuccessful people
TO assail those who are successful
Charges Seven Years Old.
'AlI the so-called charges made at
the recent hearing in New York are
fully covered in the application in Oc-
tober. 1900, for listing the Chicago &
Alton railway securities in the New
York exchange. and every point
brought out by the Interstate commits
sion the other day was given publicity
at that time. This circular to which
refer mentioned the fact that $31, sSS, 900
In col 60 -
stockholders at 60. and that the amount,
so, IA, 177,66 that had formerly been
charged to income, were properly
charged to construction.
Branch Cost Millions.
1T was stated at that time that the
charter provided for new construction,
and that the line had been surveyed
but had not yet been constructed. 1t
cost the Chicago a Alton for the st.
Louis, Peoria a Northern Railway
company for fifty-seven miles about
$40, 900 0O9- There was expended upon
the property about $4,000. 600. the pro-
ceeds of the sale of ST., 600 600 of re-
funding 3s, and the collateral trust
bonds, against which $1,000, 600 of the
refunding SIS produced {26, 00O, 00e, max
ing a total of $4,000, GOO As against
. that there were issued of the Chicago
Z Alton Railroad company, the new
company, s22. cot. 900 of 3lz per cent
bonds, s20.00O,oOO of preferred stock,
$50 900, 600 of common stock and $45, 000,-
900 of per cent bonds of the Chicago
& Alton Railroad conpany's refunding
Is. OF a total of S1e7. 200, goo.
Not Capital Ofsense.
ITO this might be added s., 000, 900 of
equipment trust notes, but the latter
are being paid out OF the income so
that the amounts are withheld from
the security holders until the equip
ment trust notes and bonds are re-
deemed. and therefore it is not alto
gether a capital charge. So il would seem
that of $l07. .O00 of security issued
$50, 900. 900 has been paid out There
may be between $1,000. 900 and s., 500 600
obligations not included in the above
Including this, it would make the
amount of obligations to date about
s110. 000,0 600. instead of $10T, 900, O0e. Our
payment TO security holders has not
increased. taking intos account 500, 000,-
600 of new capital put in the property
The annual increase in the interest
payment and dividends is sS00.000 at
the most, after spending s22. 000, 900
ppon the property. This has been in