The Washington herald., 1906-11-08

Terminal Facilities Rather Than
of Cars Cause OF Congestion.
New York. Nov. $50 many people ir
the street had bought stock in entire con-
ndence SIS to the result of the election thai
the movement to take profits on the an
nouncement OF the defeat Of Mr.. Hearst
,ves what might naturally have been ex-
rected. and il was just as natural that
the large interests which were we'll aware
q the extent to which the result had
been discounted should not lend support
ghile the selling was in progress.
Between buying on the strength OF the
election prospects and the betting on tho
probable results tire line was very narrow.
Both we're essentially gambling opera
tions. and the existence OF that kind of an
interest in stocks IS never healthy in
dueuce. The more completely st is elm
mated the sounder the situation becomes
WHEN It IS entirely removed the sGbstan-
tlaI factors in The situation viii assert
themselves.
Banking interests asserted that there
did not seem 10 be any real reason to ap-
prehend an increase TO Z per cent in the
Bank Of England discount rate, and some
Of the arbitraEe houses said they had as
s1lrances from London that gold would
he sent To that city from Paris or &C
count OF the Pennsylvania loan HQuldat-
Ing a portion Of Wall streets Indebtedness
10 English bankers.
Wall street Satisfied.
Wall Street Republicans were entirely
reconcflad to the poor showing made by
their party in the State, as II acceutusted
the strength Of The defeat Of Hearst. Had
the Democrats been soundly beaten an
around, The rebuke 10 the head OF their
ticket would have been less pointed. Con
SeTvative interests say that when the sit
UatiOn becomes thoroughly understood il
would bo seen that there was ground fOT
congratulations.
In some quarters there was story yes
terday 10 the effect that the Hartman In
terests mad sold a long line 0f stocks
before the election and We're looking for
an opportunity 10 buy them back EE-
Gov. OdeIl, II was salt, had advised Far-
riman that The Republican outlook was
TOO bright and On this advice. according
20 report, stock had been sold in consid-
cradle quantity.
There were even traders who said that
uot only had lar6e interests sold out all
their stocks, but that they had gone
short. This, however. was palpab!y alb
surd. In view OF the narrowuess Of the
market for some weeks past iJ is
doubtful If any one took it seriously, buc
o few brokers believed that there mao
Oeen q good deal of selling, and that
until the sold was bought back very
strong efforts would be made 90 restrain
H bullishness and hold prices down 90 "a
level where action would be conducted on
favorable terms.
Reasons for Fish's FAN.
As president of the Illinois Central
stuyvesant Fish acquitted himself most
honorably, but even his friends admit that
he has not shown himself a great railroad
man. At any time in several years past
=. II. Hartman, had he sought the CO.
operation Of other interests in the prop
erty. could have conpassed the deposi-
ton Of Mr.. Fish and elected a success
sor possessing the ability TO get better
results ircm the road in the way Of net
earnings
That he refTained from doing 50 was
probably tC his mind the strongest kind
OF reason why StUyyesaDt Fish should
-eeI IL a duty TO render in return any
kind Of service which il might be IN
his power 10 render.
The opportunity came when Fish was
chosen as one Of the committee TO con
duct the Investigation fTcm within Cf the
Mutual Lies affairs. But Fish, instead
Of consulting the. wishes Of Hartman in
this natter determined in mis- Cid-fash
iOned ideas of honesty, that the investi-
gation should be as thorough as il was
l.ossiblc % make Il. no matter whose TcpC-
ration might suffer.
From that day till this Hartman has
lurscd MS righteous Indignation" and
became more and 4nOTe convinced of the
need o. progressive methods in the man
agement Of the Illinois Central
Many Want NeYy Blood.
The other interests IN the Illinois Cen
trai board which to-day allied with HsTri-
nan could probably have been lined up in
favor Of the infusion Of new blood into
the management years ago, and it was
therefore only natural thcy should have
been found on the Hartman side. With
the former friendship. or the present
ennity. between Hartman and Fish, they
tsd nothing 70 do, but as many of them
desired q change they could hardly be
expected 10 DO otherwise tnan TO accepl
the opportunity 20 bring il about with
out consideration Of the motives actuat-
ing the leader in the movement.
The change VIII be 20 their benefit as
10 that OF the great body OF stockhold-
ers, bat the fact remains that the move
nlent which has just resulted in 4 change
IN the presidency Of the road had its
J inception in the fact that Stsyvesant Fish
hsd the courage Of his convictions.
One Of the TumOrs brought out in the
sharp rise III the Hill stocks in the frs
hour was that q 65 per cent distribution
would be made to stockholders OF North
erh Pacific per cent In cash before
December 81, ana 30 Per cent in stock
early in 1871. This story was pronounC-
ed premature in the best informed cir
cles.
That there win be rights on Northern
Pacific and on Great Northern within the
next few months. apart from such bene-
fits as may come to stockholders from the
sale OF the ore lands. is altogether prob
able, although the reStlessness Of the rail-
road labor may have considerable bear
ing on the subject. The railroads are
confronted with a serious problem. as
even partial tie-up OF traffic would
cause very serious inconvenience.
Lack of Terminal Room.
The magnitude OF the problem now con
fronting the railroads is not realized by
the average citizen, nor, fer that matter.
by the average railroad official Even as
suming that all labor differences should
be adjusted without any tie-up of trafhc.
the roads would stin be I'D against it
how hard a few facts may serve to show.
The traffic between New York and Chi