The San Francisco call., 1908-11-29
Dispatches From New York Tell
of Visit of United Railroads
Man TO hartman
Local Bankers Advised Presi.
dent TO Retire. and Restore
Confidence in Company
Delay in Returning as. Witness
in Ruef Case VIII Result in
an Investigation


That negotiations for the sale of the
Cnited RAILROADS to f H. Hartman
are responsible -for-the- prolonged stay
OF Patrick Calhoun in New York, as re-
ported Friday. is doukted no longer by
local brokers.
Before the business Of the day closed
yesterday several firms here had re-
oeived advices that negotiations be-
en- the agents OF Hartman and Cal
hosn were on in New York in earnest
and it was expected that a movement
Of the United Railroads stock would
give tie first signal of the change in a
few days. According to-. advices re-
ceived from New York yesterday, no
formal transfer of the United Rail
roads could be made until the annual
meeting Of the directors Of the holding
company-the United Railways invest
ment company-in New Jersey next
month. But the deal could be arranged
easily In advance and that is what New
York hnanciers believe is being done.
CALHOUN VISITS HARTMAN
Patrick Calhoun. according to dis
patches from New York last night. was
a visitor at F. II. IIarriman's Office yes
terday. Another report said that the re-
cent visit to. New York of William F.
Herrin was principally for the purpose
OF consulting with Hartman regard
ing the condition Of the United Rail
roads
Ernest Ladenburg of the firm Of La
dcnburg, Thalmann & CO. Of which Pat
rick Calhoun is q member, and which
has been the fnanciering medium for
the United Railroads. was besieged yes
teroay by Gnanciers for some state
ment concerning the reported deal, but
his only reply was a feeble denial Of
the story Even this denial was made
only after he had attempted to evade
in every possible way answering the
questions put 10 him.
Locally the opinion prevails that
Calhoun VIII have TO retire from the
presidency OF the United railroads even
u Hartman does not succeed in his
negotiations. Several months ago
calhoun was advised by the representa-
tiTcs Of two of the largest banks in
san Francisco that his retirement would
he Of advantage 10 the company.
COULD NOT HOLD CONFIDENCE
Tt was shown to him that as long as
he remained at the head Of the big
street railway system it would not en-
Joy the confidence Of the san Francisco
public, which -was disposed to regard
with suspicion any request the com
pany might ask Of the supervisors
Calhoun was inclined TO accept the
advice in anything but a friendly way
but the bankers were Insistent and he
agreed finally with one Of them that he
would take the. matter up with his as
sociates when he visited New York.
That he did so is not doubted by those
who advised him. and they believe that
their wen meant suggestion was partly
responsible for the reported conference
IN New York with the Hartman agents
The district attorney and his asso-
ciates in the graft prosecution who
consented 10 Calhoun leaving san
Francisco are at a loss for an expla-
nation Of his prolonged absence. He
promised to return in time to attend
the opening Of the Ruef trial, but when
the prosecution asked recenuN why he
had not returned Calhoun's attorney.
Stanley Moore. replied that he could
not explain
CALHOUN MUST EXPLAIN
calhoun win be expected to give
some good reason for fis failure 10
appear. and the belief exists now that
st viii be that he was detained By the
deal which wiz involve the future con-
troll Of the railway system, whose
funds he was accused Of using TO de-
bauch a board Of supervisors
dispatch TO Tire Call last night
stated that the clerks in the United
Railways investment comDany's Office in
New York were busy preparing elab-
crate reports Of the various railway
systems controlled by the. holding COM
pany. but the head Of that concern said
they were simply the reports that. are
prepared annually for the meeting OF
the directors
While Hartman is reported to be
dealing with the agents of the invest
ment company it is understood that he
viii not take over ali Of its holding,
---------- IL ~.