The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-07
Hartman and Gould curbed.

A curb has been put on the personal
| ambitions of E. H. Hartman and George
J. Gould Both of these men became so
aggressive and inconsiderate of the plans
policies and desires of their hackers as
to become serious menace to the rail-
road situation in its broad sense. Hence
1t became necessary to teach them a les
son. In the case of both the thing done
was to restrict the borrowing power and
close down upon avenues of financial sup
port This was more easily done with
Gould than with Hartman. Mr. Gould
and his associates in the Wabash. west
ern and southwestern systems have an
proximately 5000, 600 900 in bond issues for
which no adequate market has vet been
/ Iound. They come under the head of
'undigested securities and are still be-
| ing carried largely by syndicates of in
| siders. These bonds are for the most
part fairly good but for some reason
the investing public does not take kindly
| to obligations bearing the Gould brand
| In Wall street the Gould stocks which
We're once in high favor are being left
severely alone. Feeble efforts are occa-
slonally made to work up speculative in.
| terest, but traders look askance at the
manipulation. experience having taught
them to avoid the stuff as the best way
to save money
| A long and hard campaign was neces-
sary to teach Hartman his lesson. A
| theory holds in well informed Wall
street quarters that the Equitable AS
surance fight was in reality directed
against Mr.. Hartman and that IL had
its origin in the office of a great finan-
cier whose plans ran counter to those of
the Union Pacific autocrat. Standard Oil
interests, originally friendly to Hartman.
turned against him and Joined in the
movement to trim him and curtaiI his
credit. In reprisal Mr.. Hartman is sup
posed to have instigated the investiga-
ton into Consolidated Gas company Of
New York and to be behind the legisla-
tive crusade at Albany for reduction in
the price of gas and electricity With
that development the 6ghting became
fiercer and Hartman was forced to let
go great and speculative lines of securi-
ties he had been carrying-holdngs which
included blocks of New York Central.
Union Pacific. Southern Pacific, Illinois
Central and others of the Hartman and
allied roads. A foreknowledge of what
was coming led many plungers of the first
magnitude to sell their stocks some weeks
ago and get out of the market. The first
of the week a rumor became current that
a syndicate focusing III ine First National
bank. and comprised of George f. Baker.
James j. Hill. j. r. Morgan &, Co, James
Kennedy, Lord Strathmore and others of
the Hill-Morgan crowd. had taken over
the unsold portion of Harriman's North
ern Securities, supposedly something like
600 900 shares (sG0, 600 600. This report met
with authoritative denial but it neverthe-
less would not down entirely and no sur
prise would be occasioned If the securi-
ties did not turn up finally in the posses
sion of Mr.. Hill and his friends.
1t has been known for some time that
Hartman wanted to get rid of his North
ern Securities and an open attempt was
made by him to make a market for them
on the curb. 1t was his selling that put
the price down about 25 points. yet he was
unable to get rid of more than S12 200. 900
to $15O000O0 of the certificates
| With defined limitations plaeed unon
Mr. Hartman and the scope of his activi-
ties clearly marked upon the railroad
map he will cease to be Disturbing fac
tor and Wall street will be given a bannv
relief. The same is true Of Mr. Gould
who threatened to run amucl< If he couId
not have his own way in various matters
where his interests clashed with those
of rivals. In both the Gould and TJarr,-
man camps the conservative power of the
! Rockefeller millions was exerted and com
PEELED respectful consideration Tho
| Rockefeller interests are for peaca and
although the directing spirits of the proun
are naturally friendly to both Mr. TIarri-
man and Mr. Gould. It was found nares-
sarv to subject both OF these men IN dis
cipline In order to check the spirit OF ag-
grandizement and keep It within hounds.
Mr.. Hartman Is commonly sunnosed 10
have lost great many million dollars
If his paper profits on the shsrn brea,x
in prices. but ne is still very strong on