Evening star., 1914-07-16
Terminal Case Deemed Un-
worthy of a Special Govern
ment Investigation.
is FIRST ON SCHEDULE
FOR PHYSICAL VALUATION
Questionable Financial Methods
Charged in Hearing Before
House Committee.

We agree with you in thinking that no
real public interest will be subserved by
making special investigation of the
Wabash Pittsburgh Terminal Railway
Company" the interstate commerce COM
mission advised Chairman Adamson OF
the House interstate commerce COM
mittee and added That can he done
through the valuation division OF the
commission. and will undertake the
work in that form as soon as pracu-
cable.
This is the wind up of the case OF the
Wabas bash-Pittsburgh Terminal, heard pc
fore the House committee yesterday.
AS in the case of the resolutions aiies
ing high finance operations on the part
of the Rock Island and Pere Marquette
railroads. Chairman Adamson OF the
committee suggested that inStead OF
iaborious duplicating separate lnvesti-
cations the best method would be to
expedite acute caves in the regular
Investigations for determining Valua-
ton of railroads of the country me
commission agreed with Mr. Adamson,
and the Pere Marquette. Rock lsland
and the Wabash-Pittsburgh Terminal
cases will be the first taken up in the
new immense railroad valuation task
before the commission
How Control Was Obtained.
Joseph Ramsey, jr.. of New York. presi-
dent of the Wheeling and Lake Erie
railroad. and former president of the
Wabash railroad and the Wabash-P1tts-
burgh Terminal Company, Yesterday ex-
plained TO th.. interstate and foreign COM
merce committee of the House how the
Hartman interests obtained control of
the terminal company. According to Mr.
Ramsay deliberate attempt was made to
depreciate the value of the terminal COM
pany's securities by causing the cancela-
tion of certain valuable traffic contracts
the terminal company had with other
lines.
Mr.. Ramsey told the committee the
late t.. Fl. Hartman had asked him what
would be the effect upon the terminal
bonds if the trackage and traffic agree
mentS or contracts with the Wheeling
and Lake Erie and the tonnage agree
ments with the Carnegie Steel Company
were cancelled Ramsey said he replied
that the bonds certainly would be de-
pressed. Shortly afterward, he teStl-
fed. receivers asked for cancellation OF
the agreements and the terminal COM
pany's traffic the first year following fell
off one-third and the bonds dropped ac-
cordingly. He said the canceling of those
agreements was one of the main reasons
for the Wabash-P Pittsburgh Terminals
financial troubles.
Welcomed an Investigation.
Mr.. Ramsey did not see any reason to
attribute the troubles to the hostility of
the Pennsylvania and Baltimore and Ohio
in connection with the Wabash entry
into Pittsburgh
''Of course, they bumped us whenever
they could he said, but then that's the
usual practice" He added that railroad
men class had high moral standards.
but that there were exceptions
such developments as have occurred
yv, fl.a
ford railroad tend to make the public
skeptical of railroad management" sug-
gested Representative Cullop.
1T certainly does agreed the witness
Mr.. Ramsey explained that he was not
seeking an investigation. but welcomed
one TO clear his record
Probably my associates up to 1909
would likewise welcome any investiga-
tion.s said he 1t might be good for the
stockholders" he added