The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1909-06-03
HARTMAN AN 0PTIMIST
RAILROAD MAGNATE SEES QUICK
RETURN TO PROSPERITY.
Declares There Was No Necessity for
1907 Panic and Fright Caused
Sentimental Furry.

NEW YORK, May 31-On the eve of
departure for Europe 20 visit Paris and
Vienna and possibly some Austrian
health resorts, l.. III. Hartman, worn
in body but alert of mind and vigorous
of spirit. today analysed the conditions
which had made possible the panic of
1907, and gave his reasons for believ-
ing that whatever dangers had existed
for return of these conditions were
now passed.
The business of the country is now On
very substantial basis" said Mr.. Har.
riman. "All that is needed is a realiza-
ton on the part Of the farmers or the
preparations for prosperity which have
been so literally made. There are now
more acres in cultivation than ever be
fore in the history of the country, ana
if we have favorable weather and cor
respondingly large crops, | look for nap
by times. There will be big burst of
speculation and rise in the prlce "t
everything but these will quickly grade
down from the top to whatever Level the
crops will make logical.
Il shall look to see the Improvement
in conditions 90 on. The time is ripe,
however. for warning as to the proper
employment Cf idle money. We should
he careful that this money he not de.
voted to the supposed development ot
fake projects. but, on the contrary. used
i'm the upbulding of real undertakings
resting upon solid foundations. ,o,-
There was no necessity Tor the i"V,
panic. The panic was directly caused
i.y the extraordinary Lands decision
and the general attitude prevailing ut
the time against the railways and cor
poratiorS generally. There IS no ms
take about this. | know what ! am
talking about because | went through 1t
ALL. 1t was panic of Seutlmcnt-a
disaster caused by the fear of something
that did not happen. It frightened poo
pie into Withdrawing their money from
circulation.
The next panic will be something
more serious because it will hc due to
shrinkagc of business. AS far as the
mental attitude of the public IS con
cerned, we are on Il saner basis today
than we were in 1907. If we keep gong
mp. however, and come down, It VIII
hurt more after we have gone up three
or four stories.
Mr.. Hartman spoke haltingly, often
stopping as if cropping for words TO
match his thoughts. His voice and man
ner were those of a man worn physical
". Again aud again he reverted to the
subject of crops, laying strong emphasis
on the point that the lasting prosperity
of the country depended upon that and
that only.
4 question as to the ultimate action
of Congress regarding the tariff he dis
missed with shrug, saying:
Il do not think that the tariff leglS-
lation will be of much Importance. Good
weather and good crops Will have a much
greater effect on business than the tariff.
The working agreement recently enter
ed into between the Northern Pacific, the
Great Northern and the Union Pacific, by
the terms of which all will use the same
tracks from Tacoma to Vancouver, was
cited by Mr.. Hartman rs an example Of
what might be done to save unnecessary
investment of capital \ double track
road was more efficient than would have
been three single track roads used indie
pcudcntly by each railroad and cost less
money to build and operate.
The rumor of Mr.. llarrimamns as
ccndancy in the directorate of the New
YnrI; Central ANA Of his desire to gain
control of the Missouri Pacific were sub
mitted to the master builder of railroad
systems, but ii was not plain that either
OF these questions had received serious
consideration from him. AS to the New
York Central, he lodged the question
by saying rather CURLY:
Il am net responsible for the oper-
alton of the New York Central lines"
Concerning the Missouri Pacific he
was more explicit. Mr. Gould has done
me the honor of declaring that he would
welcome me on the board of directors
of the Missouri Pacific said he land
personally | would take great pleas
urc in being associated with him in the
management of that system but as con
ditipnS now are, il is mpOSSible.'