The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-10-01
HARRIMAN'S AMBITION.
Life Work Is to Control Transcon-
tinental Railroad Business.

New York, Oct. 1.-The current re-
ports that E. H. Hartman has bought
large interest in Atchison. Topeka &
Santa Fee are founded upon the cardi-
nal fact that a. big pool composed
largely of English Hebrews has bought
within the past three years a block OF
Atchison stock, mostly common, suffi-
cient to constitute control. The pool
operated largely through Hartman
bankers in this country, and the pur-
chase was made with the concurrence
and the assistance of E. H. Hartman
and his associates.
/ The nominal head of the English
Clique is a prominent and titled Jew
VINO was once connected with the fin
anc1ng of the Egyptian loan and who
has been associated with the Roths-
childS in many business enterprises.
When the great foreign banking firm
bought heavily into Louisville & Nash
the associated partners. At that time
he formed a business friendship with
Jacob Schiff which has been made
closer by 20 years of confidence and
| friendship.
1t is believed that the Atchison pur-
chase was begun and that the pool was
formed on the suggestion of Mr.. Schiff,
who, it will be remembered was also
Hartman in his effort to save North
ern Pacific from the Hill Morgan clique
in 1901.
Back of all this lies the ambition of
Il. ii. Hartman. 1t was early in the
Cos that the pet ambition of this rail-
| road genius first took definite shape and
FORM The first step in it was the pur-
chase of the English interests in Union
Pacific. 1t was bought practically in
receiverShip. The road was in great
need of help. The foreigners were glad
enough to get out of it with anything at
all. 1t had been systematically robbed
by its friends and it's enemies and was
tottering on the brink of ruin. When
Hartman took it he reincarnated it.
Slowly he worked out salvation for it,
and with that salvation came his dream
of railroad supremacy. 1t has been his
one and only ambition from that day
to this. He is bound to control the
transcontinental railroad business of
this continent. He has given mis- life
to the work and if he lives but few
years longer he will realize it.
1t has been a hard and bitter fight
against many enemies. With the Union
Pacific alone he worked for many years.
Coils P. Huntington in those years held
the supremacy and none could dispute
it. Hartman had only to wait and he
ing up the Union Pacific, making its
credit strong and great. Men asked
why, as the road grew rich he did not
build spur lines, branches, etc. They
found out afterwards that it was be-
cause he was piling up a surplus to
create a great and uneXampled credit
for his main railroad-the company that
was to be the center and the front of
the greatest railroad system the world
has ever seen. His own closest advisers
did not know of it. He has never put
it in print, directly or indirectly. He
only went ahead, working slowly with
one definite aim in sight.
When the chance came, it came sud
denly, and was suddenly acted upon.
He bought from the reorganization COM
mittee two roads, the Oregon Short
Line and Oregon Railroad & Navigation.
He reached salt water at Portland. Hill
fought every inch of it. In the Clear
water dispute-a noted incident of
American railroad 7history-Mr. Harri-
man very nearly met his Waterloo. He
survived it only because discretion
taught him to make peace where he
could not win. So they compromised.
The truce came none too soon.
Another chapter in this story of am
bition and conquest opened early in
1901. Some years before Mr.. Hunting
tied it up with the Southern Pacific
merely to kill competition. Therefore,
the Southern Pacific owned the only
two routes to California. Atchison had
odds, the first fruits of the receivership
and the Morgan reorganization. Harri-
man was offered a chance to get
great block of Southern Pacific after
the death of c. P. Huntington. He had
previously picked up much of it i'll the
open market, quietly, unaggressively.
He closed the deal and he closed it so
suddenly that Wall street was dazed. |
1t was very simply announced one
morning-and that was all there was to
it. Hartman here replied to all those |
who had criticized the slow and conser- |
vative policy of the Union Pacific. He
500, 600 900 of Union Pacific convertible
bonds, bearing per cent. He propos- |
ed to use $40,000,000 of them to pay for
the cost of $75000,0 900 of Southern Pa |
cific stock at $50. His critics were ST. |
lent-as they well might be.
By this tremendous coup Mr.. Harri- |
man became the master OF his second,
and third Pacific coast line. He had |
his hand fairly on the railroads of the |
south Pacific coast. He had San Fran |
cisco and the whole of California at his |
the same before. More than that, he |
had the transcontinental situation fair
ly in his grasp. He could dictate terms
to all and sundry.
Then arose the Great Northern of J. |
]. Hill. The northern ports slowly
gained ground More work was made
for E. H. Hartman. He did not hest
tate. He went into the market in
millions of Northern Pacific. Finally
the fourth great Pacific route lay in his
strong box. He made terms with j. j.
Hill and ]. P. Morgan-and he made
good terms with them. Certainly he
lost Northern Pacific, and the best
opinion is said he will never get it
back again. OF that, however, the
courts have something to say.
So the summer of 1902 only two Pa
cific routes were overwhelmingly,
Atchison and Great Northern. The lat
ter was not for sale to him at any
price. The former was in the market,
no man being able to say: Il am the
owner of Santa Fee" Out of the mar
ket it is nearly impossible to take it
without causing so great a rise in the
price of the stock as to make it not
worth while. Nevertheless, the English
pool, in cooperation with E. H. Harri-
man, has bought many millions of it,
and NAV truly he said TO dominate the