The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-06-01
HARTMAN VIEW
PLAINLY EXPRESSED
Railroad King Declares Dan
gers That Resulted From Last
Panic Are Over.
C0UNTRY'S BUSINESS IS
ON SUBSTANTIAL BASIS
Locks for Speculative Boom,
With Subsequent Reaction,
That Will Cause Trouble.

NEW YORK. May 3l.-On the eve
Of his departure for Europe to visit
Paris and Vienna and possibly Austrian
health resorts recommended 10 him by
his physicians. f.. II, Hartman today
analvzed the conditions which had
made possible the panic of 1907 and
gave his reasons foT believing that
whatever dangers had existed for a
return of those conditions were now
PASSED.
"The business cr The country is on
worry substantial basis. said Mr.. Har-
riman 'All tha is needed is n real
IzatIoE ON the part of the farmers OF
the preparations fer prosperity which
have been SO literally made. There arc
now more acres under cultivation than
ever before in the history of the coun
try. and if we have favorable weather
and espondingly large crops, | look
for happy times. There will be big
burst of speculation and rise in tho
price of everything; but these will
quickly grade down from the top 10
whatever level the crops will make log
ical | shall look to see the improve
ment III conditions go on.
Time Ripe for Warning,
''The time is ripe however, for
warning as to the proper employment of
idle money We should be careful that
Tins money be not devoted 10. the de
vcIopment Of fake projects, but, on the
contrary, used in the upbuildlng of real
undertakings resting upon solid founda-
tlons
There was no necessity for tho 1907
panic. That panic WAS directly caused
hy the extraordinary Lands decision
and the general attitude prevailing at
the time against tic railroads and cor
poratIons generally. There is no mis-
take about this. / krow what ] am
talking about, because | went through
disaster ,cuuscd by ;hc lear of some
thing that di'i not happen. It fright
ened PEOPLE INTO vitGdrawing their
monGy from c,rcul;diCn.
'Tbe next panic VIII be something
more serlous. because It will be due
10 Skrinkage OF business. AS far rs
the mental attitude Of the public is
concerned, we are on n saner basis to-
day thar we were IN 1907 If we keep
going NJ, however, and come down. it
Will Eurt mCrc after we have gore MP
three or four stories
Little Regard for Tariff.
Mr.. Hartman spoke ha!tinglv, often
stopping as If groplng 70" words 10
match his thoughts. Again aad again
he reverted 10 the subject of crops, lay
ing strong emphasis on the point that the
lasting prosperity of tnl country de
pended upon thl', and thai only. A
question as to the ultimate change OF
congress as regards to the tariff, he
dismissed with 4 shrug, saying:
II don ( think that the tariff lcgis
latiou will be of much Importance.
The working agreement recently en-
tered into by the Union Pacific. the
Great Northern and the Northorn Pact
fc. by the terms Of which all will use
the same tracks from Tacoma to Vancou-
yer. was cited by Mr. Hartman as an
example of what might be done 10 save
unnecessary investment Of capital.
\ question as 10 the ultimate reduc
tion of the yield of invested capital
brought the reply that fifty years hence
} per cent dividends would be cnnsid-
cred as remarkable as 10 per cent divl-
dcnds are today Mr.. Hartman rcit.
Grated hs conviction that new laws per-
mtting alliances of railways in order
TO pcrm: better developments were
neccssaC-, The hysterla of thought
which had Countcu@rced existing laws
retarded progress and hamperng great
undertakings had. N a great measure,
disappeared he felt. and in il s place
there wls a conservative, tolerant opin-
ION abroad in the land that the rail
roads and corpOrItlrDs were not all en-
emies of tie public good. As for list
ing securities of tie Hartman roads
on the Paris BOlrSc and disposing of
( lO0. 600 900 Of new bonds abroad moth
ing was further from his thought; he
was going abroad for n rest 10 take
care Of ms health and for no other rea-
son,
Loyal to Stars and Stripes,
On the question Of ship subsiics
brought out in connection with the OPP
Grafton of Hartman line % steamships