Show SM S LER Rf r IN INTEREST TEREST l OF MINERS M Washington Wahington April 11 B Chapman a New York banker and broker who has been largely engaged In recent years ear in financing industrial combinations was this afternoon a witness before the industrial commis commission commission sion don Among the companies he has financed Is the American Ameri Smelting Refining company comPan Mr Chapman said that this company had issued i sued of preferred stock nd the s ame amount of common stock the te vendor companies receiving cash or preferred stock at par and 70 per ner er cent of the company stock stock the remaining 30 per cent going to pay the expenses of the negotiations incidental to the t or The preferred stock tock rep resented the actual value alue of the tte prop erUe secured and the common stock the good will wi The he working capital of the he con ol dation which has ha been sub subscribed subscribed subscribed scribed and paid in was The consolidation had been effected to 10 reduce and eliminate com corn petition petton It 1 wa was wai ed he said that over would be saved raved an on freight craves alone aloie aJo le He had heard of no complaint on th part of the miners concerning the co bina Hon tion and was AMIS inclined to believe e the smelter combination c n was as in th inter est of the miners He sail aid the tha th c o aton Includes Includes all al of the of the country except the concerns and he admitted that if these latter later concerns had been taken in as was proposed a mon poly would have hae been secured Seven Se en per er cent ent had been raid paid upon the preferred stock The net earnings last Jast year yer were about |