The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-08-29

nearly a wear before Mr.. Harriman's de-
narture for Europe they frequently IN
terchanged business and social calls
Mr.. Hayley was often special guest OF
Mr., Hartman at Arden, remaining there
for DAYS at a time. The entente cordiale
was completely restored.
Mr.. Hawley may be Mr.. Hartmann
official heir but If he is the succession
will be handed over to him by Mr.. Har-
riman himself and not by tho Hartman
enemies or in unfriendly spirit. There Is
probably no better man for the job than
Mr.. Hawley. He knows the west and
the western railroad situation in It's
broadcast sense as we'll as any man In the
country;as an executive and constructive
and operating manager he is tho peer OF
any.
The stock market has been discountinS
every misfortune that could possibly
happen in the event of the serious illness
or death of Mr.. Hartman The slump
in the Hartman stocks was only TO
have been expected. They had latterly
been unwisely advanced and In all prob
ability would have broken badly II Mr..
Hartman had come back In condition
fit to fight Jim Jeffries or win mara
thon As for the rest of the stocks on the
list they have not been set back to
amount to anything and are in good
position to recover promptly when the
scare gets out of the street
Looked at In cold blood the nervous
ness of the past week or ten days Is
without justification. Underlying busl-
ness conditions warrant tho most opu-
mistic attitude on the part of individuals
and the public. The nation and the peo-
pie thereof are bouyantly solvent ana
inspired by a splendid impulse to go for
ward and upward. Such condition as
this gives no excuse or reason for des-
pondency or disquiet in the stock mar
ket. Such being the case it is reasonable
to look for early recovery and improve
ment.
The s60o0o.ooo consolidation of coke
companies having headquarters in the
Pittsburgh district Is in danger of fall
ure to 20 through Owners of several OF
of the properties are dissatisfied over the
appraised value put upon them and
threaten withdrawal from the arrange
ment. This hitch in the deal has inspired
several of the underwriters to move for
release from their contracts. The ne
gotiations may be described as in criti-
cal state although 1t is too early to call
them off entirely.
The universal Yankee can be depended
usually to take quick advantage of
chances to make money. The latest Illus
tration of this is the promotion of a.
large company to buy or build a line of
| Golfers to ply between the United States
and Argentine. the purpose being to take
coal to the South American republic and
| bring back hides. The new tariff which
| admits hides free is the basis of the COM
| bination. Those behind 1t see large profits
| in the tonnage both ways.
The put-an'- call broker startled the
! sportively inclined statistcian with the
statement that tape crimper had just
| jolted him with a proposition to bet any
| part of $1,000 that on par value there were
more dollars in the share capital of the
Steel Corporation than there had been
minutes since the birth Of the Savior.
| He (the crimper) came down town the
next day with this exhibit:
| Minutes since the birth Of the
Savior tlyva years, 1865 days to
| the year, 800. 80. 1,O03,37O, 400
| Dollars In original share cap
italization of Steel Trust:
Common $500, 473, 900
Preferred 49,. 505, 473 000-$1, OF, 946, 600
Present share capital:
Preferred $3.50 0S1 900
! Common 80. 80. sos 800, 600 S6S, 1884 900
! The gamble. would therefore, appear to
hinge on a careful wording of the prop
/ Osition, whether framed In the present or
past tense. All of which goes to show
that during dog days the devil is ever at
the elbow of the idle human, even In
crystally pure Wall street.
! great truth which has been dawning
on Wall street for more than year is
that Hartman grew to be bigger, strong
| er and more important than his creators.
It was during panic times that he made
| ,I,,- 4 Lot,
was then that he changed from taking
orders from the big banking interests
| to giving orders to these same interests
| orders that were obeyed.
| The street will soon be accustomed to
seeing that active group of stocks SELL
| ing "ex-Harriman."
Steel, in the industrial list and Atchi-
| son In the railroad list, are the two
stocks that have stood out most prom
inently in resistance 70 the slumpins