The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-09-14
HARTMAN AND YOAKUM.
Their Methods Compared by the Wall
Street journal.

Street journal.
The Wall Street Journal quotes a
| New York banker on the differences
| between the methods employed by Mr.
! Hartman and Mr.. Yoakum in their
| dealings with the public. The COM
| parisOn may not be correct, but 1t is
| interesting. 1t il as follows:
Ever since the day ii became known
| that the Alton had had prosperous
year there has been much speculation
as to whether or not this prosperity
| was owing to the foundations laid by
| the Alton syndicate.
On the one hand, the Alton syndi-
| cate people have pointed to the fact
| that the president and operating staff
appointed by them have been running
the road for the past year. and that
the Rock Island people found this
staff so able and competent that they
made no change whatever; while on
the other hand friends of the Rock
Island pointed to the fact the Rock
Island policies have prevailed in the
mana cement of the Alton ever since
last September.
A prominent financier conversant
with problems of railroad manage
ment, says:
Men and their methods in manage
ment of American railroad properties
as trustees for the stockholders is an
important question at this acute stage
of public corporations"
,
both gross and net during the year
just ended were the largest in it's his
tory. After paying 4 per cent on pre-
ferred its surplus was equal to 4 u per
cent on common To whom belongs
the credit. the Rock Island the
Union Pacific-botE companies hav-
ing about the same cash investment
in the stock of the property, between
100000 and $1O.0OO,000.
Mr.. Hartman, as chairman of the
g. - IL
rected the operations through Mr.. Fell
ton, his president. Under the alternat-
ing arrangement the Rock Island took
over tine property last September, re-
moving its office from 100 Broadway
to IL Broadway, and placed Mr.. Yoa-
KUN in charge for that company as
chairman of the executive committee
the same position held for the pre-
vious six years by Mr.. Hartman.
Mr.. Ycakum, under his method of
dealing with men and property, took
all the details with the management,
giving President FELTON, full authority
to increase it's earnings and econO-
mize in expenses. Mr.. FELTON, among
other things felt that the expensive
office maintained in New York was of
no value to the stockholders, which
expense was from 100000 to $4,000
per annum, and which does not now
exceed $4,000 to $4,000 per annum.
This difference in the expense of the
New York office since the reorganiza-
ton of the Alton would have made a
saving of $35O,000 to 100000 to the
stockholders. Mr. Yoakum found in
Mr.. FELTON, an efficient operating man
and he worked with him, thereby get
ting full benefit of Mr.. Felton's know
ledge.
''The two men differed in their
methods of dealing with men. Harri-
man deals with his official staff in
his usual autocrGtic style. laying down
their policy and passing upon all mat
tiers affecting the railroad companys
earnings. Yoakum goes over the lines
he is responsible for and talks over
with the officials such matters of in
terest to the property, giving them the
bene fit of his views. In the one case
the officials work for Hartman and
in The other they work with Yna KUN"