Los Angeles herald., 1909-06-01

! Ol the lJl Gpcll a LlOlls
for prosperity which have been so liber-
ally made. There are now more acres
under cultivation than ever before il
the history of the country, and if W.
have favorable weather and CORE
spondingly large crops, ! look for hap
py times
There will be a big burst of specu-
lation and a rise in the price of every
| thing, but these will quickly grade
| down from the top to whatever levels
the crops will make logical The time
is ripe, however, for a warning as tC
the proper employment of idle money
we should be CAREFUL that this
money be not devoted to the develop
ment of fake projects, but on the con-
trary used in the upbuilding of real
undertakings resting upon solid foun-
dations.
Panic Unnecessary
There was no necessity for the 1901
panic. That panic was directly caused
by the extraordinary Lands decision
and the general attitude prevailing at
the time against the railroads and the
corporations generally. 1t was panic
of sentiment-a disaster caused by the
fear of something that did not hap
pen 1t frightened people into with
drawing their money from circula-
ton.
THE next panic will be something
more serious, because i viii be due to
shrinkage of business. As far as the
mental attitude of the public is con-
cerned we are on a saner basis today
than we were in 1907 If we keep go
ing up. however. and come down it
will hurt more after we have gone up
three or four Stories"
Mr.. Hartman dismissed with
shrug the question as to the ultimate
action of congress as regards the tar
iff
I don't think that the tariff legis-
lation will be of much Importance.
The working agreement recently en-
tered into between the Northern Pa
cific. the Great Northern and the Union
Pacific was cited by Mr.. Hartman as
an example of what might be done to
save unnecessary investment of cap
tal.
A question as to the ultimate reduce
tion of the yield of the invested cap
ital brought the reply that fifty years
hence per cent dividends would be
considered as remarkable as 10 per
cent dividends are today.
Reiterates Convictions
Mr.. Hartman reiterated his convic-
ton that new laws permitting alli-
ances of railways in order to permit
better developments were necessary
The hysteria of thought which has
countenanced existing laws retard-
ing progress and hampered great
undertakings had in a great measure
disappeared, he felt and in its place
there was a conservative, tolerant, in
telligent opinion abroad in the land
that the railroads and corporations
We're not all enemies of the public
good.
As for listing securities of the Har-
riman roads on the Paris bourse and
disposing of $780,, 000 of new bonds
abroad, nothing was further from his
thoughts. He was going abroad for a
rest to take care of mis- health, and
for no other reason.
on the question of ship subsidies,
brought out in connection with the
operation of the Hartman line Of
steamships on the Pacific, Mr.. Harri-
man, While not indorsihg the principle
of governmental subsidies, expressed
the hope that some day his lines would
be placed on such a footing as to per-
nit them to compete on equal terms
with lines now subsidized.
4 lose 100000 or 100000 every year"
he said, simply for the pleasure Of
flying the Stars and Stripes from those
boats. I had chance to sell them to
advantage, but l couldn't bring myself
to having them pass under another
flag"
Mr. Hartman intends to remain
abroad for three months He will sail
for home on the Mauretania on Sep
tembor 4.