New-York tribune., 1907-09-11
NO PANTC-HARRlMAN.
FOUND WEST PROSPEROUS
PeopEe There, HOreUer, keePang
Money Out of Investments.

Southwest. but did not come to his. office Mon
5av Yesterday when he reached there he found
. delegation Of newspaper men waiting TO re-
ceive him. He smiled pleasantly, shook hands
all round and then started for his private Office
saving: u an glad 10 have seen you. gentlemen
Goodby'
before he reached the door. however. he
s+opped and said: ''If you want 10 see me- step
into the board room" The newspaper men
-o-e not slow 70 accept the invitation. They
xo,,nd a-r Hartman willing 10 talk about condI-
+io,s IN the West and the crop situation. over
which he vas optimistic, but he was reIucIail
% discuss matters nearer home. such as the
Illinois Central affairs the sale Of the Chlcaso
E Alton and financial conditions in the East
Conditions in the West are as good as could
he expected he said. The country OUT 'here
IS prosperous and there are no signs OF a PailiN'
All that is needed now is the successful rha'n'-
Ing Of the growing crops. especially corn oIot9
are later than usual but If no frost occurs oe-
tween now and October l. the West VIII ha''
nothing 10 complain Of Our lines appear 10 w
,e1 favored as the crops are excellent all along
-+e T-r.on Pacific and both that road and the
Southern Pacific promise 10 have the pest year
IN their history. Expenses are higher Pd' 'ii7
net income promises TO be considerably pe''e'
than last year. We moving n1ucn ols
Ger volume OF business than We did last iail
when new high records were made anu 'i!e
rrosnects roint to a continued increase IN ousl-
ness from now on. Earnings are gong rish'
ahead also.
Asked - the new system OF accounting oToereu
nv the Interstate Commerce Commission Woulo
7o- result in a poorer showing as regards earn
nrs he replied: 'I don't think the change VIII
.4facr ms much Our reports will show just as
much surplus as before"
MONTY Held BACK THROUGH FEAR,
Taking up money conditions. Mr.. Hartman
said people and banks in the West had ple"'s
r. money. bur they were hanging on to II ana
not seeking investment.
.a--be;r st+jtude appears TO be one Of uncer-
+si,+z-" he said II think there is more money
held from circulation in this way than is gen
o-a1rz- believed The people are apprehensiNe'
they seem TO fear that something s gong u
bs,ner and for that reason want 70 have 'heH
,as, in hand There is no doubt that a great
deal Of money is tied up in this way me ei'U
zion is similar TO the car famine the Ea-ii
suffered from year ago. when they were al a'1
= ,.- ,befr cars leave their own lines for rear
they would not get them back very le"
millions let loose by these people. say twenty u
-,ran+v-fve would change this situation
NJ Hartman said he had no views 10 express
* >, vrat caused this apprehension
.-x-o, lro-- as much about IL do he SAID
ne said he had given thought 10 Mr. Cor
-eIvou's plan for making weekly government DE-
,,osits during the crop moving period. pu' ne
Rad heard bankers and others in speaking OF II
cor,n7;r,ent the Secretary Of the Treasury Tor
what he had done
Or Investments Nr Hartman said that the
onportunity 70 buy New York City bonds pay
ing Az per cent was one that comes only once
in : lifetime and added that he would ike 10
retire with his money invested in such gil
edged security bought at anywhere near par.
Asked If he did not think Union Pacific secur-
tiles were a better investment, Nj Hartman
laughed and said yes. He said he nad not put
IN bid for any Of the city bonds.
Re declared he knew nothing about Illinois
Central affairs as he had not kept track OF
things on his trip and had not even read the
papers. He said also. that he had not read Mr..
Fish's resolutions which the latter tried 10 nave
a6opted at meeting Of the directors OF the
Illinois Central two weeks ago. and which pre-
cipfrated the fight between him and Mr. HaTa-
han. Mr Hartman showed. however. that ne
had heard Of the trouble between the two men,
because he referred 10 it ''as a most unfortunate
affair" He said he expected 20 attend the meet
ing of the directors of the Illinois Central to-
dav Asked If he expected any trouble at the
meeting he replied: II don't see any reason for
ANYTHING out Of the way 10 happen People
seldom lose their tenpers twice in the same
way"
KNOWS NOTHING OF THE ALTON SALE
Nr Hartman was then asked what he thought
If the sale Of the Chicago & Alton TO the To-
ledo. ST Louis & Western He knew nothing
about il
What do you think Of IL yourself? he asked
his o1estioner. Not getting any reply. he went
~. ..-r-,.~a .,,,earc n ne somebody who thinks
Alton worth something. Somebody eVloentiy
thought IL was bargain"
As TO the effect the sale would have on the
Union Pacific holdings Of Alton stock, Mr Har-
riman said he could not say.
Has the Union Pacific disposed of its Alton
stock" was asked.
I don't know he replied. Il don't know
what has taken place in the Office while nave
been away. Do you know, judge? he ASKED
turning TO ex-Judge Lovett, who was slttlns
near him. Mr. Lovett replied that he believed
the company still held the stock
Mr. Hartman said IL true. as reported.
that the balance due TO the Pennsylvania
Railroad on account Of the Baltimore d ONO
stock purchased by the Union Pacific would be
paid largely out Of the money received yester-
day from the syndicate that underworld the
s75Oo0OoO convertible bond issue. the final
rayuoent Of which was due yesterday. The rea-
son for this was he said the decline in the
value of the securities by the sale Of which
the Union Pacific Company had expected to
pay for the Baltimore & Ohio stock He added
that IL was not possible to sell these securities
at present prices without too great a sacrifice,
and that accounted for the change in plans
In regard TO the future. Mr.. Hartman said
some restriction in business must come. but
he did not look for any great depression in