The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-09-15
It's Condition at Harriman's
Death Is Not Known.
ON CREDIT OF THEU.P
Dead Magnate Bought Blocks
of Stock in Other Roads.
Other Items of Interest in
Railway Circles.

New York, Sept. 15.-With the dea III
of Mr.. Hartman Wall street is now
focusing it attention upon the treas
ury'' of the Union Pacific Railroad
company. Just what is there at the
present time is one of the mysteries of
high finance, for Mr.. Hartman did not
take any one into his confidence when
he engaged in manipulating the huge
blocks of stocks of other railroads,
bought with funds and upon the credit
of the Union Pacific system.
Mr. Hartman SO dominated the
Union Pacific directory that it is prob
able that not a single member of the
board has accurate knowledge of he
present condition of the treasury, or
whether the railroad investment Sc
curities have been sold or not.
The directors are w. v. S. Thor 1e,
Henry G. Frick, William G. Rockefeller.
r. w. Goelet, Charles A. Peabody, r. s.
Lovett, Frank A. Vanderlip and VII
liam Mahl, of New York; P. A. Valen-
tine A J. Earring and Marvin Hugh1tL.
of Chicago; oliver Ames, of Boston,
and Joseph F. Smith, Of Salt Lake
City.
AS chairman of an executive COM
mittee. consisting of Messrs. F'rick,
Hughitt, Lovett and Vanderlip, Mr..
Hartman was supreme. He was op-
posed to a distribution of the Union Pa
cific assets In that it meant a curteil-
ment of his power, and no man ever
had such power Here is what ought
to be in the Union Pacific treasury:
common, $7,2o6O0O worth of Baltimore
e. Ohio preferred, $3,215,o00 worth of
Chicago &, Northwestern common,
nearly $1,000. 900 worth of Chicago, Mil
waukee & St, Paul common. $1,S45,Goo
worth of Chicago, Milwaukee s. st.
Paul preferred, $14.285, 900 worth of New
York Central, $10,343, 900 worth of Chi
cago & Alton stock. Altogether there
should be nearly $S0,000,000 worth Of
outside securities in the Union Pacific
treasury.
Mr.. Hartman before his death liqui-
dated over $4,000, 900 worth of securities
in the open market, including $10,000,000
of Atchison, Topeka & Santa Fe pre-,
tours, and the remainder of his hold
fngs in the Hill lines. This will make,
with other securities, a melon of nearly
1921, 900, 900 to be cut up.
This explains the seemingly remark
able advance Of nearly Is points in
Union Pacific preferred since yester
days low mark. The old Union Pacific
900 pool in the preferred has
man is dead the members hope to share
in the division Of the big profits sup
posed to be resting in the Union PA-
cific treasury. 80
Ready to Share in the Melon.
The original pool was formed in
Union racine preferred IN 1SU4. 1IS
were Jacob H. Schiff, James
Stillman and Mr.. Hartman. The sub
scribers were largely William Rookie
Teller, his son, William G. Rockefeller,
and others identified with Standard Oil
They bought heavily into the preferred
stock and were in control and ready to
have themselves declared in on tie
melon above their per cent provided
for in the charter of the company,
when Mr.. Hartman baked. To have
permitted segregating would have been
to step out of his dominant control of
the stock market. He fought the men
who sought to lessen his power, and his
last interview was a pledge to the pub
lie that the spectators in Union Pa
cific preferred would not share in the
assets.
The actual condition Of the Union Fa-
cific treasury at the present time viii
not show in the annual report ISSUED
next December. In fact, the public will |
not have even a chance Of knowing Of |
acially in what condition Mr.. Harri-
man left the finances of the key to his |
gigantic railroad system until a year
from the coming December, or at the !
close OF 1910,