The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-02
W LLSTREEI FULL
OF BITTERNESS
BIG FINANCIAL GROUPS AT OUTS
WITH ONE ANOTHER.
Morgan. Ryan and the First National
Bank Against schiff, Hartman,
Rogers and the National City Bank
One Big Man Drops se5o,ooo Going
Short of Reading.
Special to The Journal.

Special 70 The Journal ~ =tF 80 - Ta@
New York, Dec AT no time since May,
1901, has so much bitterness existed between
the two great banking sections OF Wall street.
Followers of the First National bank crowd and
Of the City Bank Kuhn-Loeb crowd are appar-
emily at daggers drawn. The First National
crowd is taken to include the Bank of Com
merce people, Thomas F. Ryan and his friends
and the Morgan firm. The opposition includes
the National City bank, Kuhn, Loeb & Co.
e. II. Hartman. with H. H. Rogers and H. 9.
Frick thrown in. Speyer & Co. for once are
ranged with the First National, tho apparently
not in the fight to any great extent. 1-#.
The underlying cause of the differences is not
yet discovered. Wicked rumors have been afoat.
1t has been stated in the highest quarters that
]. J. Hill went to London to arrange for the
cooperation Of Barring Bros. and other firms in
gigantic pool to. take the control of the Union
Pacihc--the backbone of the western railroad
situation-from e. H. Hartman. The rumor
looks silly. yet more than the rumor
that E. H. Hartman intended to buy the North
ern Pacific in Iceland he bought 1t.
The City bank and Kuhn-Loeb factions have
been woefully left the last great market
move--left az they never were before in the
history Of the street. They had nothing to do
with the successful pool in Reading, nothing to
do with the Shelters pool. The entire market
got, away from them. 1t Is rumored In the
street that one-of the City bank crowd was
caught short of Reading and covered nearly
80 600. shares of that stock at net loss of
$95O,000 out Of his private purse. The whole
Hartman coterie has been credited with heavy
selling OF Union Pacific, Reading and various
other stocks In the face or the SLOW ana recent
less advance, -
It is a Morgan market. The close affiliations
that have existed between that firm and the
First National bank are we'll known Even
the advent Of the a1lconquering Moores from
Chicago failed to break the entente cord1ale
a common enemy, drew the two great banks
close, together again in the late summer Of
holland a common aim holds them together
yet. J. P. Morgan and G. F. Baker the
heads Of the market today.
How long will 1t last? Over the corner
of Pine and William street, in the great marble
office where Jacob Schiff is the presiding genius.
refer scornfully to the antics Of certain
Speculative clique centering about a certain
speculative bank" It will the quiet cti-
zen to 60 away and let the smoke clear before
he trusts his money in the maelstrom. In fact,
the red flag of danger is flying on the big
hagpole that Wall street from the front
entrance Of the National City bank, and again
On the top of the Kuhn-Ioeb building.
At the other end of Wall street. under the
shadow Of the Trinity spire, oil is serene and
confident. That is the end of the street where
the mighty crops of Kansas, the busy harbors
Of Seattle and San Francisco, the record-break.
ing earnings of all the railways loom large upon
the public eye. George F. Baker, president OF
the First National bank, has his office at No
4. Within a stones throw of him are camped
Dan G. Reid and William H. Moore of the
Rock Island crowd. Direct telephone wires, ir
private conduits, from the one camp to the
other allied camp. hundred steps along Wal
street looms up the newly-polished marble tenn
pie of the great high priest of the financial
world, ]. P. Morgan. They are knit together
into a. clique that has never its superior
and perhaps has never seen it's equal in thu
history of the street.