Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-15
TRADERS FEAR SENSATION
Indications Point to Consciousness OF
Something in Hartman Dissolution.
RECALL STEEL CONSOLIDATION
That Stupendous Operation u Con
doned L. Considered One Of
Mysteries Of the Age.
By w. g. NICHOLAS.


NEW YORK, December 14.-F'rom the
walls and gnashing of teeth and the gen.
eral chorus Of lamentations one would
think that the market had fallen through
the crust Of the earth and everything
gone to wreck and ruin. Such. however,
Is not the case. There has been a big
decline in stocks, it is true. ranging
from five to forty points, yet the aver
age Of prices Is still from five to fifteen
points above that Of the low figures
reached along about the last Of January
and the first of February. There Is still
considerable room between the depressed
quotations at the beginning Of the year
and those ruling now. The decline In
many of the standard issues has only
been six to ten points. although there has
been noise enough to have buried them
in the ground. An extreme decline OF
seventeen points measures the break In
United States Steel common. which has
been traded in on an enormous sca.e.
three or four times the volume OF the
entire capital having been snapped back
and forth in the last sixty days. 1t IL
quite probable that not % per cent OF the
There are about 125, 600 stockholders Of
the common and preferred, and the great
bulk Of the holding Of record is locked
up in the strong boxes Of investors.
In Union Pacific there is a larger per-
centage Of the share capital available
for use on the exchange. That has been
a great favorite with the gamblers. 1t
has gone down nearly 25 points from
the top figure and sold about points
below the inside figure made last Febru-
AIRY. Reading is still another one Of the
spectacular performers OF the street.
which has made an undue amount of
noise for the actual amount of stock
in circulation in the street. It's avail
for probably fifty times the actual shares
in public hands during the last year.
More than a majority is locked up-4O
per cent being In the treasures OF the
Yet Reading has only lost Is points
from the extreme top. and is still 16
points above the low point Of January
last. SearsRoebuck is about s. points
although it has sold down Is points
from the October high. It will be seen.
therefore. that In spite Of all the turmoil
and commotion that has convulsed the
not been excessive. There is still plenty
of room for further shrinkage before a
zeal excuse can be found for cutlery.
Climax Reached Last Week.
The climax of the present trouble seems
to have been reached in the harsh break
that took place this week A slump of
10 points in two days in a stock like
Union Pacific is enough to stir things up
for the time being, accompanied as 1t
was by tremendous raid on steel. A
variety of reasons were advanced for the
setxty and IN sdn time of tse
gossip which Is going the rounds gives
color to a suspicion that big inside f1nan-
ciers and manipulators fear that ugly dis
closures will attend the investigation in
cident to the dissolution Of Union Pacific
and Southern Pacific.
The announcement two or three days
ago that the real value OF the Hartman
estate was $4,000, 900 instead Of SEC. OOO.-
calls attention anew to the sensational
exploits of Mr.. Hartman during the last
ten years Of his life. Practically all OF
that enormous fortune was amasSed after
his ascendency to the control OF Union
Pacific and was part and parcel OF his
astounding manipulation of railroads and
railroad stocks and bonds. 1t was his
habit to handle the countless millions OF
corporation stocks and bonds and cash
under his control as though they were his
own personal property. It has always
been a mystery Just how he managed to
accumulate the vast resources which
went to make up his estate. He never
took counsel Of anybody. refused all ad-
fairs under his control.
He was also known to be the most
amazing Spectator that ever took
part in the game of speculation in
Wall street. His campaigns on the
exchange were Of surprising scope
Nothing ever happened before he came
upon the scene Of anything like the
size---not even the plays OF those giants
Of manipulation. H. H. Rogers. William
Rockefeller, John D. Rockefeller. II. C.
Frick, the Reid Moore combine or Jim
Keane in his prime. Their real magni-
tude may be disclosed for the nrst
time during the course OF the separa-
ton of the assets of Union Pacific and
Southern Pacific. which is now going
full for the approval or disapproval of
the Supreme Court Of the United States.
Fear of Sensation.
A foreknowledge of what these reve-
lations may be has probably been one
of the background factors in the
stock market lately Indications point
to a hidden consciousness of q COM
ing sensation Of surprising Importance
attendant upon the inquiry There
are other things that are OF a piece
with this Hartman matter. The In
vestigations which are in progress be-
fore congressional committees at the
present writing are quite likely to
bring into the limelight of publicity
other transactions by individuals and
combinations which will disclose the
mammoth transactions Of questionable
integrity and which will reveal to the
world the inner workings OF men OF
lofty position who have not been over
scrupulous in their speculative meth