The Cairo bulletin., 1909-09-13

Special.
New York, Sept. 1.-THE general
financial atmosphere has been great
ly clarified by the death of Mr. Har-
triman. His illness had for weeks
been the source of depression AMI
distrust in Stock Exchange circles:
his precarious condition was fully APP
preciated in well informed quarters,
where it was known to be only a
question of time when science could
do no more. The end came, perhaps
rather more suddenly than generally
expected, but it did not come un-
|awares; and Mr.. Harriman's friends
and associates, as we'll as those
by the mutual responsibilities of
finance, have had ample time to pre-
pare safeguards against unnecessary
excitement and decentralization in the
stock market When market leader
dies there is usually popular dis
position to look for liquidation of his
security holdings. Experience has
again and again proven this view to
be erroneous. Men of large affairs
like Mr.. Hartman may always be de-
pended upon to leave their estates in
excellent shape and under competent
direction.
Have No Successor.
On the other hand the passing OF
Mr.. Hartman as factor In the
financial situation must of necessity
differ from the passing of other noted
market leaders, since he can have no
successor. There cannot be and
should not be second Hartman
other financial interests will not per
nit it; AMI it is eminently desirable
that this attitude should 7 be main
tanned. Forthcoming laws will doubt
less make it impossible for anyone
to dominate the interstate railroad
situation hereafter by his methods.
Mr.. Hartman as great railroad re-
organizer and upbuilder was mag
nificently successful, but his success
was by no means greater than the
risks he from time to time incurred
in his epoch-making speculations in
securities on Union gaacifie's account
At one stage of the panic, it is re-
ported, losses on these speculations
inf hn
appalling to consider the conse
quences that might have accrued IN
the event of the turn from extreme
decentralization not coming as
promptly as it lid. There is, Of
course, nothing to fear from liquida
ton of Mr. Harrimans personal hold
ings, nor in the immediate future, al
least, of the holdings of the great
railroad system of which he was the
controllig influence. But beyond this
is the fact that Mr.. Hartman had in
course of development a number OF
exceedingly ambitious plans for the
extension of his railroad influence
These will probably not now be con
summated on anything like the same
basis he had in mind. Among these
plans may be mentioned his proposed
acquisition of the Vanderbilt holdings
of the New York Central, by which
the Hartman system was to be con
verified into a transcontinental one
The death of this forceful leader may
also have some bearing on the Union
Pacific influence in connection with
the Erie and the result in both these
instances is likely to check the con
summation of the change in contro
that appeared to be so quietly thouf
gradually developing. In broaC
sense these conditions must be con
sidered encouraging for the future Of
American securities and especially
for the estimation in which they are
to be held abroad. 1t Is highly de
sirable that American railroad shares
shall represent properties and not
men. that such properties shall be
managed not from the Wall Street
standpoint nor from the necessities
Iof personal speculations. They should
be managed for the shareholders as
q whole and for the development o
| the country they traverse and serve
The elimination of the personal spec
ulative element may therefore BIZ
considered a favorable step, increas
ing as it promises to do the supply
of sound investments for the future
The demise of Mr.. Hartman means