Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-02

Mr. E. H. Hartman, the railway mag
pate. with his wife and son, occupied a
front seat in the senator's private gallery
in the Senate for some time today. He
gave close attention to the proceedings.
In discussing the recent investigation by
the interstate commerce commission in New
York he said:
''Rehash Of Old Matter"
There was not single new point
brought out in the inquiry. 1t was simply
a rehash of matter that was given wide
publicity seven years ago. This continual
reform agitation simply shows the animosity
that exists today against men and corpora
tons that have made success. The inter-
state commerce commission could produce
far better results il the members would
try to cooperate with the business
interests of the country instead Of
antagoniztng them In view of the un-
fair methods of the administration, as car
'ried out by the interstate commerce commits
sion, there is no incentive for a man to be
successful. but am sure that in the end
the old American spirit of pair play will
prevail. That Is more to the purpose than
a square deal We may have a square
deal. but unfair play. There seems to be
tendency among all unsuccessful people
to assailthose who are successful.
Chicago and Alton Securities.
"All the so-called charges made at the
recent hearing lin New York are fully COW
cred in the application in October, 1900, for
listing the Chicago and Alton railway Sc
curities in the New York stock exchange,
and every point brought out by the inter-
state commerce commissioners the other
day was given publicity at that time This
circular, to which 1 refer, mentioned the
fact that $31, 1886, 900 in per cent bonds
RI ha ST ckbo1dara 65 and
that the amount So, 444,177.66 that had
formerly been charged to income was prop
erly charged to construction. 1t was stated
at that time that the charter OF the chi
cago and Alton Railway Company provided
for new construction, and that the line had
been surveyed but had not yet been con-
structed 1t cost the Chicago and Alton
Railway Company for the St LOUIS. PEORIA
seven miles about $42. 000, 00O There was
expended on the property about $2200o.o oo,
the proceeds of the sale of $31 100000 OF re-
funding Ss and the o co,atefat truss ,undins
Is produced s26. 200. 080 making total OF
$50 600, 900. AS against that there We're Is,
sued of the Chicago and Alton ~ na III roae az
Company the new company s22 ooe.ooo OF
az per cent bonds. $20.00O000 OF preferred
stock. $40, 100000 Of common stock l ana
s45. 900 900 of 3 per cent bonds OF tne IN
eago and Alton ,of nail of slo7 600 600.
."To this might be added about $S.O0ocoV OF
equipment trust notes, but these latter are
being paid out of the income, SO that the
amounts are withheld from the security
holders until the equipment trust notes ana
bonds are redeemed. and therefore 1t Is NOT
altogether a capital charge: So 1t woulo
seem that for $1G7 100000 of securities Is
sued $4,000. 600 has been paid out Ihere
NAV be between $2.GOO.0O0 and S23ooooo OF
obligations not included in the above. IN
Guiding this would make the amount OF OBJ
legations to date about $4,000. 600 instead
of So. 600 600 Our payment to security
holders has not increased taking into &C
count So, 600 600 Of new capital put In the
property.
THE annual increase in the interest pay
ment and dividends is 100000 at the most.
after spending so .O06.0UJ on the property:
The business has been increased three-fold
because of that increase In facilities brought
about by these expenditures =. .
President Hartman also pointed out that
the Chicago and Alton listing circular Is
sued In. 1890 referred to the payment OF the
30 per cent dividend upon the preferred and
common stock. when this point was
brought out at the New York hearing. he
SAID the interstate commerce commission
ers thought they were developing some new
and startling facts. when. as matter OF
fact the whole thing Is ancient history