Rails::Initializer.run() does not apply settings from Configuration object?

I wonder if this is a bug in Rails somewhere. The configuration I
apply in Rails::Initializer.run() does not go anywhere, i.e. does not
get applied to ActionMailer.Base

Here is a short snippet from my environment.rb

Rails::Initializer.run do |config|
    config.action_mailer.smtp_settings = { :address => "foobar.com" }
end

Later on if I inspect ActionMailer::Base.smtp_settings, I don't see
that - the address is Rails' default "localhost".
I Googled it, but everybody seems to be applying settings to
ActionMailer::Base directly...

I wonder if this is a bug in Rails somewhere. The configuration I
apply in Rails::Initializer.run() does not go anywhere, i.e. does not
get applied to ActionMailer.Base

Here is a short snippet from my environment.rb

Rails::Initializer.run do |config|
   config.action_mailer.smtp_settings = { :address => "foobar.com" }
end

I have equivalent settings applied in my environment.rb file and
everything's functioning as I'd expect. Can you reproduce this in a
brand new rails application?

Michael, you're right - on a clean Rails application the settings DO
get carried over... I am looking what can be wrong with my app then...

If you have any hints where to look, please let me know.

Regards,
Ev