Show i HARRIMAN WAS NOT CONSUL CONSULTED un Rock Island People Sold the AI Al tori Road to Clover Leaf Leafon on Short Notice New York August The Rock Island people did not consult E H Harriman when they bought control of the thc Chi Chicago cago Alton and they did not con consult suIt sult him when they sold it Mr Harri Harriman Harriman Harriman man Is in San Francisco but it seems that his Interest in matter has wittingly or unwittingly been well taken care of by the parties to the re recent recent recent cent transaction trans The Union Pacific owns Alton preferred representing an In Investment Investment investment vestment of about The stock draws 4 per cent dividends Seeing that these dividends are paid is the chief concern of the Union Pacific in inthe inthe inthe the Alton Must Get 4 Per PerCent Cent ent The new purchasers of the Alton must continue to get 4 per cent pre preferred preferred preferred dividends out of the Alton In order to pay ay interest on the 4 per cent collateral bonds secured by Alton pre preferred preferred preferred As long as the Rock Island can get the interest on these bonds the Union Pacific will get the dividends on its Alton stock Harriman finds his Alton investment delivered without his con consent consent consent sent into the keeping of his old friends Edwin Hawley General Hubbard and others Under the terms of the transaction the Alton turns over to the Clover Cloer CloverLeaf CloverLeaf Leaf Lea Alton preferred at cents on the dollar and gets in return par value Clover Leaf col collateral collateral collateral lateral trust bonds bearing 4 per cent interest secured by the preferred stock so turned over ove In the absence of any data showing the life of the bond it is safe to say that it is not worth more than 50 or 60 per cent say from to in round figures for this lot Further the Rock Island turns over par value Alton AlLOn common at 35 cents on the dollar and gets in re return return return turn collateral trust bonds of the Clo Clover Cl Clver Clover ver Leaf bearing 2 per cent for the next five years in other words 4 Clover Leaf 2 per cent bonds secured by Alton common Interest Now Much Higher Thus the Rock Island on its inal investment of from to haa has been receiving only per annum that is 4 per cent dividends on shares or of i Alton preferred or say Zt 2 per cent on the original investment They will now receive this and per annum ad additional the 2 per cent Interest on 4 par value 2 per cent c nt bonds a total of per annum annu or say 3 13 per cent on their original invest investment Investment investment ment |