Evening star., 1909-09-10

| The market tumbled flat and thousands
stared ruin in the face
Two days later Hill and Hartman met
! having allowed shorts to compromise. and
thus stayed the panic. Hartman claim
| ed the control, having 5000. 900 out of
S15o.OOOOOO. the total of preferred and
common stocks He had. however,
S4l,OOOOOO. preferr-d. which Mr.. Hill in
he. Hill, with a controlling share of COM
mon stock. saw fit to vote 1t in at par
| Thus though Harriman's stock represent
ed the majority of the security of the
road, Hill had the control.
In order to compromise the situation
and avoid further friction, the Northern
securities Company was founded and both
sides turned in their Northern Pacific,
Great Northern and Burlington stocks
and received stocks of the new company.
The law soon dissolved the new company
under the Sherman antitrust act and or
dered the return of the railroad stocks.
Hartman. and his friends had deposited
Northern Pacific stocks almost entirely
and demanded Northern Pacific back,
but Mr.. Hill. who had the whiphand
stlll saw fit to make the redistribution
on pro rata basis, including the stocks
of the two other roads. Thus Mr.. Harri-
man was frozen out with a minor interest
In all three roads. The appreciation of
the securities, however swelled the Union
Pacific treasury by about $1OO 600 OOO
When they were finally sold the profit
The Ousting of Fish.
The last great railroad fight Of Harri-
| mans career was the ousting of Stuyve-
SAINT Fish as president of the Illinois
Central 1t will be remembered that
Fish had given Hartman his start In
railroading. Later Hartman was the
cause of Fishs retirement. Fish was a
conservative president. who kept his
raaroad up. and apparently believed it
| should be run with some considerable
'consideration for the legitimate stock
holders. He didn't like Harriman's sky
| rocket market tactics. and was reported
to have told Hartman that If a certain
| committee really intended an investiga-
| tion he would serve on il, but didn't in
| tend to act as a member of mock in
| VeStigation to cover up and WhiteWash
an unpleasant situation.
| lt was apparent in many ways that the
| policies of the two would bring them into
| a clash. and when the clash came Har-
| riman struck out for the control of the
road. long and bitter fight followed.
| The Illinois Central stock, controlled nv
the Union Pacific. finally brought about
MI. Fish's downfall. He was ousted and
Hartman had one of his old employees
| made president
A discharged stenographer of Harri-
mans brought to light political scandal
IN the summer of 1907. The letter which
l was published in a newspaper was writ
ten to Sidney Webster. lawyer, and in
II Hartman complained that the Roose-
welt administration had treated him shah
billy, after he had raised $225. 600 for the
1 campaign fund in 1904 The letter ended
with the question, Where do l stand?'
| Mr.. Roosevelt, much incensed, denied
Mr. Harriman's statements and wrote
/ his famous undesirable citizen letter
This was followed by the production in
the Hartman camp of the practical men
| letter." which follows:
October IA, 1904
Personal:
MY Dear Mr.. Harriman-A sugges-
ton has come to me in a roundabout
| way that You do not think it wise to come
| on to see me in these closing weeks OF
| the campaign, but that you are reluctant
| to refuse, inasmuch as I have asked you
NOW, my dear sir, you and / are practical
| men and you are on the ground and know
| the conditions better than 1 do II you
! think there is any danger Of your visit to
me causing trouble or If You think there
| is nothing special I should be informed
about or no matter in which / could give
aid, why, OF course, give up the visit for
the time being, and then, a few weeks
hence, before 1 write my message, shall
get you to come down to discuss certain
government matters not connected with
| the campaign. With great regards, sim
cerely yours.
THEODORE ROOSEVELT"
This letter. was written two weeks be-
fore Mr.. Roosevelt's election to the Presi-
dency in 1904.
Much correspondence was produced and
1t was shown that in 1905 Hartman de-
clined to contribute to the republican
congressional campaign fund, saying that
it was useless. An attack by the gov
ernment on all the lines controlled by
Hartman followed, and rigid investiga-
tons Were In vogue, but resulted in no
heavier censure than the application of
the term "unjustified financiering'' in the
final report.
From the time of the resurrection of the
Union Pacific Hartman exercised during
the remainder of his life heavy influ-
ence over the political affairs Of Califor-
MA, and the investigations in which he
inquired from time to time showed that he
hao mad no little say about New York
states own affairs.
During the closing years of his career
ne enjoyed period of peace. that is
there was no out and out war to the
knl1e. HIS old battle with the Got1lds
was patcned up. for early in the Union
racine development Hartman had coma
to the conclusion that he could achiane
success without their aid and he arted
accordingly. 'e acteo
Mr.. Hartman, besides his tou,r
at IL East 62d street, had an extans;,,e
estate at Arden. Orange county.
There, on top of peak of the Ramanc
range, ne Duilt a stone mansion at cost
| of $2OOO.OOO. The building Is as vet mr.
completed. He is survived by Mrs ua an
riman and five children; three daurhtars.
Mrs. Robert L. Gerry, Miss Marv ana
Miss Carol Hartman. and two sons
Averell and Roland Hartman.
3