The San Francisco call., 1907-03-03
HARTMAN COMPLAINS
OF RAILROAD INQUIRY
Declares Interstate Commits
, sion Is Antagonizing FL
nancial Interests

WASHINGTON, March 2-E. H
Hartman, who is in washington for a
few days, IN discussing the recent IN
vestigstion by the Interstate Com
merce Commission IN New York, said:
There was not q single new point
brought out IN the inquiry. II was
simply rehash OF matter which was
given wide publicity several years
ago. This continual reform agitation
shows the animosity that exists today
against men and corporations that
have made a success. The Interstate
Commerce Commission could produce
far better results II the members
would cooperate with the financial in
terests Of the country instead OF an
tagonizing them. In view OF the un-
fair methods Of the administration, as
carried out by the commission. there
is no incentive for q man to be sue
Cessful. but 7 am sure that in the end
the American spirit viii prevail That
is more to the purpose than q square
deal. We may have a square deal,
but unfair play. There seems TO be
"a tendency among unsuccessful people
> 20 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 Chicago
and Alton Railway securities In the
New York Exchange, and every point
brought out by the Interstate Com
nierce Commission the other day was
given publicity at that time This cir
cular TO which 7 refer mentioned the
fact that S31sSs, 900 in per cent
bonds were sold to the stockholders at
IS. and that the amount, S22.144, ,I77.66,
that had formerly been charged TO in
come was properly charged to con-
struction.
ct 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. It
cost the Chicago and Alton for the St.
Louis, Peoria and Northern Railway
Company, for hfty-seven miles, about
sz2.OO.oOO. There was expended upon
the property about s22.000,O0o, the pro-
ceeds OF the sale Of s3l.00O.OO0 of re-
funding 3s and the collateral trust
bonds, against which $1,000. 600 Of the
refunding 3s produced s26.0OO. 900, max
ing a total OF $4,000, 600. AS against
that there were issued Of the Chicago
and Alton Railroad Company, the new
company, S22.OOO.OOO OF 3L per cent
bonds. s20.oO0,0o0 OF preferred stock
so. 900, 600 OF common stock and $45.-
100000 OF per cent bonds OF the
Chicago and Alton Railroad Company's
refunding 3s. or a total OF S1o7 900, ,000
To this might be added sS.OO0.Oo0 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 equip
nent trust notes and bonds are re-
deemed, and therefore. Il is not alto
Rether q capital charge. So II would
seem the s1O7. 900. 900 Of security issued.
s9O.0OO,O00 has been paid out. There
may be between S2.0OO..OO and $2.5O0.-
900 obligations not included in the
above. Including this, II would make
the amount Of obligations to date about
s11o. ZOO, 600, instead Of Sl07, 900, 600.
Our payment TO security holders has
not increased, taking into account
S22.OoO.O0o of new capital put in the
property.
The annual increase IN the interest
payment and dividends IS 100000 at
the most after spending S22, ,OOo, 900
upon the property. This has been in
creased threefold because OF the in
crease in facilities"