New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-23
FISH PREDICTED CRASH.
Says He Sac Fall in Stocks Last
Summer President.

Stuyvesant Fish. when asked yesterday apou' ms
address before the students OF the ChlNe'ai'S
PENNSYLVANIA Thursday, expressed ms '7
that the newspaper reports had interpreted ~ sol"e
of his remarks as having had particular reference
10 Z. II. Hartman.
4 did not mention Mr. HarTnan's mare 0i''1'
he said.
But were you referring 70 Mr.. Hartman
1t is against my policy to deny Things "i'i.,
appear in the newspapers. ! have he.ei m, ~
II you were 10 publish that had JUST Idll, ~ ~ ~
OF the window and broken my neck "oU'' 'o
deny IT,"
Mr.. Fish reiterated tho statement when ne liiaCe
in Philadelphia that President Rooseveits ati'uie
toward the railroads had nothing 70 do win 'Ae
break in stocks.
1T was foreorlained long ago" he said re-
member last summer was taking VIZ" a.
about the stock market and compared II 10 oii -
eible balloon At that time said it was being held
down hy four large ropes. representing iour iiSu
tutions or groups Of men. told m! l'ieii, -
these ropes represented. but VIII ie"Ne -
You 10 guess. The balloon was then U'i'''
good control. and the men on the tour i"feS -
pull it down let it up little al pe's'' -,
that time on however. things began 10 0"''is'
and instead Of four ropes, by the autumn
about a hundred small ropes. Inc COM - - ~
good. and I foresaw that some I'M ,,,Is !
balloon would be allowed to rise 100 IiiF'' anu
burst in the rarefed atmosphere
Il jndorse the recent action Of the Presldeh'
heartily" Mr. Fish continued Il think ms recent
Investigation of railroad and other eoPlpdies'
when II appeared that they were in need OF It.
was only common justice TWO years ago op
nosed some of his ;..,tiors. and told him ira'A'y
that disagreed with him. felt that no more
legislation was needed at that time 10 strensl'eh
the regulation Of interstate commerce Inc tl>ii's
bill if enforced was amply sufficient he'u' anu
stin hold OF course some OF the states are run
ming the thing into the ground with their cent
fare regulations This IS very bad time 70 stai1
that sort OF thing and the onl. result VIII Ne '''
the railroads will have to lower thelr S'aiuI' u1
They cannot afford TO run a Scent service win
a 2-cent rate"
Asked II he thought that any Of the roaoS "us'''
he forced into receiverships. M-. Flsh ahS"eIeN,
II hardly think Il VIII oe bad as tha'- " :
are coming into a period in the railroad "o1i" "a
greatly increased operating expenses WIN s'osS
earnings staying about the sama. and OF cou's
that is bound to do harm 1t has neen i"'
shadowed in England for some time. IN tne i'Se
,l,irtv-6ye years the ratio Of operating expense
- gross earnings on the E7S'ish roads mas IN
creased from IS 10 81 per cen'
Regarding the watering of railway siochS' Ni''
Fish said. in answer 10 a further question
Il don't think it exists. Roads IN this eouIi'!S
are canitalized at about $4,000 mile Wh''e III
England the capitalization IS almost as ilhny
mounds mile / recognize that a large ailou'.
10 ,be value OF the roads lies in their terminal
rar,ies and tt;at these T, ,oqerties were acq9lIea
a. Tnuch less than their present Naue. uut ~. y
See why railroad has not just as i9u iisil' -
an 1Inearned increment an individual