The Washington times., 1907-03-16
Wall Street Flulry Was
Direct Outcome of
May 8,l90l.
Hill, Morgan, Keene, and
Moore Were the
AggreSSorS.
Hartman Started Idea
of PilgrimageS to
Washington.

Washington.
That J. +. Morgan and James ]. Hill
have paid off a grudge of several years
standing against Z. II. Hartman and
his hackers Is the view which Washing
ton, after the battle of Wall Street. is
inclined to take of the remarkable stock
furry.
The recent struggle of the railroad
giants is now looked upon as in many
ways the direct outcome of the historic
struggle Of Blue Thursday" May s.
1901 But this time the boot was on the
other leg Hartman was on the de-
fensive instead Of being the aggressor.
President Roosevelt has been keeping
close TO the Streets operations since the
troubles began to grow acute. He was
in no hurry about giving financial aid.
The explanation Of his giving it is that
conditions in New York became worse
and more threatening than even the en-
gineers of the bear movement had de-
signed. The Treasury took a hand only
when this was deemed necessary to pre-
vent widespread injtry that would have
far more disastrous results than mere
shaking down OF some Of the excess
holdings of Mr.. Hartman.
Hartman, &c is said. was overloaded
with stocks from the time when he took
on great block OF Baltimore and Ohio
me Federal authorities sat up and took
notice when they learned that Harri-
man had gone into that stock heavily
but IL was agreed that nothing effective
could be done about IL. The Interstate
Commissions inquiry brought out also
ms holdings in AtChison, New York
central. and other properties. From the
men who have been close to President
Roosevelt throughout this furry 1t has
Deen possible TO learn something Of
their impressions, which are also the
impressions they have been presenting
at the White House.
Hartman Given Immunity.
AIR Hartman got immunity from
prosecution as to some of his transac-
uo1s when he went on the witness
stand: but the story he told laid him
open 20 attack on the financial side.
The Information that has reached the
advisers Of the President and through
them undoubtedly the President. is i'm
effect that the Hill-Morgan group, the
Rock Island interests. the Gould people
and interests allied with the Wander
bits had practically united in a grand
assault on Hartman with the deter
mined purpose Of administering a lesson
10 him. In this effect they we're most
oDpOTtunely aided by Mr. Hartman
himself, who started the policy Of pill
gTimageS TO Washington, and who con-
1essed his own vulnera bleness by doing
so. Mr. Hartman talked OF the hnan-
cIal outlook as if he considered Il men
acing. Instead OF frightening the Ad-
mintstratiOn he played into the hands
OF the bear organization that was get
ting ready 10 attack him.
James J. Hin has been working hard
TOT Hartman for years. Hartman ac-
quired immense holdings in Northern
Pacific back in 1901. and though ne did
failure 10 do 80 an immensely profitable
transaction. for under the Hill manage
ment in succeeding years those stocks
mounted higher and higher. Hartman
unloading most of them Mt high prices
and investing the proceeds in other Sc
CurlueS- The story goes that he spread
himselt out so thin that his enemies,
blding their time and fOTtifyinE against
the opportunity. found il when the
Government dragging out OF Hartman
the recital of his financial methods. in
Jured public confidence in aim and his
Hartman had powerful friends and
powerful enemies. The Rock Island
group has not forgiven him for the gold
brick he handed them in Alton and
Gould has for a long time. as the most
direct competitor of the Hartman lines
known what that competition meant
The alliance Of the RockefeHers was
a
takes not, Morgan has paid several
debts to the Standard Oil crowd in tho
performance of the last few days
Morgan Yindicated
The time was when Morgan. as or
ganizer Of the steel corporation and
hacker Of Hill. was the star Of the first
radiance in the financial armament.
Then came the prolonged and heart
breaking slump in steel securities. the
dissolution of the Northern Securities
Company, the firm alliance OF Hartman
and Standard Oil interests. and Morgan
was forced TO the background Pros
perity played his game for years, how
ever. The steel securities took an I'D
ward turn and Morgan judgment was
indicated The Northern Securities
dissolution was followed by a steady adj
vance in values Of the Hil shares The
big melon" Of ore certificates and tht
recent issue of new Northern Pacific
stock all strengthened the hand and
the resources OF the Hill-Morgan group
Meanwhile Hartman was taking or
new stocks. spreading out his interests
making himself more vulnerable.
The opponents OF Hartman secured
themselves firmly in control of their
own properties. which they knew would
lose in the general engagement Their
concern was not for the day-to-da quo
tatiJnS. however. but for the control
With that secured, they need not WORRY
about temporary sag in ticker prices
They would make money out Of it. In
fact, by buying up the outstanding
shares Of their own roads at the new
low level. They would force Hartman
10 unload a lot of his holdings in order
to get money to protect others.
Keene and Moore Alliance.
In this gigantic scheme OF curbjne
Hartman and Harrimanism, there wer,
also engaged two princes Of stock mar
lSet manipulation. James R Keene anC
Judge w. II. Moore. of the Rock Island
These men. with big resources of thei
own. and i'm alliance with the others. ar,
credited with probably handing the bi.
transaction. in the main.
There is no doubt that the Administra
ton view has been rather friendly Il
the bear movement so long as 1t di,
u threaten general prosperity. Th,
feeling is that il has squeezed a lot o.
water out of stocks in fashion mOr'
effective than any governmental meas
try when the big raid came off. but thi.
IS not regarded among the Treasury peo
pie in touch with financial matters a.
in any way disproving their opinion tha
he was a factor in the AFFAIR." There Il
test of forces Morgan viii reappear az
financial world Of America.