The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1907-02-27

HSureS were at ndnu. Inc Southern
Pacific meeting was held in the
morning and the meeting of the I'm
ion Pacific in afternoon. The South
ern Pacific meeting first declared a
dividend of 2 1-2 per cent, 45 per
cent. of which went to the Union
Pacific owner of that among other
stock. Then the Union Pacific divi-
dend of per cent. was declared the
directors deciding to pass it to the
Executive committed for approval
and announcement which was custo-
mary.
Why Announcements Was Held Up.
The meeting Of the executive COM
mittee 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 friend. 1t was late
when the executive committee got
together. It was decided not to make
the announcement of dividend until
the following morning so as to give
the New York market an advantage
over London.
Hartman proceeded In his mar
ration without interruption until
this point. He spoke deliberately
and with out hesitation. kellogg ques-
toned him closely IN an apparent eff
fort to elicit some admission of mo-
tive in the delay in the announce
ment, but Harriman's replies were
direct. He admitted the delay In an
'nouneement was unusual but said
that the occasion was unusual.
Commissioner Lane asked what
Hartman kne wabout the buying of
Union and Southern Pacific stock on
the market between the time the
directors decided upon the dividend
and the time it was announced.
Turns On His Accusers.
Hartman said he did not know Of
ANY unusual buying of Union Pacific
but when the question was applied
with direct reference to himself, Mil
burn. his counsel. objected and Har-
riman refused to answer. But sud
denly he wheeled around and said:
81 bought Union Pacific stocks in
1898 for $25 a share IN anticipation
of that dividend; I bought it at the
time of the panic when one of my
associates declared had more nerve
than any Spectator he ever knew,
deemlng it speculation. bought It
then in anticipation of that very div
idend. I bought It on the decline all
around the San Francisco fire in an
ticipatlon of that very dividend"
Commissioner Clement asked Har-
riman why he objected to telling
whether he had or had not bought
stocks.
ION matter of principle, simply"
replied Hartman.
Wants to Buy Other Roads.
Hartman defended the rates Ak
ed by his roads and declared his
roads we're entitled to all the profits
they could make even as high as 100
per cent. He also defended the ac-
quirement of other roads by the
Union Pacific and declared that If it
were not for the law he would buy
the Santa F tomorrow, and would,
not hesitate to buy all other good
roads were it not that the law in
terfered
Hartman made a plea for some
form of legislation which would per-
NIT railways to make agreements for
traffic handling under supervision of
some such federal body as the inter-
state commerce commission. with
proper regulation and limitations
which would enable them to handle
their business lawfully and intelli-
gently. He thought that such a law
permitting combination of roads
would probably result in lower rates.
At the close of the day Commits
sioner Lane asked: rs 1t not a fact
that every regulative act upon a rail-
road is the result or some policy pur-
sued by the railroads tnemselves?"
81 believe you are right" replied
Hartman. 81 think the railroads
themselves are more to blame than
any one factor for the condition that
exists today the antagonisms be
tween the people, ana legislatures
and the railroads themselves
FOR CoLoRED CHILDREN