The Birmingham age-herald., 1908-04-12
seemed to have decided that others inter

seemed to have decided that others inter- ested could do their share.
 The "others" not showing intense eager ness to go into their own bank accounts to help out, there developed a crisis which threatened to bring to q sudden stop the plans for the reconstruction of the Erie system-plans which are al- ready so far advanced that the final stages can be said to have been entered into. Maybe MT. Morgan Is getting too old to care to engage in any more nerve racling enterprises At any rate the chill of his cold feet noticeably reduced the temperature all around the corner of Wall and Broad streets, and everybody waited to see what would happen.
 That MT Hartman should have been able to come to the front as he did was an occasion of general surprise. He was known to have suffered tremendous losses during the past year, but he seems to have found fresh sources of supply. His apparent recuperaton was certainly an astonisher He is supposed to have been the main factor in the market advance which put prices up 6 to F points after the February slump, and to be still in- terested in pulling his speeialties to the extent of immense speculative commit ments on the buying side. That he should have been able to dig up S5,500000 at this time need not have been matter of amazement however when it is re- called that he has one man power over the entire treasury assets of all the rail roads and other properties in the Harri- man group. In a single year he con verted an apparent cash balance in the Union Pacific treasury, about $15OO00,0O0, into floating debt of approximately $75,000.000 besides adding scores of millions to the bonded indebtedness of this cor poration. A man who can do that need mt worry about a few paltry millions when the money is needed for investments which can be tortured into legitimate ex- tension and expansion projects
 Whose money 1t is that MT. Hartman has dumped into Erie cannot now be defi- nitely stated To all intents and purposes 1t is his own personal cash. He has a fashion of doing business for personal ac- count on a huge scale until the time ar rives when 1t seems best for him to shift investments over to the treasuries of his corporations. It is this peculiarity in his method of doing business which has caused him to be so severely criticised.
 Of really greater importance than the temporary financing of any single cor poration is the general business situa- tion. While the attention of the mob was centered on Erie the main anxiety of thinking people was directed to the broader situation. Scrutiny and study in that quarter cannot be said to have been satisfactory. There Is some renewal of activity in many departments of trade inevitably incident to spring purchases, but aside from that few signs are visible of a genuine background stimulation.
 What activity and hustle are in sight seem to be mainly on the surface. More than ever are the railroads making their policy clear of intent to keep down their purchases to the lowest possible level. making no commitments that can be avoided, and making no plans which would call for unusual expenditures.
 The large manufacturers of iron try to maintain a brave front and most of their utterances which reach the public ear are hopeful
 The weekly and monthly reports of the railroad earnings mark almost no im- provement except in few localities. Now and then factories and mills resume work or increase their forces of men, but the rule is the other way, and the finan- cial pages of the newspapers and the susihess bulletins are full of reports of wage reductions and diminished dividends.
 The money markets are working easier, and even time rates show a softening side At the same time banks are not at all anxious to make loans extending be- yond the November election or into 1909 The uncertainties and tremors of the ap- preaching Presidential campaign instill in them a sense of extreme caution Verging on timidity. Call money, however, is in abundant supply and within reach of the market manipulators who are using it freely to support their securities.
 faa nf ha ctn -lxat .i narrow and tame contest between three or four miner bear pools and the big mar ket leaders, who are apparently in entire control of the stock exchange situation for the moment. The leaders are mak- ing a speciality of scalpng the bear pools for expense money. Some of the bear leaders made what were to them large fortunes on the great decline. In most cases they have played back into the market a goodly share of their winnings, and what they have left is being taken away from them dollar by dollar. They do not like punishment and their out cries assail the ears of the street.
 All told about $150,000, O00 in short term railroad and other corporation notes is afioat, and this amount will be largely increased during the next few months. The existence of such an immense out put or snort tefHl paper cdllHOl De 9Col- strued into bull factor, try as you may. A bond market so i'll favored that it wili not stand for the refunding of this amount of paper is about as bad as it can well be.
 The exact whereabouts of the 100000, GOO pounds of copper shipped abroad since the first of November and cashed some where on the other side of the Atlantic cannot be definitely stated. The one thing sure about it is that the metal has not gone into consumption and that some day it will make its reappearance. That im- mense mass of undgested copper is the secret menace over the copper depart ment of the stock market.
 The government crop report created hardly a ripple. It was about what every body had looked for As far as it gives line the report is favorable and fore shadows another good year for farmers and planters It is rather early to real iza on tba 1QnQ c,nre