The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-04-13
Walk Street Journal Discusses
Union Pacific Bond Issue.
Says Harriman's Aggressive
Policy May Go Too Far.
OPPOSITION GROWING.
Monopoly of Pacific Routes Re-
garded as Dangerous.
To Get Control of Santa Fe
Would Bring About Crisis.

In discussing the proposed issue of
500, 100000 additional preferred
stock of the Union Pacific road the
Wall Street Journal says hat E. H.
Hartman has made that road "the
most tremendous weapon of conquest
ever welded by a single financial in
terest in this OF any other country"
Pursuing the subject it adds
THE credi of the Union Pacific
has conquered the west for e. H. Har-
riman. It has made him dictator of
all railroad policies on the Pacific
coast from Portland to the Gulf of
California. It has placed him in al
transportation from American pro-
ducerS to Oriental markets. He has
become the arbiter of the rate situa-
ton between Chicago and San Fran
cisco. His policy is supreme on over
5000 miles of the best railroad in
the west, and rules the destinies of
companies capitalized at more than
$780, 00, 900.
His one weapon, past, present and
future, is the Union Pacific credit.
Tha credit has been fostered by the
most careful of financial methods;
built up by the most progressive oper-
ating methods on the continent, Dor
rOWed from j. J.. Hill, it is true, but
adapted and carried farther; handled,
guarded and enhanced by the skill of
MeSsTS. Kuhn, Loeb & Co, bankers
extraordinary to Union Pacific; and,
ultimately, guided and controlled by
the railroad and financial genius of z.
H. Hartman.
There have been no great mistakes.
The decided defeat at the hands of
]. J. Hill and J. p. Morgan re-
suited in turning what was intended
to be the capture of Northern Pacific
into an investment that now nets a
profit of so per cent. hi is a moral
defeat, but an actual victory. The
purchase of Southern Pacific, the long
period of tremendous expense in
building up the Southern, Central and
Union Pacific properties, have result
ed in great and immediate benefits.
The Hartman policy q been so far
uniformly successful.
1.-The question of the hour is how
much farther the policy is to be fol-
lowed. The purchase of a large in
terest in Atchison and practical con
troll of the San Pedro, Los Angeles &
Salt Lake railroad appeared to be the
elimination of h policy west of the
Great Divide. Since that time rumor
has credited the Hartman forces with
plans to take cOntrof or chicago &
Northwestern and of New York Cen-
tral.
Undoubtedly his policy can go too
far. Throughout the west today E. H.
Hartman and his policy are Iooked at
aSkance. The practical monopoly Of
the Pacific routes is regarded, both
east and west, as a dangerous and rev
dictionary step To take control of
Atchison might bring up against Mr..
Hartman a host of forces, state, mu-
nicipal and private. It would GER
tainly bring TO a head the growing
hostility toward him among the
moneyed interests in the west, who
now regard the resumption of su-
premacy on the Gas as radical and
dangerous to the interests of the west.
Similarly the purchase of North
western, Great Western or St. Louis
in the middle west would arouse
against Union Pacific a resentment
that might take very tangible form.
Undoubtedly h purchase of North
western would start st. Paul for the
coast. It is the judgment of fnan-
ciers not connected with any of the
Hartman supremacy in the far west
depends entirely upon his ability to
hold in one kind of alliance or an
other all the lines that now give Union
Pacific transcontinental freight at the
Missouri river and at Salt Lake.
Union Pacific in alliance with North
western, Great Western, st. Paul,
Rock Island and Missouri Pacific, and
exchanging freight with all of them,
is one thing. Union Pacific tied up
with one to the exclusion of the 9TH
ers, would be quite nothe thing.
1T may be stated Is the belief and
intention of at least one system man
agement, powerful enough to put the
intention into practical effect, that a
Union Pacific line into Chicago means
a hostile line parallel to Union Pacific
to the Pacific coast"