The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-26
NOW WHERE
ARE We At
Hartman PIunges Commits
sion In Sea of Truths
AND LEAVES IT STUNNED
Declares IF He or Hill Owned
All the Railroads
RATES WOULD BE LOWER
Commission Starts for Nash
ingtOn to RecUperate,

Chicago, Jan. 25.-When the second
days inquiry by the Interstate Com
merce commission into the community
OF interest combination OF the great
railways OF the northwest opened today.
/ great interest was manifested in James
J. Hiu's testimony. The United States
court room, where the investigation was
held, was crowded with well known rail-
way men from all over the country, al
eager TO learn more OF the details Of the
/ inner workings OF the gigantic Northern
Securities company from the master mind
that conceived II. Possibly as much in
terest centered around E II. Hartman.
who organized the Southern Pacific. Tn
ion Pacific combination. and who was
Alr. HIS opponent IN the struggle for
the Northern Pacific Burlington.
When 8Ir. Hartman went on the
stand, the line OF questioning by u. A
Day, counsel for the commission, led UP
to a statement Of the great Wall Street
panic last May, when Northern Pacific
stock went up to $500 share. Nr.
Hartman had testified that the Oregon
Short Line, aided by the Union Pacific.
had purchased some SIS, coo Of Northern
( Pacific stock ard that the Union Pacific,
through the voice Of its directors con-
trolled the Southern Pacific. II was de-
/ veloped that all the Northern Pacific,
which was held in the names of z. II
Hartman and Winslow Pierce, was sold
last summer. An effort was made TO
/ learn why the purchase had been made
only TO sell again. and this brought from
i 1Lr. Hartman the statement that he was
sisd to explain the so-caued contest" in
the New York stock exchange which re-
suited in the famous black Thursday"
L don't think there was any contest"
said Mr. Hartman Some Of Us-the
j Oregon Short Line peopIe-thought it
would be advantageous to have an inter
+ est in Northern Pacific, and purchased
+ stock that was lying loose all over this
country ard ,Europe-heId by five to
seven thousand persons. We made no
+ contest for the control OF Northern Pa
cihc-we purchased a majority Of the
capital stock We purchased prior 10
the supposed contest. and no stock was
acquired during the panic in May
Mr. Day tried 10 show that the con-
test for Northern Pacific stock was the
torerunuer Of the panic on change. but
Mr. Hartman insisted that such was not
the case.
some Of the stock. he continued. we
had bought in markets all over the world
some Of this was on the way from these
various markets 10 be delivered. IN the
meantime The sellers borrowed. Cues
tons were then put that indicated job
bing" had been resorted TO in the pur-
chase, and which brought the reply The
stock was purchased in New York from
persons who bought from owners. Then
when the so-caIed contest came. ard the
stock was demanded, the sellers found II
difficult 70 fulfill the contracts. Our in
terests in every case gave these persons
all the time they wanted
An attempt was made by the commits
sion 70 draw out statements 10 the ef-
feet that the FINAL sale Of the Northern
Pacific stock BY the oregon Short Line
fas controlled by the Union Pacidc-South-
ern Pacific syndicate was only after an
understanding on a truce with Sir. Hin
and the supposed interests that combat
ted for Northern Pacific in the panic
Mr.. Hartman said that after the pur-
chase was made he and his colleagues
thought the matter over asain and they
thought Il better 10 sell again Re I'M
nlied that it made 10 difference really
who owned Northern Pacific
Commiss5euer Prouty asked: If you
had secured a few more million OF North
ern Pacific il would have made differ
enee. would It not
I'VE could have had g." vas the re-
Ply.
The question as 20 just Why IT. Har-
rinan had disposed o. his Northern Pa
ellie holdings what was lost or made by
The TRANSACTION, and whether Ar- Hil
had mad some agreement in case the
holdings were sold brought from ar
Hartman the response that natural con
ditions controlled
re sad ~ did not know - any gain
made except that his Interests found oct
thst they were strong enouEh to bold
tneir own I'll Pacific trahlc. Re saia bis
ir71ressfsn vas that the Cre=on short
Line had not lost ~ the transfer re
saia M-. Hiu had given 70 assurances %
arv division - traH-c. ard tha- The mo-
tive C. the original purchase had been
rhat of preserving 70 the Union F-ciilr
system re avenues al traits open - e
..you wish n represent that m oae of
tns oihe- hait q the Serrhern Pacific
interests mace any promise u contr1l-
NIr Hartman Tepllea-
There i a common interest eu.o1s -
All. ana We believe thar common inter-
es-s vii ae served regardless - hcl1-
inrs- That common interest can p s-rv-
ed by natural condltions- our Interests
a-e - Uncommon that Ne can-et inI1re
others without in5uring ourselves
NJ Hartman Insisted tEaz tse common
interest II FL 81 STEMS naw affiliated uu-
der tie Northsrn Securities company
must be considered rather t1al tAe 50
called community ~ latsrssts fs
safd he vas g nsnbsr @ tne .ca1 -
dluectoss ot ice Securities e7uFals a-a
slr. Hla vas its president, te- ehe cU-
binat.ol uzasr Shst canr~uF a1ersad
rates il I.o slse he te.d heE. s1orlT
after the scramble over Nor-herr Pa
ciac stock Ar. s1osssa rad Been given (
= proxy 81 III il oVder q seq ths (
stock again L WAS 1z5erst9c5 she sale /
was n - Effected = casa aa1 sec-ri- /
;sss-the latter II ~ Sor-hsrn S<ez-i- |