New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-03
NR. HARRIM4N'S VIEWS.
Recent Inquiry Useless and Adminis-
trqtion Unfair, He Says.

washington March 2-E. II. Hartman. who
,s IN Washington for a few days accompanied
BIZ his family, in discussing The recent investi-
CATION by the Interstate Commerce Commission
IN New York, to-day said:
There was not a single new point brought
out in the inquiry. 1t was simply rehash OF
matter that was given wide publicity seven
wears ago. This continual reform agitation
simply shows the animosity that exists to-day
AGAINST men and corporations that have MADE
a success. The Interstate Commerce Comnls-
sion could produce far better results II the mem
hers would Try 10 cooperate with the business
interests Of the country instead Of antagonizinS
them In view Of the unfair methods Of the ad-
miuistraIion. carried out by the Interstate
Commerce Commission. there f. no incentive for
a man to he successful but am sure that IN
the end the Old American spirit OF fair play
viii prevail That is more TO the purpose than
4 square deal" We may have square dear
but unfair play. There seems 10 be a tendency
among all unsuccessful people 10 assail those
who are successful.
All the so-called charges made At the recent
hearing in New York are fully covered in the
application In October 1900 for listing the Chi
cago Alton Railway securities In the New
York Stock Exchange, anc every point brought
e out by the Interstate Commerce Commissioners
the other day was given publicity at that time.
This circular TO which refer mentioned the fact
that S9l.9sS,o00 Ia per cent bonds was sold 10
the stockholders at 65. and that the amount.
e2244A.177 &C. that had formerly been charged 10
income was properly charged TO construction.
II was stated al That TINE That the charter OF
the Chicago g. Alton Railway Company provided
for new construction and that the line had been
surveyed, but had not Vet been constructed. I
cost the Chicago & Alton Railway Company for
the ST. Louis. Peoria & Northern Railway Com
pany for ffty-seven miles about s4200G.0o0.
There was expended on the property about s22.-
100000 the proceeds Of the sale Of S3l.000000 Of
refunding IS and the collateral trust bonds,
against which $1,000, 600 Of the refunding IS pro-
duced $4,000 600. making a total Of $50 600 G0a.
AS against that there Were issued Of the Chicago
& Alton Railroad Company. the new company.
S2200O.e00 Of 3lR per cent bonds $4,000 600 Of
nFa 1Erfa II mn \
s45090O00 OF per cent bonds Of the Chicago
Alton Railroad Company's refunding 3s or A
total Of Slole000o0 To this might be added
about sS.000000 Of equipment trust notes but
these latter are being paid ou Of the income
so that the amounts are withheld from the Sc
curity holders until the equipment trust notes
and bonds are redeemed. and therefore II IS not
altogether capital charge. So II would seem
thar FOR SlO4.000000 Of securities issued $50 OOO
w mas been paid out. There may be between
SzeUO GOO ana S2.5O0,000 Of obligations not in
Guided in the above. Including this would make
The amount Of obligations 10 date about sr1O :
100000. instead Of SI07. 0O0 .O00 Our Tavrnant
10 security holders has not increased taking into
property. "a '''1
The annual increase in the interest payment
ana dividends is 100000, at the most after
spending SO 100000 on the pr0rert,- Tbo b,,si
ness has been increased threefold because ~
expenditures - '''e9e
President Hartman also pointed ont that tho
chicago q Alton listing circular issued I'm 1900
referred TO the payment OF the 80 per cent divi-
dend upon the preferred and common stool,
When this point was brought out N tho N-o
York nearing. he said. the Interstate Com
mere commissioners thought they were deyei-
oplng some new and startling facts when as :.
history" HiiiS Is ancient
MI Hartman, with his wife and son occr-
Ieu front seat IN the Senator'S private CALLER,
N The Senate for some time fo-daT- re- -
close attention 10 the proceedings