The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-10-29
Hartman Says the Financial
Storm Has Passed.
Bitter Lesson, He Says, But
Will Result in Good.
OLD WAYS THE BEST.
Recovery May Be Slow But 1t
Is Sure to Come.
Will Be Sorry We Didn't Pawn
Our Jewelry and Buy Stocks.

New York, Oct. 29-"we have passec
through a trying time. We have seer
the stucco front of character flake away
ana disappear. We have seen false
structures crumble, it has been a great
| illumination and the lesson is that the
! sturdy methods of the forefathers are
the best: the pursuit of isms chimer-
lcaL 1t is bitter lesson and my heart
goes out to those who have suffered
but good will come of it all''
| This was the way in which r H
Hartman expressed himself in talking
In his office with reporter about the
recent financial crisis. He added:
Il think the storm has cleared. /
nave seen many Of them; recovery is
a matter of conjecture, SO far as time
| Is concerned, but it always works out
eventually. I think the time is not far
distant when we shall look back on this
present stormy session, consider the
price of gilt edged securities, and then
wonder why we did not pawn our
watch chains and buy stocks''
Mr. hartman, seated in the little
cuboy hole he calls an Office in one
corner OF the maze of rooms utilized
| by the Union Pacific and allied lines in
the Equitable building, spoke of the
| crisis which Wall street had Just
passed through.
Il will try to make myself clear"
said Mr. Hartman, "and in what I
say do not wish to dwell on any per-
sonaIIties Rather in a broader sense
l wish to refer to the lesson that has
been taught.
''The worst is over. I have Just been
talking with the president of the
United Metals Selling company-he is
In the next room now. He tells me
that he, or rather his company, will
receive within the next month over 10
million dollars, money secured by the
sale of copper abroad. That is going
into circulation and will help.
The copper market here is dead
temporarily: 1t is a good thing,
wildcat speculation in the past Wher-
ever copper was or wSs expected to be,
mines have been STATED and capital
lied and securities sold. Now we will
get down to the real basis of produc-
ing properties where copper can be
taken out at profit. In the past hope
has been capitalized. Now we will
have return to sanity and none but
proved worth will be tolerated
Then again, there are the disburse-
ments of November 1 to be consid-
cred. The Pennsylvania, for instance,
has to meet notes on that date. 1
think the sum is 15 million dollars 1t
was originally 40 million dollars. but
some of it has been adjusted. Against
this disbursement the company has
been accumulatfng money. That
money will all go into circulation
Then there are the interest and divi-
dend payments. They will run into
millions of dollars and all that money
will be returned to the normal chan
nels of trade and all will benefit.
Il am" said Mr.. Hartman, "a patri-
otic believer in the future of this coun-
try, but at the same time 1 am keenly
aware of our follies. You may recall
that in talking with you at the Metro
politan club some months ago said we
had been going too fast, and that day
of retrenchment must come. 1t has
come and in it's wake has come wreck
age and disaster, but it had to come.
Politics and Society.
I think that the people will see that
what is true of finance is true of poll
tics and society. They have too long
followed the banner of any self-appoint-
ed Moses that has come along to show
them out of the wilderness. They have
had the get-rich-quick bacillus and this
has led to all kinds of chimerical and
fraudulent schemes. They have found
the same kind of leaders in politics
not men who had the real interest of
the public at heart but charlatans who |
for lf-aggrandizernent, have been un-
dermining business conditions. We
have had monkey dinners and the idle |
and foolish vaporings and routs of so |
ciety. Indeed. it is time for less cham |
pagne and truffles and more roast beef |
and milk.
I'm this terrible time we have seen
the old line banks and financial institu- |
tions stand up sturdy as rocks, while J
the insecure and speculative have melt |
cd away. We have gone down with cop |
per and seen it reach the bottom. 1t is |
now the era of reconstruction, and we |
must rebuild on solid ground. The |
good old methods of the forefathers are |
the best. We are tired of the fsms' |
and the painted things of life. We want |
the substantial and the real, and now |
out of it all is going to come good.
THAT is the reason said Mr.. Harri- |
man, that 1 advise everyone who is in |
a position to do so to avail himself to-
day of the opportunities offered. Stocks |
bonds and securities are selling far be-
low their actual value. 1 do not think
that anyone should speculate, but the |
man who will buy standard securities
today and put them away will benefit