The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-04-01
SOCIETY MEN
LOST S8,000,000.
Pool Which Took Harriman's
Union Pacific Zip Was
Hard Hit.
HAD TO SELL 100000 SHARES
Three Sided With Hartman and
Helped Dust stuyvcsant Fish
from Illinois Central.

ANIL w oISINt NlhICil OIL w 40
learned yesterday that three of tho
heaviest losers in the Erich Mans
Panic. in Wall Street are John jacob
Astor, Robert w. Goelet and Cornelius
Vanderbilt. Their aggregate losses are
said to be between ss,ooo,ooo and So
the Union Pacific stock on a "tip"
given them by u. Fl. Hartman.
Col. Aston and Mr.. Goclet are both
very rich. and notwithstanding the inn
mensity of their Losses their incomes
are not materially affected. Both. how
ever. are regarded as "close" in tho
financial district. and are said to view
the consequences of their stock mar
kct plunge with sorrow and chagrln.
Cornelius Vanderbilt Is not nearly so
rich as the other two. He was prac-
tically diainherited because of his mar
rage to Miss Grace Wilson. settle
ment was subsequently, effected. by
which Cornelius got about s6.00o,o0O.
He had. 1t is said. about SS,00O.000
when he Joined the other two In tho
Union Pacific speculation.
Vanderbilt Loses 100000.
Mr.. Nanderbilts share In the pool. 1t
is said, was not quito SO heavy as
Col. Astor's and Mr.. Goelet's. His loss
Is stated to be about S2,O00.000, and
tho losses Of the other two In excess OF
$4,000, 900 each.
The three society men arc directors
OF the. Illinois Central Railroad hav-
ing been put into the board by Stuy-
vcsant Fish when he was president OF
that road. They were all personal
friends of Mr.. Fish and he counted on
their support when Il. II. Hartman
started the campaign to drive him out
OF tic presidency OF the road
The three had always voted with Mr..
Fish UP to June. 1906. Then they sud-
denly swung over to Mr.. Hartman and
voted with him In all matters which
that astute fnancier brought up In the
board meetings and which eliminated
in tho deposition OF Mr.. Fish In Octo-
Der last.
The underlying cause of their deser-
ton of Mr.. Fish was mystery until
the recent slump came. This revealed
the existence OF the huge Astor-
Vanderbilt-Goelet pool.
Mr.. Hartman. it is said, won the
friendship of the three by advising
them to buy Union Pacific prior to the
famous meeting in August last when
the dividend rate was unexpectedly in
creased from six to ten per cent, the
price of the stock running up in few
days from 160 to 1885,
IL is salu that as result of this
inside information they bought some
thing in excess of 100000 shares of
Union Pacific. AIR. Hartman. as evil
dence of good faith, is said to have
taken Il small interest in the pool
The 100000 shares were accumulated
all the way from 100 to $50. They
We're advised, 1t is said, to hold the
stock until 1t crossed the zoo mark
The members of the pool were in
high good humor with Union Pacific
and with Mr.. Hartman when the hit
nots Central meeting occurred at which
a president was to be elected. All
three voted for the election as presi.
dent of Vice-Prcsident Harahan Hnrri-
mans choice and the OustinE of Mr..
Fish was made certain.
The three amateur. plungers Kept
their pool Intact even after the frs.
of the year. when prices began to sas;.
Advised to sit Tight
They were advised to wait for the
upward reaction. which would follow
the Commerce Commissions inquiry.
Inc reaction did not come. and by the
end of February they found they could
not sell except at a tremendous loss.
They continued to hold on through
the iirst ten days of March. The con-
.dltlon of the market was steadily be-
coming moro alarming. Finally came
the big break on March 18th, when
Union Pacific dropped from 156 81
tc l45 IL, loss OF II Ia points on
the day. and II loss to the pool of
sa,-50.OOo. The next day came the
panic of March 1Ath, when the price
dropped to 120 Ia.
This was the day the pool liquidlted,
getting rid of 100000 shares on the
aoor OF the exchange. and causing the
pcrpendicular drop of 20 points which
Onion Pacific suffered on that day.
The pool members, It's said. md 70
dispose of their other 100000 shares to
bankers, who took them owe, 1T 10,
o; 1o1-4 points below the lo,H est point
the stock SOLD at on the Stoc:l In
change.
& The average price which the pool
got for its shares is said to have Ecnn
a shade under %. or a los, o. u iriic
lnore than forty pointr Il si;,re-or
more than ss,ooo,oOo cor N, antire
holdings.