Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-06

One of the sinister things overhanging
the market is a deep-seated belief that sew
eral ambitious and over-extended interests
will have to liquidate before the situation
can permanently improve There has been
imprudent expansion in more than one
copper combination in at least one steam
ship combination, and a terrific scaling
down in the fortunes of some of the men
who got suddenly into the multi-mil ion
aire class by reason of accidental partic-
patton in the big industrial boom of the
last eight nine years. Some of these
interests and individuals invested their
money and their expectations In banking
and insurance, as well in spectacular
mining enterprises The street. while not
openly questioning their solvency. is never
theess pointing to the enormous shrnkage
that has been going on in the securities
they have been manufacturing or con-
troll. and wondering-weTl, just wondering.
Where few weeks ago gossip about these
people was transmitted in whispers and
anonymously. names are now being freely
mentioned, greatly to the disturbance of
confidence. 1t is the fashion to denounce
all this unfortunate kind of talk as incen-
diary and criminal. but actual happenings
of an unfortunate kind are almost invari-
ably heralded by just such sort Of rumor
and innuendo. Where there is SO much
smoke there is very often fire.
The ]. ]. Hill interview was another
incident of moment. The street is fairly
wei used to Mr.. Hills jeremiads and is
not Influenced as much by them as might
be supposed. On this occasion the bearish
effect of the talk was modified by the re-
minder that while he is now bearish on his
own securities and looking pityingly on
those who buy his Great Northern and
Northern Pacific at current prices, he was
trying to get everybody into them a year
ago whereabouts. when Great Northern
selling about 323 and Northern Pa
cific around 200 1t does not speak well
to 200 points below the level at which he
was a rampant bull Mr.. Hills bulIsh-
ness on his own specialties cost his friends
in London. Canada and the northwest
more than S3OO, 600.
i
On the 21st of this month Mr. Hartman
viii appear again before the Interstate
commerce commission and reply to those
inquiries that he refused to meet last
sprng-inquries which If answered truth
fully and without evasion will reveal the
inside facts about those stock deals which
resulted ultimately in the Union Pacific
becoming possessed of more than coo 900
shares of stock in other railroad systems
and in him individually amassing a vast
fortune, believed to be more than $780,
COO, eco. Mr. Hartman has been openly
ing them to his own company at a high
figure, and of using the funds and cres.
of the Union Pacific to conduct a series
of gigantic market campaigns for his own
benefit and incidentally to the advantage
of his associates. who at various times
have been Messrs. T. F. Ryan, George
Gould. H. H. Rogers. william Rockefelier,
II. c. Frick. Jacob H. SchiH. Otto Kahn.
James StiIman and others. Mr.. Hartman
refused to talk about these things the first
time they had him on the gridiron. but
the court having upheld the authority of
the commission he may now yield up the
facts Mr.. Hartman at present Is on the
sick list. 1t is funny how these multi-mil-
lionaires get sick every time they are
dragged up to the fire go through some
particular trying experience They have
weak hearts just like the rest of u.s.
The steel trust has begun to lay off men.
twenty-five clerks were dropped at their
headquarters offices. II Broadway this
week. Work is to be suspended ''tempera-
rily'' at several of it's mills within the next
month or six weeks The trust is begin
much earlierN than it did five years ago
when symptoms of depression first manifest
ed themselves. There is work enough to
keep the operating department of the cor
poration busy for at least eight months
but already some OF the customers are be-
coming FESTIVE and showing signs of a de-
sire to postpone the day of delivery. 1t is
recalled that during the period of extreme
depression in the late fall of 1903 the trust
had nearly 3,G00.OOO tons of orders on its
books, yet it closed down 80 per cent of its
mills because of the confessed inability of
the buyers TO pay for the stuff. There is
some curiosity to whether the order
book as it now stands will not under stress
develop similar weakness. The equipment
concerns having to do with machinery con
nected with the conner industry cOmDlain