New-York tribune., 1909-09-12
The Financial World.

| best opportunity for actual information tbs
| deeth AZ Arden came great surprise. for
though for long time II known that tha
Union Pacific hnancier was physically en-
| feeolAd. still they who the very closest "a
| him had reliance that ultimately health was "a
/ coverable. even the foremost OF medical author
tiles agreeing in that belief The trip 70 Eurcp.
was exhaustine. II may be. too--unfortunstalv
that some basis can be found for a much dis
~eussed Stock Exchange report that sudden un-
expected corporation controversies brought v-s--
/ rying excitement.
What the death annOuneement made clear =,
every informed observer was that Mr. Hartman
at the very zenith of success. become more ue7v
/ erful than ever was railroad manager befcr.
| had been overtaken with vast plans stJV n
| state Of incompletsness. And what every alert
mind naturally FASTENED 20 seek was some basis
upon which to calculate the immediate fItl1r. 90
| the vast business system which had come n
| bear the hallmark of this one mans name-has-
| tened to endeavor TO md what might be seousls
| to negotiations au1bitio1sy advanced but vs.
| unaccomplished. Just priu7itivaly natural fs y
that under such security market circumstance
| there should be security market favsrishnas.
| that nervous investors should be harried i7to
liquidation, that spectators unsentirentaI even
| to savagery should ram and jam quotations
| ruthlessly
Days before the end came coyote cries msu-
daciousIy abounded FaIsehOods trooped hourly.
fakes were every minute on parade And every
device known TO professional manipUlators was
used brutally- That values showed hrmness was
| strange-attested phenomenal intrinsic strength
Union Pacific FELL Southern Pacific went down
the entire Hartman list yielded. The Stock
Exchange had closed before Mr.. Hartman 6-d
on Thursday; but throughout all that days ses-
sion stocks had been pounded mereilessly TO
ready dead and that announcement OF the bad
news was being suppressed in the interests OF
stock 1ObbeTy. Hundreds OF thousands 81
shares were thrown upon the market-not real
stocks. but phantom stocks. short" stocks in
tremendous maiortty-nOt real stocks but con
tracts entered into by spectators for future de-
livery. contracts based upon the expectation Of
professional gamblers that thus they could make
vast profit by being a little later able 70 buy
And thus there was natural perturbation
throughout all Wall Street when. after this ter
rifle bear campaigning, there followed later in
the day the final official announcements that the
end had come. II was with difficulty the utmost
that anywhere could be found in Wall Street
circles hearts brave enough 20 believe that aught
else than further havoc. and worse. must be the
sequel for Friday After the markets close
figures
Fridays record will be a Wall Street record
long lasting. In past Stock Exchange history
nothing has been like it, Though the pIungers
overlooked no contributing element Of denorali-
zation-and exerted themselves energetcally in
opening foreign markets dOwn-the entire bear
battalion from the very opening minute on the
New York Stock Exchange were forthwith in
distress Such speculative sacrifice has seldom
been Notwithstanding traders who came N
Friday mornings business confident Of disaster
profits stupendous were. before the DAY was out.
so merCileSSly punished to be literally beg
ging lenieDcy. Union Pacific from the low figure
that spectators had made for it Thursday
was buOyant some 10 points higher this one day
later. IT was still further points higher yestsr-
day. II Is a record superb. marvellous. II will
last as Stock Exchange history. II has nme-
date consequence; II is teaching lessons that
will not be soon again ignored The American
security market is helped. strengthened made
more wholesome, by very reason Of il.
Armies OF theorists are busy affecting to have
explanations Of how the amazing market revo-
luton OF the last two days has been brought
about Some OF the guesses have circuulstantial
plausibiltty, but most are the veriest fooishness
1t is not Of the greatest consequence what NAV
have been the immediate influence: what has
become distinctly clear is that the present Sc
eurity market Is inherently stanch beyond all
peradventure-that even in the face OF the most
violent assault is not to be denoraIized
While Mr. Hartman leaves many great bust
ness plans incomplete all candid critics Of the
Hartman career will be found agreeing that u
is of the highest probability that ample arrange
ments have been made for their proce,Iurs and
their success-for il is recognized that tt was
never the Hartman habit 70 make publfc an
nouncements OF plans merely considered but
Only aItef tnelr maturity, only after he was
sure Of their practicability, after he had can
vassed preliminary details and was assured Of
the cooperation of those associates upon whom
was to be imposed the responsibility for exscu-
tion.
And with the certainty or this basic fact IL
can De confidently counted upon that whether 70
1e as 10 New York Central or Northwestern, or
Erie or any other properties. the Hartman e
programme has been left in no uDcerrair shane
but stays feasible. ready for accomplishment
sane market measurement will be upon tha
basis NOT OF what might have been poSsibIe had
Mr.. Harrinan's personal supervision rs-T-si7ei
but by the degree Of faithfliIness in the avsc,I-
tlon OF the plans his genius developed When a
score score OF years ago William H. Vanderbilt sui
Gehy IeH dead there was 70 some extent the
same wall street hubbub which atten tel the
expiring days or Mr.. Hartman: and the wise
speculators or that time noisily repudistNd quo
western shares far under par vare-both
promptly proceeding to 200 and higher Final
test IS the test OF intrinsic value always
While in overwhelming volume the vssk's
transactions have been in relatively few stocks.
the entire list has strength at the closs after
having been generally under pressure Most
net changes are advances United States steel
common has reached a new high record his
impossible 70 Overestimate the confidence which
the public is giving to this particular property
1t is little questioned now that par will becOms
the stocks quotation.
In a number OF the lower priced railroad issues
II seems certain that market value betterme1s
will be scored as soon as current feverishness "a
ont OF the market Chesapeake and Ohio may
be an early leader. II has the merit necessary.
Eight per cent. at least will be shown upon the
stock this neutrality-suspicious. OF those develcp-
mentS which fnanCierS close to Edwin Hawiey
believe near at hand
Denver and Rio GTande. soon to be vastly adj