The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-07-28
Sales Means Further
q. P. Developments.
This Company Has Raised Near
~ Fifty Millions.
SELLING OTHER STOCK
Harrfman's Vacation Evidently
for More Than Health.
Other Items of Interest In
Railway Circles.

On the eve of his departure for the
other side of the Atlantic E. H.
Hartman told the reporters that he
was not going abroad for any busl-
ness purpose. Judging by the event
what he meant was that he was not
going abroad to do anything that he
could not just as well do at home eX-
cepting. of course, to consult with
some Viennese specialist on diet and
that sort of thing.
For he had hardly got well INTO
the interior of the continent, com
fortabIy settled at sloW-golng
watering place, where no one except
the hotel proprietors anc me
observation-disclosures are expected to do
any business, than the New York END
of the cable assumed a life-like APP
pearance First, the Southern Paclhc
called in its preferred stock Next
the Union Pacific sold $S1,5OO'OOO OIL
southern Pacific convertible bonds at
private sale. and with a profit OF
something like 100000. Then the
same company sold $1O,OOO,OOO Oh
Atchison preferred stock, to the myS-
'teficatiOn of Wall street, and Win lle
effect of convincing everyone Ihdl'
whatever it all may mean, the I'M oIC-
affairs have only begun. 49,.
1t is too early to say just what the
Union Pacific'S sale of all OIL us III
terest in the AtchisOn means, thOush
tho financial columns of the press
will Immediately throng with gllb eX-
plantations. The most obvious COM
ment is that the Hartman system iIu
itself of part ownership IN d IlIIc
which could not in any sensJ "
called a traffic connection and when
had subjected the Hartman manage
ment TO criticism on the ground Oh
monopolistic intentions.
AS an exclamation that is sufficient
considering that $1O,OOO,OOO Is
small proportion OF y 2,uUq,oUU ,,
ing securities and that the Hartman
interests have almost certainly dls-
tributed a large part of the $25'OUO'-
600 or S30.000,00O Atchlson common
they once held as coterle OF IN
dividUaIs. 1t is true that the Atchlson
Is a co-defendent in the government
suit against the Hartman roadS anu
that it is alleged close relationship
with them is a prominent issue OF tlle
LITIGATION but the case IS 1ar from
settlement and It IS not 49, Nv
riman's habit to anticipate de1eaL pg
making concessions inlmlcaI 10 MS
own far-reaching plans.
It may be taken for granted that
the Union Paciic'S interest IN AtcH-
ison has been made to serve It's pur-
nose and is no longer essential to the
success of the schemes the hartman
marty has in mind. There IS the Iur-
Their fact that by the sale OF two Dig
blocks of practically fxed-lnterest-
bearing securities the Union Paclnc
has recently raised close to S5O'OO0'-
900 of cash, entailing a corresponding
loss of investment revenue. but not
increasing the cOmpany's capital
obligations or fixed charges
Both these latest Union Paclhc
appear to render less
likely the long discussed ''segrega-
ton of It's investment holdings. One
of the principal items which might
have figured in such an arrange
ment has been disposed of, while
Union Pacific's prOpOrtiOnate voting
power in Southern Pacific has been at
least potentially reduced from As per
cent to about IS per cent by the
sale of the cOnvertibles.
There is good authority for believ-
ing that Union Pacific is in process of
of some other investments
acquired at about the time of the
Atchison purchase. If this proves to
be the case it would not be surprising
to find later on that the company has
been concentrating its outside invest |
ment capital on not more than two !
chief connections with the eastern |
seaboard and the gulf. all with the |
purpose of sOlidifying the vast trans |