The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-08-27

STILL TALKING or HARTMAN ! I 4 4 !. !
Sensational Rise III PacificsS Con-
By w. q. Nicholas.

BY w. q. Nicholas.
{speciai to The Timea {. Dpsp rt.,,i3 I, \
Il tho money on8the sensational rise IN the
1Iarrinan pncinc8 ~ is the question one
hears every minute OF the day In and
around Wall street; for the incident
continues to be one OF I've gossip IN
n tcrest, and threatens to remain In the
~ news class for many n long day. It was
l i'rich man's market" and the names
b3 OF known winners. outside OF tile spec1i-
8latjve directors and the little clique OF
.'sure thing" gamblers, Identified with
tho National City Bank and Kuhn. Loeb
isl. & CO.. cnn DO counted on the fingers
OF two hands. The strictly gambling
profita rtiked In BY this comparatively
small coteric Of .inslders'' may amount
to s25. 900 600 to 10000, 600. Measured by
q the quotations established on the Stock
g Exchange. Union Pacific. common benz
Gifted $50, 100 by the 3rise,sand Southern
* Pacific common i SgO, O0O. 0D0--n ~ total ~ Of
e. 3llD,0D 90. n The great bulk OF profit goes
Just where It rightfullyt belongg--to the
+ stockholders of the two companies III
rectly concerned. The newborn sbullish-s
ness IN the general market reflects n
widely prevailing feeling that a ma jorlty
5t or the other important railroad syHtcms
must presently iNOpI IL ING POiiS ~
enlarged dividend distribution, which
their earnings and the busin ness condi-.
tionH of the country would seem 70 amply
warrant. INV III
It wasn't what Hartman did but the
way he did 1t. that set Wall Street by,
tho ears and gave the purists Il chance
2 TO kick. The mere fact that tho tape
was slow getting into Hympnthy with
the moraligts does not in the least feaze
them. 70 fall OF Immediate recognition
Ii one OF tho painful pleasures OF moral.
& ity preachers in and out of Wall Street
Just now they are complaining that
Hartman dealt the cards from the bot
tom and the middle and from every place
except from the top, and that he was
a3 guilty OF one OF the most bnre-fnced
pieces OF stock market rigging" ever
perpetrf.tcd TO the Indictment Of neglect
III to take the public, the itnpo players the
bucket shops and the rank and file Of
plungers and pikcrs into his confidence
ii before springing his great su rprise, he
will probably cheerfully plead guilty. To
4 tho charge that anybody was hurt who
IS entitled tgto consideration StheII enters
scornful denial Surely there has been
no wall OF distress from the great body
OF Union Pacific and + Southern IL Pacific
stockholders, whose Income was nearly
t doubled Ing the one case and jumped
from nothing to SO, 00o, 0O0 In X the other
10 be sure, the Is, COO G0J shareholders (Da
they more or less) were not taken in3pnl
the Wall Street end OF the plNy, but, On
the other hand, they are not 81 ppossd
M 10 be Interested In the big gamble, an !.
K in any event, they were protected from
temptation. and. as the casle stands,
q they are Immensely the gainer.I Il they
re dissatisfied with the management.
they can sell their shares for more money
than ever before. To that extent and
for that situation they are Indebted TO-
Mr.. Hartman. 5if ~ Z, x
Readers OF this column during the last
four or five years will testify that the
writer bears Mr.. Hartman no overflow
b! good WILL yet III sheer justice 70 tho
nan 1t must be admitted that he has
violated none OF the rules OF the game
q a. II Is played In Wall Street. where
i5Eit is ..do others as they would do you,
and do 1t first" The only people really
suffering from tho Hartman coup are the
fellows caught short OF the markot-the
gentry who make their living selling
the property OF others and$$thcn going
about decrying Its value hat they may
cover their contracts at 821roflt. On,
yes! the professionals; they were serious s
E5ly damaged az to their feelings, the gentle
things! II was real mean OF Mr.. Har-t
riman to leave them IN Ignorance OF
what was in store for them. Not a one
OF them would have done q q trick like
that-not unless they had the chance.
~ So far as can be seen by the strictly
candid Wall Street commentator. the
s.only crime Hartman can be convicted,
or is assault and battery on the bears,
Injecting streak OF lavender into the
Otherwise snow-white purity of Wall
Street morality. and giving tho chronic
arouchers something to talk about On
til thn other side Of the account he set an
example Iii the! matter OF dividend dis
atribution which will be exceedingly
f gratefulS5to the very large element Of
4 stockholders who have been thinking they
Were not getting their fair percentage OF
met earnings YAK "a
ing public will have to follow suit In
thu generosity of treatment accorded
sl,arehoders or drop back In quotation
standing. n lie finds he has set the
race too fast Mr.. Hartman can be
re- lied mon to discover the condition in
time to actor the Hartman benefit.
WITH tho credit established BY liberal
dividend policy he can borrow TOT
capital account, SO for Is every =
\ boroknowledge Of any future inner
need Will be had III time TO y enable
the Insiders to fix themselves mar
ketwise, To those who get left, there y
tho consolation ever opoli to unlucky spec
n ulators and Investors, you should nave
FL awaited yourself Of the opportunlty %
unload when It was presented; you nave
nobody to blame but yourself a #
5g = si3s 6ss 3s IL y II n is95
AS mentioned In this CORES pondonce Q az
The time Pennsylvania made that $oo, oVoou
lean In Paris the company pledged itself
to the inauguration Of a policy OF closer
Is collection of the surplus earnings or SUD-
ordinate and auxiliary companies. Il
had been tho policy for many years 20
let these surpluses accumulate IN the
little treasures, go that there might al
ways be heavier reserve at tho COM
mand OF the parent corporation than up.
peared in its formal official reports. & Z Ss
In the case OF Pennsylvania, the ag-