The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-03
HARTMAN MAKES
LONG PLANTATION
Declares That Facts Developed
by Recent Investigation Are
Old and Well Known.
DENOUNCES "C0NTINUAL
REFORM" AGITATION
Saws There Is No Encourage
ment at Present for Men or
Corporations to Succeed.

WASHINGTON, March 2.-E. II,
Hartman, who is in Washington for
few DAYS, in discussing the recent in
vestigation by the Interstate Commerce
Commission in New York, today SAID;
''Thero was not single new point
brought out in the inquiry, 1T was
simply rehash of matter which has
been given wide publicity several years
ago. This continual reform agitation
shows the animosity that exists today
against men and corporations that have
made q success The Interstate Com
merce Commission could produce far
better results if the members would CO.
OPERATE with the financial interests Of
the country instead Of antagonizing
them In view of the unfair methods
OF the administration. as carried our
by the commission, there is no incentive
for n man TO be successful, but ! am
sure chat in the end the American splr-
it will prevail. That is more TO the
purpose than square deal. We may
have square deal but unfair play.
There seems TO be n tendency among
all unsuccessful people to assail those
who are successful
Only Old Charges.
"Al the so"called charges made ut
the recent hearing in New York are
fully covered in the application In DC
tober, 1900, for listing the Chicago q
Alton railway scurities IN the New
York exchange, and every point brought
out by the Interstate Commerce Com
mission the other day were given pub
lcity at that time. This circular 10
which ! refer mentioned the fact that
S31 1,9SS,00O in ) per cent bonds were
sold TO the stockholders at 90, and that
the amount, $22.l44,l77 that had for
merly been charged to income were
properly charged To construction,
cit 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. IL
cost the Chicago q Alton for the ST.
Louis, Peoria & Northern Railway COM
pany for fifty-seven miles about $42,-
property about $22,000,000 the pro-
ceeds Of the sale of $5l 100000 of re-
funding threes, and the collateral trust
bonds. against which 5I,000,000 of the
rcfupding threes produced 26,000,0O0,
making a total of $oo,o0o,o0o. AS
against that there were issued of the
Chicago Il Alton Railroad company, the
new company, S22.000,000 of 312 per
cent bonds, $2O,000,0S0 OF preferred
stock, 100000, 900 OF common stock and
S45,0e0,000 OF 3 per cent bonds of the
Chicago s. Alton Railroad companv's S
refunding threes, or total of Sl0I,-
100000.
S9o,OO0,ooo Paid Out.
'ETo this might be added SS.000,000
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 equipment
trust notes and bonds are redeemed,
and therefore it is not altogether a
capital charge. So it would seem the
SlO1 10000 of security issued, $780,
100000 has been paid out, There may
be between S2,000,000 and S2,500.000
obligations not included in the above.
Including this, it would make the
amount of obligations to date about
Sll0,0O0,O00 instead of $l07 100000.
Our payment to security holders has
not increased, taking into account S22.-
100000 of new capital put in the prop
erty.
"The annual increase in the interest
payment and dividends is $S000O0 at
the most, after spending So, ,0000 900
upon the property, This has been Iu~
creased threefold because of the in
crease in facilities -
Then Hartman pointed out that the
Chicago q Alton listing in the circular
referred TO the payment of the so 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 Commissions
ers thought they were developing some
new and startling facts, when as
matter of fact. the whole thing was
ancient history
Mr. Hartman. with his wife and son.
occupieI I front scat III the Senators
private ga'lery i'll the Senate for some
time today He gave close attention
10 the PROCEEDINGS