Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-30
Wall Street News Gossip.

timers When he makes up his mind to one
of these sudden flights he consuits no one
but just simply picks up his heels and goes
This faculty has saved him barrels of
money.
Goulds Would Miss Ramsey.
The Goulds may not find 1t an easy mat
ter to obtain the services of as good man
as President Ramsey. whose retirement
from the Wabash system is being adver
tised. Mr.. Ramsey is recognized a great
constructive manager of a railroad system,
and upon him devolved the task of carry
ing out a very comprehensive scheme Of
development. 1t was not his fault that the
new roads under his charge did not earn
the money that his employers expected
At the beginning of the campaign for ex-
tending the Wabash road into and through
Pittsburg TO the seacoast he told George
Gould. Mr.. Rockefeller and Mr.. Carnegie
that years would be required to make the
venture a paying one, and that infinite pa
tience would be required on their part; that
they would have to put out a great many
millions of dollars which would be unpro-
ductive of net returns for six or eight years.
This was al right on paper, and the Ram
sey plans were agreed to, but the Gould
party got cold feet when the expenditures
ran up into big figures.
Measures and policies were adopted which
did not meet the approval OF Mr. Ramsey,
and irritation was aroused in quarters
which that official deemed Injurious to the
properties intrusted to him Argument
failed to move Mr.. Could however, and
friction followed, the outcome being an
open rupture.
Mr. Cassatt of the Pennsylvania Is the
responsible figure In the enormous
penditures being undertaken by that COM
pany, and he, too, is target for sharp
shooters inside and outside his company.
Mr.. Newman of the New York Central is
similarly situated, although not far ad-
-ncrra
Mr.. Newman, who is very leyel-heaied
man and great railroad manager, has
been given extraordinary authority in the
matter of developing the traffic possibilities
OF New York Central, and II he Is left
trammeled he will regain for the Central
the prestige 1t has lost during the last four
years of Vanderbilt passivity.
Disappointment is expressed over the last
quarterly report of the steel trust, net earn
ings being S3,000.000 to S5e00OOo under the
Wall street estimates. Under the excuses
advanced to account for the disa pponting
showing was that business was cut down
by reason of drought throughout the
middle west. This excuse occasioned
amusement in certain quarters. and the
suggestion made that II might have
been a snow blockade instead of a drought
Just how dry weather can interfere with
the iron mills was not explained although
that reason was mentioned in all serious
ness. The truth is that bulls steel
stocks allowed themselves to indulge in
extravagant theories as to earnings. The
iron and steel business Is in a very favor
able condition, and the earnings such as
they are, should be entirely satisfactory.
Whether steel common will ever again pay
dividends is a mooted question. and very
decided opinions are entertained on both
sides.
Determined efforts are being made in In
fiuential quarters to force the steel trust to
take in independent companies in the west.
south and north The Standard Oil party
and George Gould making q dead set
to unload Colorado Fuel and Iron on the big
corporation and they may succeed in doing
SO. They are in a position to disturb the
entire railroad situation unless their pur
pose in this regard is concurred in. Colo
RADIO Fuel and Iron has been waterlogged
with bonded indebtedness, but its principal
owners are in position to make a great
deal of trouble with the broader invest
ment and speculative situation and they
therefore command consideration. If the
independent concerns in the south are taken
over the deal will be more nearly on a
basis of actual values. The same is true of
the companies in the north. In respect to
the latter 1t may be said that selling de-
signs are not so urgent and the indepen-
dents there seem more willing to remain
they are.
Talk is still INDUCED In by well informed
people that Mr.. Hartman is to be disci
plined and forced to give heed to admoni-
tory counsel OF the great interests aligned
behind and under his properties. His ag-
gressions have become so pronounced that
competing interests have been obliged for
self-preservation to assume attitude of
almost open hostility. Mr.. Hartman Is
known to harbor an intention to extend
his western systems in a way which cannot
fail to arouse antagonism and seriously dis
turb the comprehensive harmony of inter-
est plans agreed upon by the master minds
OF high finance including the Standard Oil
group, ]. Pierpont Morgan and the Van
derbilts. In many of the things which Mr..
Ia rrf imam has he Ia, lor,kr
posed to have represented John D. Rockefel-
Ter and associates. although 1t is now de-
clared that he has gone too far-much far
Their than Mr.. Rockefeller approves of. 1t
was Grover Cleveland who refused to allow
candidate to be the state ticket with
him at the time he ran for governor of the
state of New York, giving as his reason
that the individual would interfere with
his personal comfort" Similarly Mr. Har--
riman is at this moment interfering with
the comfort of the big men of Wall street
and the demand for his suppression or
abatement is widespread.