The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-03
SQUARE DEAL MAYBE,
BUT UNFAIR PLAY
Says Hartman as to Admins
tration Methods
AGAINST THE SUCCESSFUL
Interstate Commerce Commission Sim
ply Rehashed Ancient History.
Cites Railroad King as to
His investigation.
AGAINST THE SUCCESSFUL

Washington. March p f. IT. Hartman,
who was in Washington for a few days,
accompanied by his family, in discussing
the recent interstate commerce commits
sion investigation in New York few
days ago, said:
There was not a single new point
brought out in the inquiry. Il was simply
a rehash OF matter that was given wide
publicity seven years ago This continual
reform agitation simply shows the ami
mostly that exists today against men and
corporations that have made a success.
THE interstate commerce commission
could produce far better results if the
members would try to cooperate with
the business interests of the country in
stead of antagonizing them. In view OF
the unfair methods of the administration,
as carried out by the interstate commerce
commission, there is no incentive for a
man to be successful, but | am sure that
in the end the American spirit of old,
fair play" will prevail. That is more
to the purpose tnan square DEAL We
may have a square deal" but unfair
plaiy.'
There seems to be a tendency among
all unsuccessful people TO asasl those
who are successful
'All the so-cdlled charges made at the
recent hearing IN New York and fully
covered in the circular application in
October, 1900, for listing the Chicago and
Alton railway securities on the New York
stock exchange, and every point brought
out by the interstate commerce commits
sioners the other day were given publicity
at that time.
THE circular to which ! referred men
toned the fact that $3l.9S8 900 in 3 per
cent bonds were sold to the stockholders
at 65 per cent, and that the amount of
S22,444,177 that had formerly been charged
to income was properly changed to con-
struction.
at was stated at that time that the
charter of the Chicago and Alton. Railway
company provided for new construction,
and the line should have been surveyed
but had not yet been constructed. 1t cost
the Chicago and Alton Railway company
for the st. Louis, Peoria and Northern
Railway company, for fifty-seven miles.
about $i2, 100000 There was expended on
the property about 500, 100000, the proceeds
of the sale of s3l 900 600 of refundng Ss
and the collateral trust bonds, against
which s7.000.0O0 of the refunding IS pro-
duced S2600c,010. making a total OF $780,
900, coo. AS against these there were issued
of the Chicago and Alton Railroad COM
pany, the new company. 500, 100000 of 91a
per cent bonds, s20,G00,0c0 of preferred
stock $40, 100000 of common stock and $i5,-
600 coo of per cent bonds of the Chi
cago and Alton Railroad companys re-
funding 3s. or a total of sl07. 100000. To this
might be added about sS,000,0O0 of equip
ment trust notes but these latter are
being paid out of the income and there
fore 1t would seem that for si07. 100000 Of
securities issued. s9O,O0o0o0 has been paid
out Our payment to security holders had
not Increased. taking into account S22,-
o0c 600 of new capital put In the prop
erty.''
President Hartman also pointed out
that the Chicago and Alton listing cir
cular issued in 1900 referred to the pay
ment Of 30 per cent dividend upon the
preferred mad common stock
"When this point was brought out at