The Washington times., 1907-01-06
WHO CAN CALL HALT ON HARTMAN?

vest the proceeds in the stock OF the
latest railroad that has appealed TO him
as a good thing
The Way He Does It.
Suppose that railroad be the New
York Central. Mr.. Hartman could in
vest in New York Central. and in turn
put his New York Central stock in n e
treasury of the Oregon Short Line.
After a while. by dlnt OF a few more
turns Of piedging. borrowing, and buy
ing stocks. he would have control OF
Tie stock of the New York Central
Then. if it occurred 10 him that the
Southern Railway would be a desirable
acquisition 10 the system. he could
pledge his New York Central holdings
ard anything else that he might have
on hand. at the time and proceed to
buy up the stock OF the Southern.
There seems 10 be no limit 10 the pos
sibiliues OF the system so long as all
OF the rjads which are parts OF the
chain are profitable and produce large
enough dividends 10 pay the interest on
the various loans.
capacity for borrowing seems 70 5e
absolutely unlimited. Unless the IN
terstate Commerce Commission inquiry
leads 10 prosecution. and prosecution
leads q some sort of judicial decree
that shall bottle up the organizing and
constructive genius Of this man. no
reason is apparent why he should not
go right ahead buying more and more
railroads
Began Eleven Years Ago.
II was only IN 1895 that Hartman Sc
cured control Of the bankrupt and Drok-
en- down Union Pacific system by 3ayir 3
on the Government mortgage Of sOme-
thing like S55.o0j.Oc0 against H. II was
a mighty doubtful investment in the
minds of a large part OF the financial
world at that time. Yet in eleven years
Hartman has not only made II pay
ing property. but has extended II. i'm
proved, developed its business. absorbed
more lines and expanded his system un-
al he now absolutely controls something
like 25.O0O miles Of road. and. as has
been shown. has within the last six
months been buying into the stocks OF
still other systems at a rate which in
dictates a purpose 10 secure control OF
them.
Leave Kr. Hartman alone for an
other ten years. grant him a oontiR-
uanes Of prosperous times; permit 10
interference BY Government with the
present system Of charging "su the
trafie win bear" interiors in no wise
with the financial policy which builds
mp fat SURPRISES in the treasures OF
his various corporations; continue the
present relations between hiIn and the
great Standard oil group OF multi
miIlionaires whose incomes seem 20 be
at his disposal for investment in rail-
road Hecuritiesi keep the hand OF the
law ana the microscope OF invsstiga-
ton from intruding themselves into
lis enterprises.
There seems no possible reason Why
Mr. Hartman, before the end of AS
business career. should not actually
be what he Is already called. the king
Of the American railroad system He
would not own 10 all. but he would
have absolute control, and year by year
he would bring himself nearer and
nearer TO actual ownership.
All OF which suggt sts-but that is an
other story. Theodore Roosevelt knows
some OF the things that 1t suggests. and
he does not believe them desirable.
That 5 why the Interstate Commerce
Commission IS now engaged in asking
disagreeable, searching questions Of Mr.
Hartman and his lieutenants. anG in
sisung on categorical answers.
Astounding Revelations.
The astounding revelations of high
finance which have been brought out
Ina the initial hearings Of the Interstate
Commission inquiry into the Harri-
man railroad and financial system
have made political and administrative
Washington hold their breath in
amaZement
II can be said that the least sur
prised people, when they read of the
maze OF transactions by which Har-
rimau has come into control OF 3 .00)
miles Of road and has been fast reaching
out toward control Of as much more,
were the officials Of the Interstate COM
merce Commission. They have known,
in a general way, though without accu-
rate detail, Of the recent development OF
Hartman plans. II viii be recalled
that former President Stuyyesant Fish,
OF the Illinois Central, visited Washing
ton soon after II was armour ced that
there would be such an inquiry TITO the
Hartman system, and that he spent
considerable time with President Roose-
Welt and Chairman Knapp, Of the Inter
state Commerce Commission
The belief here is that on those lists
and perhaps at other times Mr. Fish
placed At the disposal Of the coumis-
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