The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-14


draw: but all this would not chill wall
Street but for those ugly Investigations
of corporations which 1t calls cooperative
batting. These Investigations hang over
the market like threatening Clouds LA
BILE to burst down In torrents every min
ute, and to play havoc with prices.
Chilling Revelations in High
Finance.
What tho Interstate Commerce Com
misson's investigation of the Hartman
lines. the Union Pacific. the Southern Pa
cifc and the Oregon Short Line, the lat
ter the holding company of the securities
through which Mr.. Hartman controls
the greatest railroad combination OF the
country, SO far has revealed. does not
form any cheering reading for specula-
tors or investors. When it ohme out
that Hartman has acquired over one
hundred million dollars new railroad
stock since July l. 1905. among which
were the stocks OF the Baltimore and
Ohio the Illinois Central the Ct. Paul,
etc, Wall Street was inclined to take
roseate view Of this. as 1t revealed great
assets of the Union Pacific. and actually
put this railroads stock up: but the
second sober thought led to less cheerful
conclusions, rs 1t was remembered that
at the very time, when those enormous
stock acquisitions were made. the lead
ing interest warned the market against
becoming too confident. and the explana-
ton of this Is that the warning was in
tended to depress stocks SO that Harri-
man and his followers could buy them at
low prices. It also begun to dawn on
the public, which follows the ups and
downs of Wall Street. that the Union
Pacific had become an enormous pool,
whcih could, IL II wanted. place the
market at its mercy any moment. And
this fear was only augmented by the
revelation how one day, when Mr.. Keene's
Southern Pacific pool Mad put UP the
price of the stock to SO. and demanded
dividend, Hartman sold" to William
Rockefeller 10000 shares of the Southern
Pacific, which, 1t is claimed. We're thrown
on the market to break the Keene pool
(Which was actually donel. and after
this transaction had done its deadly work,
bought the stock back at the same price
1t was sold. 1t was put-up Job. says
Wall Street. and 1t does not like such
tricks. Official statements of the Harri-
man roads did not contain the slightest
hint that 800 9C shares of the Southern
Pacific were sold. and manv feel just.-
fed in asking, What reliance. then. can
be had on the correctness and truthful
ness of railroad reports as long as trans
Il
obscured?
Dislike of the "One-Man Power"
Another revelation, the power given
by the board of directors to Mr.. Harri-
man to do what he pleases, to buy and
sell securities, to create debts. ETC., with
out consulting the brother directors, can
also be considered an action inconsistent
with the idea that directors are trus-
tees. and ought not to delegate their
rover and responsibilities to one man.
While 1t Is undoubtedly a great testimo-
NAL to the power Mr.. Hartman exercises
over his fellow-dlrectors all men of mil
Hons and enormous business interests,
who would hardly think to abdicate their
rights to any one else-yet. the world
looks upon the zone man power as con-
trary and repugnant to all correct ideas
OF cooperative management. On the wit
ness-stand In this investigation, one by
one, ALI the powerful foes of Mr.. Harri-
man make their appearance, and this
makes Wall Street fearful of the day
when Hartman at present looked upon
as the financial Titan of this continent,
should begin to settle his grievances with
the foes, for, Mr.. Hartman is good
mater and fighter, and has so far always
been able to get even with his ADVERSE
ries. The strongest claim that the Iar-
r!man railroad System is a combination
for restraint of trade, has SO far been
nut forward by Mr., Jeffries, the presi
dent of the Western Pacific, the new Pa.
cifc coast line built by the Goulds, and
hardly had few days elapsed when the
Acknowledgement of Missouri started n
suit to dissolve the alleged merger of tho
Missouri Pacific, Wabash and iron Noun
tain Railway Companies upon the claim
that the stocks OF the companies named
are owned by the same interests, the
( Nlot t,,@i al. -
and laws of Missouri which forbid own
ership of parallel lres by one party.
There are people who claim to SEQ Harri-
mans retaliating hand back of this Mis-
souri, affair.
If all such revelations were brought
out at the beginning of the Federal in
yestigation of the Hartman lines, what,
so asks Wall Street, can be expected,
when Hartman and his intimate asso-
cates will go on the witness.stand.
When the investigation began, Mr. Har-
riman was to be the first witness, but
happened to be sick. Fills sickness came.
1t Is claimed, at an opportune time for
1T enabled him to find out first on what
lines the investigation would proceed.
A Bitter Feeling Against the Adj
ministrat;on.
Wall Street does not like Investigations
for 1t creates uncertainty and trouble and
interferes with It's business. 1t has also
found that so far all Investigations have
brought unpleasant things to light, that
"hurt the market" But with the Har-
rlman investigation the fear OF Wall
Street will not end for then will como
the investigation OF the coal-carrylng
roads. and of the steel trust, and they
will drag along untl the time of tho next
presidential election. and may reveal
secrets of high finance not pleasant to
behold tst}5