Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1909-09-14
EFFECT OF HARR1MAN's DEATH.

EFFECT OF HARRINIAN'S DEATH.
A good deal has been said of the
probable effect of the death of E. H.
Hartman in financial circles. Henry
Clew's weekly financial review thus
summarizes the effect of Mr.. Harri-
mans death:
The general financial atmosphere
has been greatly clarified by the
death of Mr.. Hartman. His illness
had for weeks been the source of de-
preston and distrust in Stock Elk
change circles; his precarious condi-
ton was fully appreciated in we'll
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 sud-
denly than generally expected, but it
did not come unawares; and Mr..
Harriman's friends and associates, as
we'll as those whose interests are
tied up with his by the mutual re-
sponsibilities of finance, have had
ample time to prepare safeguards
against unnecessary excitement and
Decentralization in the stock market.
When a market leader dies there is
usually a popular disposition to look
for liquidation of his security hold
ings. Experience has again and
again proven this view to be enron
eous. Men of large affairs like Mr..
Hartman may always be depended
upon to leave their estates in excel
lent shape and under competent Dir
dection.
On the other hand the passing of
Mr.. Hartman as a factor in the f.
nancial situation must of necessity
differ from the passing of other not
ed market leaders, since he can have
no successor. There can not be and
should not be a second Hartmann;
other financial interests will not per-
NIT it; and it is eminently desirable
that this attitude should be main
tanned. Forthcoming laws will
doubtless make it impossible for any
one to dominate the Interstate rail-
road situation hereafter by his meth
DDS. Mr.. Hartman. as a great rail-
road reorganizer and upbuilder was
magnifciently successful, but his sue
cess was by no. means greater than
the risks he from time to time in
CURED in his epoch-marking specu-
1ations in securities on Union Paci-
fic's account. At one stage of the
panic, it is reported, losses on these
speculations figured into the millions,
and it is appalling to consider con-
sequences that might have accrued in
the event of the turn from extreme
decentralization not coming as prompt
ly as it did. There is, of course, moth
ing to fear from liquidation of Mr..
Harriman's personal holdings, nor in
the immediate future, at least, of
the holdings of the great railroad
system Of which he was the control
ling 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 hold
ings of the New York Central, by
which the Hartman system was to
be converted into transcontinental
one. The death of this forceful
leader mayNalso have some bearing
on the Union Pacific influence in con-
nection with the Erie and the result
III both these instances is likely to
check the X contamination of the
change in control that appeared to be
SO quietly though gradually develop
ing. In a broad sense these condi-
tions must be considered encourag.
ing for the future Of American Sc
rurfties and especially for the esti-
nation in which they are to be held
abroad. II Is highly desirable that
American railroad shares shall rep.
resent properties and not men. that
such properties shall be managed