The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-15

The statement-not denied-that Kuhn
Loeb az Co had acquired, in the interests
of Z. II. Hartman, John ID. Rockefeller
and Others the German holdings in Chi
cago Terminal was responsible for the
sharp advance in the stocks of that COM
pany on Saturday, the common selling
up 2A points on dealings in 1900 shares,
and the preferred points on transactions
involving 1900 shares. 1t was not posi-
BILE to obtain any further Information in
respect to the property, The situation,
however, can be summed up in the fol-
lowing words of Wall Street news bull
letin, understood to have been semi-offi-
cially inspired:
THE principal stockholders in the Chi
cago Terminal Transfer Railroad say that
for good reason they cannot at this time
discuss the company's prospects. 1t is an
open secret, however, that the control
has been gradually passing into the hands
of the so-called Hartman syndicate.
There is no reason to think that the ulti-
mate plans for this property have been
changed within year since the Deutcher
Bank sold out large block of this stock.
1t is not unreasonable to expect, however
that extensive plans regarding tenancy
are nearly ready for contamination"
A syndicate composed of Dick Brothers
& Co, Drexel & Co, and Z. B. Smith &
Co., OF Philadelphia, and E N. Morrison
& Co., of Baltimore, has purchased the
newly authorized issue of 100000 of the
preferred stock of the Pennsylvania Steel
Company. which will be used to pay for
the recent purchase of some large iron
mines in Cuba and provide for other ex-
tensions contemplated by the Pennssyl-
vania Steel Company management. The
Maryland Steel Company is controlled by
the Pennsylvania Steel Company, the for
mer likewise owning the Sparrow Point
steel plant, which now manufactures large
amounts of steel and iron products for
the export trade. All of these plants will
subsequently be taken over by the United
States Steel CORPORATION, 1t is said.
A. tN~ha OI DC efx 1..lr~
the name of the branch firm of ]. p. Nor
gan d Co. in Philadelphia, would GER
tainIy not be interested in promoting an
enterprise which would in any way OBJ
pose the Steel Trust. The recent story
that the Pennsylvania Steel Company
would fight the billion dollar trust was
SO absurd that the best informed men In
the trade declined to pass any comment
upt IT. Similarly ridiculous have been
the repeated yarns that the Bethlehem.
Cambria, and other Pennsylvania plants
would combine to fight the trust as in
most of these the interest ca Drexel & co.
is most important
Commenting upon the narrow policy of
many OF the American bankers In loaning
to the limit of their reserves when stocks
are booming, and suddenly contracting
their accommodations on the first sign
OF trouble G. Schumacher & Co. in their
weekly exchange Review" say: 1.-The
Government evidently does not consider
II good policy TO give any assistance TO
the present crazy boom in our stock
market. This policy is undoubtedly cor
rect, and should be followed by every
bank In the country, viz. in times of
boom make advances sparingiy. and hus-
band their funds and their resources to
be used literally in the hour of need to
prevent general catastrophe such as
might occur when the boom collapses
We have had many such in this country
before, which were aggravated beyond
measure I'm every instance by the foolish
actions Of banks who exhausted their
funds to help boom to a point beyond
the limit OF safety, and then called in
every loan at the first sign of danger
The exact opposite should be their
policy"