Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-10

applied to Mr.. Harriman-as thief swim
fdier, robber etc.-were all heaped on Mr..
Morgan four years ago. And the same peo-
pie who are now crying from the house
tops What a rotten country this is. were
doing the same thing four years ago. Mr..
Morgan survived the attack, and so will
Mr.. Hartman. Nearly every man In this
country who has done big things in a big way
has been subjected at some time or another
to this sort of attack. A great many thou
sands of investors all over the country put
their money In the steel shares. because
they believed In Mr.. Morgan. AS a result
of the slump in the shares many millions
OF dollars were lost by investors. although
those who were able to hold on are not
much out Of pocket. 1t is the other way
with Mr.. Hartman. The grumblers who
following Mr.. Morgan are now finding fault
because of the profits that are being made
by the thousands of people who have been
following Mr.. Hartman.
k*
When Kuhn, Loeb & Co. were selling the
Union Pacific holdings of the Hill stocks
day after day at the high prices of last
year 1t is said that they made report
every night to Mr. Hartman Of the days
business. The Pine street bankers, it is
said threw up their hands in amazement
day after day at the manner in which the
followers of Mr.. Hill consumed the stocks
they poured into the market Day after day
they exclaimed among themselves: will
they take any more?" Millions upon mil
lions OF dollars of Great Northern We're
poured into the market. and the Hill crowd
took them without whimper. 1t is said
that the Hill people among themselves We're
equally amazed at the manner in which Mr..
Hartman was getting rid of his valuable
holdings in the Hill roads. The Hill peo-
pie could not understand how he could part
with them. But Mr. Hartman seemed to
know his business. and he was willing to
stack his judgment up against Mr. Hills on
the value of the Hill stocks.
An unprecedented view Of the Hartman
operations IL the Hill stocks would seem to
show conclusively that Mr.. Hartman
showed rare good judgment in looking after
the interests of the stockholders of the Union
Pacific in selling the big blocks of Great
Northern and Northern Pacific leftovers
from the Northern Securities dissolution.
The skill of Mr. Hartman showed in IN
loading Hill stocks of market value in
excess of $1OO,OO 200 was a masterful
financial feat. Since Mr.. Hartman I'M
loaded the Hill stocks in the market the
stocks that he sold for the benefit OF the
Union Pacific treasury have declined in
market value many millions Of dollars. The
profits that were thus made for the Union
Pacific stockholders by Mr.. Harriman's
foresight were enough to pay the per cent
a year extra dividend from investment in
come for several years.
~
H. H. Rogers was not so foolish after all
in the strenuous efforts he made during
the winter to keep the enthusiastic specu-
lators from boosting the price of Amalga-
mated Copper. While railway stocks were
being elevated to record prices and the
price of the copper metal was going higher
and higher to new record levels. Amalga-
mated Copper held steadily within a mar
row range. Big plungers tried to stimulate
hull ION, in, r UaC Of
these-and failed, and they turned around
and tried to depress the price, with the
idea that what does not go up ought to go
down. They lost out on both stocks. No
Rogers kept his thumb on the stock. No
industrial stock in the list certainly de-
serves a bull movement more than Amalga-
mated. The earnings of the mines in the
Amalgamated company have been enormous
are that they will hold up to high level
for some time to come. If the stock de-
served to sell at $3.50 in the last copper
boom it deserved to sell at $16O in this
boom. Now that the boom in railway stocks
has collapsed for the moment, and specu-
lators are facing heartrending losses, Mr..
Rogers is pretty well satisfied that he did
not help boost Amalgamated $50 to $50
higher. Mr. Rogers really seems to be anxious
to have Amalgamated become an industrial
investment security like sugar. His re-
fusal to increase the dividend beyond the
per cent rate commented on in this cor
part of commendable conservatism.
During the big decline in prices in 1903 it
became the fashion to become pessimistic
about everything with the American stamp.
We all admitted that stocks were selling
below their intrinsic values. but we agreed
that everything was so bad in financial
way in this country that prices could not
be regulated by values. After We were
through our spasm Of pessimism. and prices
went back again to the level Of values. and
then beyond them, we all got together and
told each other how foolish We had been
during the bear market to let stocks lie SO
long on the bargain tables. Never again
would we allow such thing to occur.
But, after a short interval, the same thing
is occurring again. Pessimism is again in
fashion and we are telling each other that
the prices of stocks are not to be regulated
by values. After this spasm is over we will
again have a fit of remorse as We did after
the bear market of 1903. The country today