Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-10
HARTMAN Stocks UP
Financier's Death Had Been
EffectuaIIy Discounted.
U. P. MAKES UNUSUAL GAINS
Common Jumps Nearly IL Points in
New York.
PREFERRED rs UP Sl-4 POINTS
Foreign Exchanges Were Preppred
for News and There Were No
Untoward Effects.
U. P. MAKES UNUSUAL GAINS
Is UP sl4 POINTS

special Dispatch to The Star.
NEW YORK. September 10.-There was
a great atmosphere Of apprehension in
Wall street before the opening OF the
stock exchange here today, owing to the
death Of Edward H. Hartman. but the
opening Of the London market relieved
local traders Of their worst fears. There
was calmness in the trading In Amed-
can securities on the London curb that
has since been described as impressive.
At the start some Of the more conserv-
alive operators for an advance sold their
stocks. and prices recorded were generally
about point under New York's last fig-
ures Of yesterday. Immediately after
ward, however, the market showed plain
ly that the so-called big interests were
in complete control of the situation, and
purposed to prevent any effective raid
ing OF the market on the part Of the bear
interests. These evidences Of support lent
confidence of the trading. and the result
was a material recovery. which carried
prices considerably above tho New York
parity.
Activity largely centered in the Harri-
man Pacifics and In United States Steel
which led the list in the recovery.
Prices ranged between one and two
points above last nights closing figures
Union Pacific Shoots Up.
The course Of Union Pacific, Mr. Harri-
mans special stock, was watched with
interest. Before noon Union Pacific. COM
mon, sold at 2021s. a gain Of exactly 8
points from last nights closing. Union
Pacific. preferred. reached 112. a gain Of
81 points. Later the common stock
reached 2Oe
At the beginning Of the second hour of
trading there was evidence Of short COW
ering by some nervous bears. and sup
porting orders were not lacking on &C.
casion.
The rapid advance of Union Pacific,
preferred. revived the story of a segre-
In which the preferred stock. said to be
held in the main by insiders, would have
rich share. From its opening price Of
100. which In itself showed an advance
OF ~ points over night, the stock moved
up rapidly to liz shortly after IL o'clock.
In the London quotations at pm. the
following stocks showed gains Of more
than one point over the closing figures In
New York last night.
Amalsamated Copper. Is: Atchison, IN;
fic. III; Illinois Central. rs: Northern
Pacific. IL: New York Central. IL; Rock
Island. /; Southern Pacific. tx; Union
Pacific. 2h: United States Steel, 1; Wa
OdSa preIerre0, j.
Paris Bourse Calm.
PARIS. September 1O.-Although the
Paris bourse for several days past has
been hanging anxiously on news Of the
condition Of the late e. II. Hartman, the
Of the financier's death did
not create q shock. Prices opened steady,
in some cases showing improvement over
close.
Among French financiers Mr.. Harri-
mans immense power and capacity was
widely recognized. but the general feel
ing Is today that the United States Is
SO rich In resources and productive ca
pacity is SO great that the death of one
man, no matter how far-reaching his in
terests, will not stop the onward march
of the country's prosperity. The view
on this side of the water take is best
shown by the fact that offices of bankers
and brokers doing business in American
securities had predomfnance this morn
ing Of buying orders.
Although most Of the American finan-
summer have left Paris, those remain
ing, like Joseph Wood, vice president
OF the Pennsylvania railroad; Otto
Kahn of New York. George F. Baker
the the effect Of Mr. Harriman's death on
the market will be temporary and
slight. They agree on the pre-
dominant position Mr.. Hartman has
In the railroad world of
could not have been left in better
shape, and that they will fall into
good hands. Mr.. Harriman's death was
almost completely discounted. Gener-
ally speaking, they anticipate that the
estate will retain the bulk OF the hold
ings and the remainder eventually will
pass into strong hands such as ]. p.
Morgan. the Roekefellers. Kuhn. Loeb
& Co. and the National City Bank. who
will work in harmony with the other
great interests Of the country.
Mr.. Gary's Tribute
Mr. Gary said today: "Mr. Hartman
was a great man Intellectually. His tall
ents were applied especially to the man.
agement OF the leading railroad lines and
his influence in financial circles
was important, 1t is doubtful If he was
interested In the speculative markets to
the extent that sometimes was attributed
to him. Although he was at times large
purchaser of securities for investment or
control, and therefore an important inf1u-
ence in Wall street during the last few
years, he devoted himself principally to
Grafton the great railroad systems with
which he was connected and in whose
policies his voice was potential.
1.-The perception OF wisdom, the skill,
The perseverance and the patience he pos
Bessed and brought to bear on these In
cidents have placed them in a condition
which insures them against the POSSIBLE
Ity of failure in the future.
Mr.. Hartman was aggressive. and
sometimes he excited the displeasure and
Of his acQuaintances: but he
most earnestly desired peace and friend
ship with all. His death undoubtedly will
be keenly felt in the business world, and
1t may temporarily affect adversely some
conditions; but big and influential as he
was. the great and growing prosperity
by his death.
Conditions and prospects never were
better. Fortunately. the affairs Of the
concerns with which Mr.. Hartman was
particularly identified are in good hands.
Men who are thoroughly capable and ia
miliar with every detail of the business,
and who know and understand the poll
cies which make for success, are In con-
troll and will remain in charge.
If / were to pay q personal tribute
to Mr.. Hartman. 1 would say he was a
good friend to those he believed to be his
He was kind, generous and
friendly In his relations with those peo-
pie, but his most admirable characteristic
was his affection and considerable regard
for the members Of his family.
Anticipated in London.
LONDON, September 1O.-The death Of
e. H. Hartman was anticipated by the
stock exchange. and after a long period
Of uncertainty the effect of the passing
away Of the railroad magnate was not
as pronounced as had been anticipated.
Prices were marked down at the opening.
but the market was quite unconcerned,
and 1t recovered quickly and well when
l@