The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-02-21

which he recognizes himself and takes
slight interest in what is going on before
congress. Mr.. Hartman is an intense
partisan, fact not generally known
He has for many years been one OF the
largest individual contributors to cam
paign funds, and one Of many who was
honored by calls from Senator Hanna
almost every time the latter came to
New York Mr.. Hartman has been so
immersed IN affairs connected with the
financing and development of his stu
pendous railway enterprises during the
last five or six years that he has had
almost no time to mix with public men,
but he is far from being unsoeial. He
is pleasant talker and makes very
good speech. His information IL. thorough
and covers a wide range.
AS the war in the far east progresses
the opinion gains ground that the strug-
gle will be long drawn out Speculative
discussion naturally turns on the probable
effect upon American securities OF war
which might etxend through two or three
years and which may also involve other
countries than Russia and Japan The
belief Is general that such a war would
be TO the advantage of the United States,
not only In trade sense but in the prices
of our securities / have heard the opin-
lon voiced several times lately that should
the war extend and other nations become
involved the end might be the disarma-
ment Of Europe as the only escape from
universal national bankruptcy
The distribution of a measley s18000,000
among the stockholders of the Stan
dard OIL company calls attention to the
fact that this great combination is feel
n he off ba fry
traction in business. Last year $40, 0O0, 600
was paid out in January to the stock
holders of that corporation, and the
amount disbursed during the entire year
of 1908 was $4,000, O00 The outlook for
this year is from $S5, COO, 600 to $Ss 100000.
The attempt to make bulllsh capital
out Of the Baltimore fire is very strain
ed effort Some of the specialists in steel
have been building that stock on the
theory that the city will be Immediately
rebuilt and that an immense new demand
Tor structural iron will ensue which will
be to the huge profit of the trust. The
rebuilding of the burned district Is a
labor which cannot be completed within
nye or six years at the best, and the
business which will go to the iron and
steel compares by reason thereof will
hardly be a drop in the aggregate volume
If the order for the entire amount of
metal required could be given at once 1t
would not exceed SIS 600, 000 or about five
per cent of the gross business Of the
United States Steel corporation for a
single year The claim that the destruc-
ton Of property can ever be bull argl-
ment does not hold water. The wiping out
OF hundreds Of buildings represents abso-
lutte loss. 1t may be replaced by insur-
ance money or outside Accommodations, but
That does not disguise the painful fact
OF the disappearance of value. You
might as we'll say that a man can make
money by throwing a thousand dollar bill
In the fire and that he can make twice
as much by burning up $1,000 If the coun-
try is to be benefited by the destruc-
ton OF half the business section Of Balti-
more, 1t would be immeasureably helped
along II the entire city could be blotted
on the map. The stock market may adj
vance and the steel issues rise to higher
levels, but that result will not be brought
about by domestic catastrophes like the
Baltimore fire.