Daily press. [volume] (Newport News, Va.) 1896-current, 1909-04-02
"NoNe OF THE PEOPLES sUsI
NESS"

for q foreign country seem % nave
had a bracing effect upon the health
CT Railroad Magnate f. II. Hartman.
The latter for some time has been
practically in retirement in the
Far West. II the wires brought
rumor that Mr.. Hartman sneeHeh
three or four times more on one day
than on the day preceding. stocks on
the New York exchange took a tunl'
HE, II twenty.fCur hours passed dur
ing which the California zephyrs
failed to tickle the great financiers
olfactory nerves TO degree of actlVt
Is disccrnib!e by the newspaper cor
respondents. Wall street prices sprans
upward
Bnt the speculative situation ap-
pears t. be not ut all TO Mr. Harri-
mans liking, and he is now en- route
TO New York and 1t is probable thai
with his physical presence those VINO
have been bearing" the stocks OF
some of Mr. Harriman's railroad sys'
tens will meekly subsidc.
This high financier was a bit cat
tious as to his utterances concerning
the recently retired executive CT the
nation until the latter was ab2ard
ship aud well out to sea.
However. the magnate found his
voice at Denver on March 81. when
In reply to a reporters statement that
n dispatch from on boarI ship said
that Mr.. Roosevelt would never for
give ycu." Mr.. Hartman observed:
Well, don't know. but l suppose
that Is because l showed him up. Yes
Roosevelt was wrong in his fight or
me and the railroads, and he truth
is becoming clearer every day"
Some light Is shed upon Mr.. H1;
riman's conception OF the rights q;
the corporation he owns OF control
by an expression delivered later in
the day at Chicago.
Eeing asked by reporter. "Wonld
y"r have regulation by the govern
ment extended to the issuance OF
railway securities?" the leading trans,
portation monopclist Of the country
tartly replied:
by no means, Tor 1t is none of the
peoples business, to put I, blu:itly,
how much securities are issued. and
| in what form, SO long "a the railroad
Is run In the interests OF the people
and so long as it gives the greatest
possible units Of service
None Of the peoples business hSw
| much securities are issued: how far
the stock Is watered! Interest must
be regularly paid upon a railroad;
/ bonded Indebtedness. Dividends arc
expected by the holders of the pre-
ferred and common stocks, When
q transportation line defaults In the
matter of bonds It Is In order that :
! receiver be demanded.
II is Gust cmary that when railroads
pass dividend payments over an OK
tended period a clamor arises for AT
, advance in rates in order that its
earnings may be increased to meet
its obligations.
According to Mr.. Hartman. a line
which cost IFS owners say $4,000 a
mile. may issue securities Upon a
fictitious valuation OF $eOo.eNe. S3"a.'
600 or half a million dollars a mile,
and We; II Is none Of he people s
business stu the patrons OF the
road. the people OF whom he speaks
50 coutemptuously, must pay in the
necessary amour, in the form 81
freight and passenger rates 10 enable
the over-capitalized corporation TO
meet the obligations nlegi.ima;c,y
contracted.
Mr.. Harriman's arsumcn; is fair
sample Of the injured Innocence NJ
titudc which has been assumed by the
various transportation corp5Tations o;
the country in their protests asa'nS,
decreased passenger rates. and IN
defense OF increased freight rates,
The only difference Is that Mr.. Har'
riman spoke bluu;iy - the public,
while most Of the other captains Of
industry speak TO the people in dulce;