The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1907-03-16
HARTMAN
HEAVY LOSER
1t Is Said He Lost His Per-
sonaI Fortune
ALSO CONTROL OF U. P.
THE SLUMP IN THE STOCK MAR.
KET IS SAID TO HAVE BEEN
DISASTROUS FOR THE RAIL
ROAD MAGNATE -. VICTORY
SEEN FOR HILL FORCES.

Hneu report from authentic sources,
that Il. I'll. Hartman has lost his per-
.sonal fortune, his control of the Union
Pacific and allied properties and his
prestige in the railroad world.
7 1t is even stated that Kuhn, Loeb 6,
Co, have parted company with Mr..
Hartman, and sold out large blocks of
Union Pacific and other stocks which
he had hypothecated in loans.
When these reports were brought to
the attention of prominent young
banker, whose sources of information
regarding Hartman matters are un-
usual, he said that in his opinion there
could be no doubt that j. r. Morgan 81
Co. and Kuhn, Loeb & Co. had joined
forces.
1t is believed that for a long time
there has been a very good UNDER
standing between the Morgan and the
leading Standard Oil interests.
According to the banking interests
who hold that Mr.. Hartman has pass
ed as a prominent figure in the railroad
and financial world, it is said that the
Standard Oil party decided that in view
of the present condition of sentiment
throughout the United States towards
the larger corporations, they could no
longer stand sponsors for Mr.. Harri-
man, and allow him to hold the posi-
ton which he had assumed in rail-
road, financial and even political af-
fairs.
Because of the condition in which the
Rock Island interests found the treas
ury of the Chicago & Alton they are
very sore toward Mr.. Hartman.
Daniel G. Reid one of the Rock Is
land Big Four, has been one of the
biggest bear operators in the stock
market for many weeks. There is not
a more daring operator in Wall street,
not excepting James r. Keene.
1t is understood that Dan" Reid
made a special. target of the Hartman
stocks from the outset and that i'm his
attacks ne has had the moral if not the
financial, support of J. p. Morgan d Co.
Allied with the latter are the First Ma
tional bank interests, that are heavily
committed to the Rock Island proper
ties.
While it is said that the members of
the First National bank party are also
allied with James j. Hill in both the
Northern Pacific and Great Northern,
and are supposed to have suffered
heavy losses through the tremendous
declines in the stocks of both those
companies, still they hold that ]. p.
Morgan e Co. have been suspiciously
easy throughout the slump.
The same is true of James Speyer,
who has no love for Hartman. He
has been extremely conservative re-
garding the financial situation for
many months, and yesterday, upon his
return from Wednesdays conference
with President Roosevelt and Secre-
tary Cortelyou, was apparently as hap
by and unconcerned as would be q
Speculation for whom the market was
going his way at the rate of a point at
a clip.
The idea will not down that all of
these powerful banking interests have
combined to force Hartman out and
that they have accomplished their end
fully.
Ii the foregoing is true, it is certain
ly a great victory for James j, Hill and
his associates, but is only an incident
in the events of the last two days.
The most important features will de-
velop in the aftermath.
A prominent banker in discussing the
situation yesterday afternoon express
ed the opinion that the events which
have eliminated in the terrible slump
of Wednesday and yesterday mean the
loss of not only of futures but the pass
ing OF the control Of railroad properties
and a Encouragement of the railroad
map and the passing also from posi-
tons of great Importance and power of
a few railroad men VINO have doninat-
ed the affairs Of some of the largest
railroads to the detriment largely Of
thousands of individuals, chiefly ship
pers.
In his opinion, Hartman and a few
other hitherto railroad magnates will
no longer be able to juggle the affairs
Of those corporations as 1t was shown
by the interstate commerce commits
sion Hartman and his associates had
done, notably in the case of the Chica-
go q Alton.
This banker is confident that the
panic in the stock market was due to
q considerable extent to an awakening
on the part of the people to the gross
In corporate manag cement,
and to a decision on their part to take
their money from Wall street and to-
invest II in local enterprises not con-
trolled by Wal street. He believes that
the people have Roosevelt to thank for
bringing actual conditions to light
In his opinion also the effect Of the
slump In Wall street upon the general
business Of the country win be felt in
about three months.
The high rates for call money
Wednesday and Thursday were at least
an ostensible factor in the slump, and
after the close Of business the expect
90 announcement Of relief measures
from Washington was received.
It Is understood that the National
City and First National banks OF this
city are able to supply large part
of the s25,O0O,OoO bonds which secre-
tary Cortelyou has offered To redeem.
Incidentally these inatff4fffnf1s will