The Washington herald., 1907-09-29
WALL STREET NOTES
Attack on Hartman Causes
BeariSh Sentiment.
ATTEMPT AT DEFENSE WEAK
Friends of Union Pacific's Head Seek
to Point Out Achievements, but
Management Hopes 10 Get IudOrse-
ment ut Forthcoming Meeting.

New York, Sept. 2S.-Pubiication of an
open letter in which one of the morning
newspapers pointed out reasons why it
believed E. H. Hartman should be re-
moved from the control of the Union
Pacific system increased bcarish senu-
ment on the stock and contributed in a
large measure toward making this issue
one of the weakest features of the mar
ket
The letter reviewed in detail the dis
closures made at various times of Mr..
Harrimans connections with transactions
Of which Wall street or the general pub
lie did not approve. in his relations with
insurance matters. railroad matters, and
politics. The recital of all these at a
time like the present did not make pleas
ant reading for the bulls on the stock
market. who found IT useless To argue
that the letter in which they were set
forth was a one-slded document which
disregarded the notable achievements Of
the man as president of the Union Pacific,
such, for instance. as the investment ia
the stocks Of the Hill roads, which netted
very handsome profit
Ii could not be said that in selecting
defense for the Hartman management
Of the Union Pacific the friends OF Mr..
Hartman were happy in the choice Of
an argument II Mr Hartman had
bought Great Northern and Northern Pa
cidc Tor his road at low prices. and
wholly on the ground that they offered
attractive speculative opportunities for
investment. and had held them until
they reached their high levels OF last
year. ne would be entitled TO the highest
commentator for his foresight. but as
he never bought any Great Northern, and
only purchased Northern Pacific in an ef-
fort 10 wrest control from the Hiu 10
terests, in which, by the way. he failed
IL is hard to see how his entry into the
Northern Securities Company can be re-
garded as a brilliant accomplishment
Finally. it must not be forgotten that
az the time of the practical dissolution
Of the Northern Securities Company Mr.
Hartman fought IN the courts 10 compel
the Hill interests TO return 20 his road
the stock originally turned IN. which was
Northern Pacific only, but wGs compelled
20 take "a pro rata of each.
IL was against the judgment and wishes
Of the Union Pacific management that
this road came into the possession OF ara
ownership in Great Northern which
proved far more profitable, share for
share, than the roads holdings Of North
ern Pacific, ana accidental ownership
can hardly be claimed now.
What the street has begun to think Of
the Union Pacific manasmut is that fl
has accomplished a great deal by the ex-
penditure cf an enormous amount OF
money. Whether any particular ability
was necessary for the accomplishment of
great results with such means as the
road has made free use OF is another
question,
one OF the Wall street news agencies
made this statement on high authority.
that the Union Pacific MANAGEMENT VIII
at the forthcoming annual meeting vote
a larger proportion of the stocks than at
any previous meeting since the reorgaui-
zation of the road. although no special
effort has been made 20 induce the stock
holders to send in their proxies
Just what would be considered a "sue-
ciai effort" at this time. I'm view Of the
desirability of obtaining the fullest possi-
bic measure of approval for all the Off
cial acts OF the directors during the year,
was not stated
As the management could not see any
thing unusual in the very remarkable
form Of proxy sent out o. stockholders.
anything short of brass band campaign
might not be considered a special ef-
fort TO get the stockholders to specific
ally approve all the official acts Of the
management.