Los Angeles herald., 1908-09-23
HARRIMAN'S INHUMAN
GREED

corporations nave been administered IN
connection with the recent panic and
the resulting hard times for labor.
One of these items, special dispatch
from New York, says
The net earnings of the Union
Pacific and the Southern Pacific
for July were the largest that
either of these roads has reported
for that month in its history. In
the case of both, however, gross
earnings show material decrease
as compared with last year. The
showing was brought about by a
material reduction in operating
expenses. In July last year the
operating ratio of the Union Pa
cific was $50 per cent of gross
earnings. This year it was
brought down to 47.2 per cent.
In the same way the operating
ratio of the Southern Pacific was
brought down from 67.4 per cent
of gross earnings in July last year
to So for the month this year."
Succeeding this item was special
dispatch from Sacramento, which says:
The Southern Pacific company
is steadily increasing its force of
employees at the local shops, and
labor conditions are assuming
normal shape after the recent big
layoff. The payroll this month
was $4,000 greater than for the
month of July. Much repair work
accumulated during the big lay
off is affording more work than
the present force can handle"
The press dispatches in the newspa-
pers of the country during the last
few months have teemed with quoted
remarks of Mr. Hartman. the con-
troller of the Union Pacific and South
ern Pacific companies, in which he
complained bitterly of the interference
with business produced by President
Roosevelt's endeavor to enforce the
laws of the country governing corpora
tions of the character of those con-
trolled by Mr. Hartman. Mr.. Harri-
man apparently endeavored in these
outgivings to prodtfce the impression
that he longed for a return of condi-
tions which would enable the great cor
porations and enterprises of the coun-
try, including those under his control,
to give employment at adequate wages
to the laboring men of the country.
He deprecated in moving terms the
bringing about of conditions by the
president which had forced those great
corporations and enterprises to dis
charge many of their laborers.
1t now appears that in the manage
ment of his own colossal enterprises Mr..
Hartman has shown his deep interest
in the laboring men of the country by
discharging thousands of them from
the employment of his railroad COM
panies at a time when those companies
were piling up the greatest net earn
ings in their career.
In other words, notwithstanding the
fact that the two great Hartman
the Union Pacific and the
Southern Pacific companies, have un-
der the pretense of hard times and re-
duced income discharged thousands of
their laborers and set them adrift upon
the world without the means to care for
the more thousands of women and
dependent upon them for a
living, it appears that these companies
at this very time were making net
earnings the greatest in their history.
Would it not have been the part of
simple justice, not to say of humanity,
FIR Mr.. Harriman's companies to have
in some measure at least divided the
ployes by giving them a chance to
earn an honest living, even though such
action upon their part had to some eX-
tent reduced their net earnings, in
place of by discharging these laborers
unnecessary economies
which increased the net earnings to
point never reached before even in the
most prosperous times.
In this connection recent dispatches
from New York, which state that the
Union Pacific will shortly declare 212
per cent quarterly dividend upon its
stock, which means a 10 per cent an
nual dividend, are of special interest.
Persons who are familiar with
the reorganization of the Union
Pacific under Mr.. Harrinan's
management know that large
part of the stock upon which this
enormous dividend is being paid
actually represents no money in
vestment whatever on the part of
Mr.. Hartman and other of his
associates who are the largest
owners of this stock.
The money to finance this cor
poration when it came out of the
hands of the receivers was largely
obtained from the issuance and
sale of bonds secured by mort
gage upon the corporations prop
erty, and the stock issue was so
manipulated as to make it largely
a bonus in the hands of the men
who managed the reorganization
and financing of the company.
Notwithstanding this, however, la
boring men have been discharged by
the thousands under the pretense of
hard times in order that the net earn
- - 49, oorporo tion NAV he in