Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-02-07
.HANLEY AND c. ( 0.
Ambitious Plans for Develop
ing the Railroad.
SYNDICATE POSSIBILITIES
Corporation Interests Awaking to
Needs of Publicity.
COMPANIES TO OPEN BOOKS
Low Rates and Abundant Money.
Business Hating for Tariff Re-
vision-Steel Trade.
COMPANIES TO OPEN BOOKS
Special Dispatch to The Star.

| The difference between the two men
seems to be largely one of degree. Mr.
Harriman's operations have run far up
into the aggregated hundreds of millions
of dollars. even across the billion-dollar
mark. Mr.. Hawley's deals have crossed
into the hundred million arena. but fur
Their down the line. Still, he is very
much younger than Mr.. Hartman, and
by the time lie is sixty years old he may
be more imposing figure than the little
giant of Union Pacific. Already he has
position, standing and power greater than
MI. Hartman had ten years ago. and
he has fully ten years the better of the
leader In point of age.
,, One of Mr.. Hawley's associates in the
Chesapeake and Ohio deal is Mr.. Robert
Fleming, an Englishman of international
fame as financier and promoter He is
closely allied with the big men Of Cana
dian Pacific Mr.. Horace G. Burt. for
merly president Of the Union Pacific, but
too gnarly for Mr.. Hartman to handle,
is working in with the Hawley Fleming
party. He has been for some time past
making careful physical examination
Of the Chicago Great Western system,
| which is in process of reorganization and
bankruptcy. The old Stickney system
runs its lines through Illinois. Iowa, Min
yet made his report to his principals, but
it is plainly evident that they would like
to acquire possession of the system If 1t
can be gotten hold of on terms to suit 1t
has not yet developed just what the Haw-
ley people would be willing to pay. A
glance at the map suggests very plainly
how the Stickney system might be used
to advantage as an extension Of Canadian
Pacific or in the rounding out of Haw-
ley system in the upper Mississippi states.
or In purchase for joint account by
Mr.. Hawley and the English Canadian
capitalists for Canadian railroad extern
sion. 1t would not be a very difficult
matter for Mr.. Hawley to connect with
points on or near the Ohio river. between
Wheeling and Louisville. This is be-
lieved to be part of the general grand
scheme which Mr.. Hawley is working
out. 1t is well known that millions of
tons of West Virginia coal might easily
be added to the annual tonnage which
now goes out of that section.
The mining capacity of West Virginia
has hardly been touched yet. The output
of the state might easily be doubled
could be made in the middle west and
northwest. For some unexplained reason
Chesapeake and Ohio has not encouraged
development in this direction. Mr.. Haw-
the West Virginia field. A northern
market can easily be found for all the
coal that can be mined in Test Virginia.
1t is only matter Of transportation and
| rates that can be made which will give
the West Virginia product better than an
even chance with Ohio, Indiana and IL
| linois coal. 1t is believed that West Vir-
ginia is on the eve of very important
| development. as an outcome Of Mr.. Haw-
| ley's invasion of that territory.
Public Need for Information.
The self-interest of corporations leads
to their general acquescence in the
urgency of Herbert Knox Smith, federal
commissioner of corporations. for wider
and more explicit publicity in company
finances The public has been educated
to demand more definite information as
to what is going on in the corporations,
whose stocks they buy and SELL One after
another the stubborn people in Wall
street who have been denying stockhOld-
ers and the public details of MANAGEMENT
are coming into line. 1t is hardly neces-
sary for the government to take further
steps In the matter. as the arrangements
themselves are recognizing the futility
of standing In their own light. 1t is, OBJ
served that spectators and investors
nave adopted the policy of keeping away
from issues involved in mystery. They
are giving preference to things which
they know about, or think they do The
United States Steel Corporation has been
doing great missionary work in this re-
spect.
big corporation that the public is not
let into fully. but there is bland willing
ness on the part of the m nagement to
present an open sheet and to invite in
spection which is very fetching. The
sugar trust management is one of the
latest to take steps with the steel trust,
and announces a change OF heart on
publicity. Hereafter sugar stockholders
and the trading people will be taken into
family council and told all about il.
Amalgamated Copper still holds out
separately. but may be expected to open
It's books before long, and then will come
standard Oil and tobacco-perhaps On
the theory that everything helps. the aid
OF the commissioner of corporations will
not be rejected. But after all the mat
ter OF self-interest governs.
There is where the uplift gets in it's
work Self-interest has really been be-
tion-more than Congress or the Presf-
gent Or any other official movement 1t
Is fact that commercial and financial
forces lead legislation and executive
initiative in nearly all the practical re
forms which have been going on of late
years. 1t Was the railroads themselves
that were instrumental in abolishing free
passes and reducing the rebate evil to a
minimum. The great majority of COM
merclal laws follow commercial practice
imagine. Publicity in connection with
corporation management is becoming
more the custom because the corpora
tons find it to their advantage to be
reasonably frank in dealings with the
public If public favor is expected.
Money continues to be abundant and
brings only low rate. Corporations
are taking advantage of this situation
to supply themselves with capital for
refunding operations and they are pre-
pairing to dip in deeper when the bust
ness situation improves a little more
For the present there is a disposition
to hold of. BY this plan those who
will be in the field later on as big Dor
rowers feel that they are not hurting
their cause. If they were to rush in now
and scramble for the capital on tap they
might flush the game. BY going slow
owners of money will not get swelled
up with the idea that they own the
earth and can command their own terms
from borrowers. Meantime, stocks Of
every kind on the shelves and in the
warehouses; are being reduced by the
demands Of 100000 of our own people
and the exigencies of large foreign
population that relies on the United
States for supplies. The balance of in
ternatfona1 trade is running in our favor
at the average rate of at least $780,
100000 Il month. and vast credit is
accommodating for our account abroad.
All Of which foreshadows future advan-
tage for this country when our local
supplies of money run low.
Little Real Tariff Revision.
Advices from Washington are that the
tariff revisers will aim to do as little real
revision as possible. and that the stand
patters are likely to come out on top in
the final scrimmAga on all or most ali