Los Angeles herald., 1906-09-16
LONDON TIMES IS
BITTER ON FINANCE
"THUNDERER" CONTINUES TO
ATTACK OUR SYSTEM
Union Pacific and Southern Pacific
Dividends Not Announced Till
Too Late for England to Prof.
1t Arouses Its Ire
BY ALBEIT HEDGES

Times continues its attacks on "fren-
zied finance in connection with Ameri-
can railroads. Says the "Thunderer"
in recent editorial
1.-THE recent action of the group of
American magnates who control the
Union Pacific and Southern Pacific
systems has once more raised ques-
tion which has often troubled business
men, and, still more. people not en-
gagged in business but owning invest
ments.
In the opinion Of many observers,
the American railway dividends men
toned were declared in order to carry
out a scheme for making a market to
sell on a market in which not only
Union and Southern Pacific shares
would be in strong demand, but in
which many other securities would be
salable, in virtue of that mysterious
but real market force known as sym
pathy. The theory of these critics was
that for some time past the mag
mates had had on their hands more
stock than they were prepared to hold,
owing partly to the remarkable activ-
ity Of trade and industry in the United
States, which makes it worth mems
while to invest their profits in their
own businesses, and partly to the fear
felt by the large speculative section of
the American public that prices were
CO. In other words, the magnates had
not, on this view of the case, succeeded
in creating the conditions in which 1t
would be possible for them to get out
of a fair portion of what they had been
holding. Like other theories which at
tribute abnormally wicked designs to
capitalists this explanation of what
has occurred leaves something to be
desired. In the United States the fear
of not making money which Carlyle,
in his haste, said was the hell of the
English, is, no doubt, more potent
stimulus to unscrupulous business tac-
tics than it is here, and these dividend
declarations were in excess of what
was thought probable, but we have
often heard criticisms of a quite oppo-
site character on American railway
finance, namely, that those who control
the lines are in the habit of not dis
tributing to the shareholders what has
been fairly earned"
Marie Tempest in London
Miss Marie Tempest has accepted an
engagement from the management of
the Palace theater for limited period
prior to her appearance in the play
written for her by Mr.. Sutro, and to
be produced by Mr.. Frohman. This
is the first time that Miss Tempest's
name has figured in the regular pro-
ace has added another to the successes
it scored when it secured such stars
as Mrs. Tree and Lewis Waller. 1t is
hardly an indiscretion to add that
other enga gements of well known mem
bers of the Legitimate" branch of the
profession are pending. Miss Tempest
is now in France, after holiday in
Scotland, and will doubtless bring back
with her some of the latest Paris ere
ations' to grace her first turn at the
Palace.
An interesting though sad echo of
''how Cyrus laid the cable" occurs in
connection with the death of Captain
Henry Augustus Moriarty, C. B. Many
incidents are given in connection with
the checI<ered story of the first at
tempts made to esta blish telegraphic
communication between England and
the United States The deceased repre-
scented the admiralty in the 1857-185S
ventures, and also on board the Great
Eastern in 1S65-1S66 as navigator. When
the cable parted in midocean he in
stantly took the most careful bearings
of the ships position, bearings which
in 1866 proved of the utmost utility. So
conflden was he of their accuracy that
when on September 2, the vessel
reached a certain point he declared
that the ship was lover the spot"
Almost simultaneously, 1t Is stated,
one of the Great EaSernS OIncefS
shouted: "We've hooked it. You said
we ought to, Captain Moriarty and we
have" For his services in connection
with the operations of the late Cyrus
W. Field the captain was decorated
with the c. B.
Hugh Watts to Go Free
Mr. Gladstone, the home secretary,
has decided to release after one years
imprisonment Hugh Watt, M. p, who
on December 21 last was sentenced,
after a famous trial. to five years Inn
prisonment for melting certain persons
to murder his first wife, Mrs. julia
Watt, from whom he was divorced.
Michael Abrams, Sons g. Co have
received the decision of the home office.
Together with Horatio Bottomley, M.
p, they had been working for a reduc-
tion of the sentence ever since the trial |
They appealed on the grounds OF the
admittedly unreliable character of the
evidence of the witnesses for the prose-
cutlon. Questions were raised in par
lament, especially as to the witness
Lightfoot, who was sent to Canada
and twice their appeal was refused,
Mr.. Gladstone stating that he saw no
reason for Interference. Their last APP |
plication has just been answered favor
ably.
Hugh Watt is at Parkhurst in fair
physical health, but his eyes are Civ
ing him trouble, on his release, which |
is expected about the end of November !