The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1909-09-13
DEAD MAGNATE WILL
/ HAVE NO SUCCESSOR
Other Financial Interests viii Not
Permit a Second Harrman--Condi.
tons Encouraging for the Future OF
American Securities.

Henry Clews, regarded by many of
the greatest financiers as the "wisest
man in Wall street. on financial mat
tiers, says in his weekly letter today:
THE general financial atmosphere
has been greatly clarified by the death
of Mr.. Hartman. His illness had for |
weeks been the source of depression |
cles; his precarious condition was fully
appreciated in well incormed quar-
ters, 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 una
, wares; and Mr.. Harriman's friends and
associates, as well as those whose in
terests are tied up with his by the
have had ample time to prepare safe
guards against unnecessary excite
ment and decentralization in the stock
market When a market leader dies
there is usually popular disposition
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 depended upon to leave
Al, 10, ont Ch
under competent direction.
Can Have No Successor
ION the other hand the passing
of Mr.. Hartman as a 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 a second Hartman;
other financial interests will not per-
nit it; and it is eminently desirable
that this attitude should be main
tanned. Forthcoming laws will doubt
less make it impossible for anyone to
dominate the interstate railroad sit
iuation hereafter by his methods. Mr..
Hartman as great railroad reor
ganizer and upbuilder was magnifi
Gently successful, but his success was
by no means greater than the risks he
from time to time incurred in his
epoch-making speculations in securi-
ties on Union Pacific's account. Al
one stage of the panic, it is reported
losses on these speculations figured
into the millions, and it is appalling
to consider consequences that might
have accrued in the event Of the turn
from extreme decentralization not com
ing as promptly as it did. There Is, Of
course, nothing to fear from l1qulda
lion of Mr.. Harriman's personal hold
Iings. nor in the Immediately future, a
least. of the holdings of the great rail-
road system of which he was the con
trolling influence.
His Ambitious Plans.
But beyond this is the fact ina
Mr.. Hartman had in course of deyel
opment a number of exceedingly am
bilious plans for the extension OF nj
9 railroad influence. These will proba
bly not now be consummated on an!
8 thing like the same basis he had i
mind. Among these plans may D
mentioned his proposed acquisition c
the Vanderbilt holdings of the New
York Central, by which the Harrima
, system was to be converted into
transcontinental one. The death c
IS this forceful leader may also haN
some bearing on the Union Pacif
influence in connection with the Err
r. and the result in both these instance
: is likely to check the consummation
+ the change in control that appeart
to be so quietly though gradually d
veloping. In broad sense these co
Editions must be considered encoura
ing for the future of American secu
!. ties and especially for the estimate
in which they are to be held abroa
:, lit is highly desirable that Americ'
Ok railroad shares shall represent prop'
ties and not men, that such properti