The Washington herald., 1913-03-29
A CRUMB OF COMFORT.

tCoryright, Isl3 ty c. VI. Keys New York;
Every man who ever bought a gold
mine stock, loaned money TO a Wild
eyed inventor. or sunk a few dollars
in backing a friend in vain may clip
the following little list and lay it
away amongst his archives:
y. Y. x Atlanic s S. I'd
Mtg. NEUTRALITY-SUSPICIOUS.. 5000 No value.
Ohio Valley Ry. bonds. 1857 No value.
Bear Valley Gold. d.......... So No value
Depew Improvement Co. $1,000 No value.
Mt. Pleasant Gold....-.... sl.OOo No value.
n. Y. Typewriter Co... 800 No value
Orange County Hunt Co. $50. 900 No value
Sinnenahonins Iron and
Coal Observation-Disclosures 81 g46 800 No value
Safety Train Order Sig
nal .........................S $4,000 No value
Trophy Mining Co... $1,000 No vaha
This list looks SO much like the ordi-
nary collection of an ordinary sucker"
that 1t would appear to have no particu-
lar value by itself. Its value lies in the
fact that 1t is part-though a very
small part indeed-of the estate of a man
who was esteemed during his life time
and probably always will be esteemed
as one of the shrewdest business men
that America ever produced
These items are taken from list
'agSregating more than $4,000. 900 mar
value which appeared as part of the
assets of the estate of the late +. ii.
Hartman. There is no record of
course. that Mr.. Hartman paid for the
many stocks and bonds which appear
In this list. There is no doubt that a
man in Mr.. iarriman's position would
receive great number of offers of
stock for no consideration, and it is
possible indeed proba BILE. that there
was very little of these stocks and
bonds for which he paid cash.
Yet there are evidences in other
parts of the appraisal that even Mr..
Hartman with his wonderful genius
for values and profits was not infalli-
BILE. The two items below will illus
trate:
Valued AT
Chicago Subway -......s s.. .11l250 81. I07. S'G
Creene-Cananea Cop. s.. .O1o0O0 5000 0O1
These TWO items represent two great
speculative ventures made by Mr.. Hsr-
riman in the nope of large profits but
which undoubtedly netted large losses
instead. The copper stock item brings
back to the mind of the writer the
picturesque three-cornered tight be-
tween Mr.. Hartman Mr. Edward
Hawley. and Col. Greene-now all dead
over the control of Greene Consoli-
dated Copper. There is no record as
to what queer impulse drove this rest
less genius into a spectacular little
fighr OF this sort: but II was stated by
some of his friends at the time that
he had been induced by a friend to go
in in a small way and that he carried
the fight through simply because the
opposition stirred him into lighting
mood. Whatever the cause. the result
seems to have been a very substantial
loss.
To good many people these items
in the appraisal of a gigantic estate
left at the death of one of Americas
greatest financial geniuses may carry
a good deal of comfort: for ii is evil
dent that if a Hartman could blunder
like this there is considerable excuse
for the uninitiated investor. who. pro-
ceeding as he thinks. along a perfectly
safe and promising road. finds himself
suddenly up to his neck in the filth and
slime of a 'get-rich -qaick morass.
The real fact. of course, is some
thing quite different again. At the
very outside not more than : per cent
of the Hartman estate represented
uusound securities. The great bulk OF
IL consisted of standard stocks. stand
ard bonds. good promissory notes. and
perfectly good bank stocks and bank
deposits. On the constructive side one
may learn by reading this appraisal
that the trained business investor
risks no more than a relatively very
small proportion Of his fund in any
securities that do not represent stand
ard and established values.