The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-02-27

securities. I would go on and buy some
more things"
eentrated two or three more. You might
take some other line and go right into
New York?
Mr.. MiIburn-Why not?
Mr.. HaTTiman-Suppose we had a line
from New York to San Francisco |
suppose that is what you mean; would
it not be a good thing-not that we have
any idea of doing it, but would it not be
good thing?
Commissioner Lane-Supposing you got
the Santa Fe.
it
Commissioner Lane-How could we help
it?
Mr. Harriman-How could you help it
think you would bring out your power
to enforce the conditions of the Sherman
antitrust act pretty quick If you VIII
let US. ! will go and take the Santa Fe
Commissioner Lane-You would take it
tomorrow
Mr. Harriman-Why certainly l would.
I would not have any hesitation. 1t Is
pretty good property.
Commissioners Lane-Then it is only the
restriction Of the law that keeps you from
taking it?
Mr.. Hartmann would so on as long as
lived
Commissioner Lane-Then after you had
gotten the Santa Fe and had taken It,
you would also take the Northern Pacific
and the Great Northern. if you could get
them?
Mr.. Harriman-If you would let me
No Limit to the Game.
Commissioner Lane-And your power
would gradually increase as you took one
road after another. SO that you might
spread not only over the Pacific coast,
but spread over the Atlantic cOastg
0Ir VIa- ~ir1nQ " pz
ganiZatiOn increased its power?
Commissioner Lane-lt undoubtedly has.
That is what l am coming to DO you
think the law itself should intervene ana
should restrict you in power to use
money raised for railroad purposes and
raised on railroad securities to the ac-
tual improvement OF that railroad. or
should you be allowed to use it for the ac-
QUESTION of other railroads.
Mr. Harriman.-One minute. what 1
allowed to use ii for the acquisition OF
other railroads. under proper regulation
Commissioner Lane--Now what =!
Mr.. Harriman.-0ne minute. what 1
mean is this: AS the law exists, railroads
are prevented from consolidating or COM
bining. Take the instance OF the i BuII-
ington Great Northern and Northern
Pacific 1t was not a; good thing for the
Northern Pacific and the Great Northern
and Burlington, or for the Northern rae
fife and Great Northern. to buy all the
stock and eliminate from the SITUATION
1900 or 1900 small stockholders into
creditors so that they were eliminated
from the development of the business on
the lines of the railroad. They did not
care anything about 1t as long as they
got the interest on the bonds. Now, If
we had some legal method whereby the
Burlington and Northern Pacific and
Great Northern. under some legal re-
strictiOn. had been permitted to make con-
tracts by which they could approximately
have accomplished the same thing. 1t
would not have been necessary to issue
the S20G.00o001 of bonds to acquire the
Burlington stock, and the ownership of
these Securities would have been in the
hands of the people, where. | believe, 1t
is better it should he. We have never
gone to the extent of eliminating, as far
as we could possibly avoid 1t, ownership
by small people in our property; we have
been partners of theirs and have tried
tc be partners TO the public.
Increased Powers.
Commissioner Lane-And You want the
powers of the commission still further in
Mr.. Harriman.-I cannot say that | do,
unless we have our own powers increased.
Commissioner Lane.-You want your
power Increased so that you can com
bine. and you want us given power in the
first place to insure the rate
Mr.. Harriman--Yes, to regulate and go
hand in hand with us There is no other
country in the world where the business
interests are so antagonized by the gov
eminent as this one.
Commissioner Lane--Where is there
another government in the world which
has given so much land and money to
the railroads as this?
Mr. Harriman.-But there is no other
country in which railroads have improv-
ed the country as in this country.
Commissioner Lane-Is il not a fact
that every regulatiye act on the railroad
is the result of some policy pursued by
the railroads themseives2
Mr. Hartmann believe YOU are right
think the railroads themselves are more
! to blame than any one factor for the con-
dition that exists today. the anita gonisms
between the people and the legislatures
and the railroads themselves.
Statement Regarding the Alton.
At the adjournment of the hearing of
the interstate commerce commission the
/. annendQ6 Statement Was made nulIfc ii,