The Birmingham age-herald., 1908-08-09

many think it was not-yet stocks have been boosted 20 to 60 points and held there. There is no going back on the record of the tape. The thing was done and the recovery in prices can be meas ured in the billions of dollars The rise has carried the average of prices nearly two-thirds of the way to the high levels of 1907 It was an astounding perform- ance, and chief credit is due to the in- domitable Hartman, branded as the most undesirable citizen of Wall street.-the se lected "bad man" from a long list of wealthy malefactors"
 It is not the purpose of this letter to refute the attacks on MT. Hartman, or to minimize or excuse his financial inn moralites, but simply to take his pres ent measure as a Wall street proposi- tion and to speculate in an entirely legit- innate manner on what might happen if he should be removed from the sphere of his astounding activities.
 He is a mere mortal after all, and a rather frail one at that He is verging on 62 years of age. He is on so-called vacation which is to last two months, and which is to embrace a journey of 10.- 900 miles and take him into kinetoscop- ic succession of scenes and situations certainly more dangerous than the daily routine of passage between the Fifth av- enue mansion and 120 Broadway, or Ards ley on the Erie and 12O Broadway This expedition makes entirely unnecessary any apology for the discussion on the question of what might occur in the event of his death.
 Nobody imagines for an instant that the values he has created or helped create would be wiped out by his demise, but such an event could hardly fail to pro- duce great confusion in the transporta- tion world and in Wall street for the time being.
 For, be it known, MT. Hartman leaves no heir to whom he can transmit his genius and no trustees qualified to carry out his law unto himself, and in the con- duct of his affairs he has been a law unto himself, and, in the conduct of his affairs he has surrounded himself with agents and groups each acquainted in part or whole with fractional features of the big programme, but none familiar with all. It is hardly conceivable that any man can be found big enough to take up the work where he would leave off, if plucked suddenly from this life or any group of men. He leaves no understudy. He has never trained one to fill his job.
 In the past, the business world and Wall street successfully withstood the shock of the death of its biggest and most influential men-its Tom Scotts. its Commodore" Vanderbilts, its Gov ernor Flowers, it's Jay Goulds, its "Jim' Fisks, it's w. H. Vanderbilts, its "Phil' Armours, it's Marshall Fields and its A. T. Stewards, just as it will survive the decease of its J. P. Morgans, its John D. Rockefellers. its Andrew Carnegies and its E. H. Harrimans. Yet 1t is a fact that the annals of Wall street fail to reveal a character as commanding as the grouchy, dyspeptic little old man, who holds in the hollow of his hand at this moment the destinies of Union Pa cific, Southern Pacific. Erie, Illinois Gen. tral, Atchison, Baltimore and Ohio, Del aware and Hudson, Reading, and dozen smaller lines, as well as more than 20 banks. trust companies, industrials and express companies, besides vast irriga- tion projects on the Pacific coast, and traction properties in many cities.
 The railroads named have about 4O,00O mileage, a shore capital of nearly $1, ,500 . OOO, 900 and bonded debt of more than that much. His railroads earn about $500, ,000, 900 a year. He has the call on the resources of more than $5oo,00o,0o0 bank ing and insurance capital.
 street "Buffaloed' He has 1t in state of abject submission. The strongest of his old time rivals jump when he crooks his finger and kow tow to him when- ever they have a chance.
 He has generated the bull market of the last 100 days and his machinery is still under 1t, giving the structure back bone and courage. It was not until long after Hartman had demonstrated his