Daily Arizona silver belt., 1907-02-27
HARRI MAN IN
 THE STAR ROLE

suance of $l00,O00,00O in bonds and traced the purchases to Portland, on to the Orient by steamship lines, back to San Francisco, to Ogden, to New Or. leans, to New York by steamships, into Northern Pacific, into Alton, Illinois Central, the Santa Fe, Baltimore & Ohio and New York Central
 He faced the witness and said:
 "Where is this thing going to stopH'
 Would Buy More
 The master operator smiled; then ner- vously said: ''I think it has stopped. I don't think we have any more l would go on if l thought we could real ize something more than we have got from those securities. l would go on and buy some more things"
 Lane-Now suppose you concentrated two or three more You might take some other line and go right into New York.
 Harriman-Suppose we had line from New York to San Francisco. l suppose it is what you mean; would it not be good thing-not that we have any idea of doing it; but would it not be good thing!
 Lane-Supposing you got the Santa Feg
 Harriman-You would not let us get it.
 Lane-How could we help itY
 Harriman-T think you could bring out your power to enforce conditions of the sherman antitrust act pretty quick. If you will let us, I will go and take the Santa Fe tomorrow.
 Lane-You would take it tomorrows
 Harriman-Why, certainly l would. I would not have any hesitation. It is pretty good property.
 Lane-Then it is only restriction of law that keeps you from takingl
 Would Keep on Forever
 Harriman-I would go on as long as lived.
 Lane-Then after you had gotten the Santa Fe, you would take the Northern Pacific and the Great Northern if you could get themi
 Harriman-If you would let me.
 Lane-Your power would gradually increase as you took one road after an other so that you might spread not only over the Pacific coast, but spread out over the Atlantie2
 Harriman-Yes; but hasn't your or ganization increased its power9
 Lane-Undoubted it has. That is what it is coming to. Do you think the law itself should intervene and should restrict you to use the money raised on railroad securities to actual improvement of that railroad. or should you be allowed to use it for the ae- Suisition of other railroadsl Wants More Power Harriman--I think we should be al lowed to use it for the acquisition of other railroads under regulations, As the law exists, railroads are prevented from consolidating or combining. Take for instance the Burlington, Great Nor thern and Northern Pacific. II was not good thing for them or for Great Nor | thern and Northern Pacific to buy all the stock and eliminate from the sys- tenn l5.00O or l6.000 small stockholders | That is what they did. They turned those small stockholders from stock holders into creditors, so that they were eliminated from the development of business on the lines of the railroads They did not care as long as they got | inteerst on the bonds.
 Lane-You want the power of the commission still further increasedl
 Harriman--I cannot say 1 do, unless we have our powers increased.
 Lane-You want your powers increas ed so you can combine and you want us given power to insure your ratesg
 Antagonized by Government
 Harriman-Yes to regulate and go hand in hand with us. There is not a country in the world where business interests are so antagonized by the government as this. Lane-Where is another government in the world which has given so much land and money to railroadsi Harriman-But there is no country where the railroads have improved the country as this,
 Lane--Is it not fact that every regulative order on railroads is the re- suit of some policy pursued by the rail roads themselvesi
 Harriman-I believe you are right. think the railroads themselves are more ditions that exist today and the an tagonism between the people and the legislatures and the railroads them selves.