The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1909-09-10
HARTMAN GREAT
FINANCIAL GIANT
Lifted Himself to a Place
Among the Half Dozen
Leaders.
SON OF A POOR CLERGYMAN
coLD-BLoODED AND DEVOID OF
SENTIMENT.

New York, Sept. 9.-From early man
hood a commanding figure in a widening
circle Of Wall street activity, it was in
1897 that Edward Henry Hartman
gained a foothold by which he lifted
himself from the numerous company of
moderately successful financiers to a
place among the half dozen financial
giants of the country.
Union Pacific stock was going beg
ging and the road was the despair of
many moueyed interests Hartman,
backed by Kuhn, Loeb & Co. and
Standard Oil interests, undertook its re-
Mobilization. He secured a controlling
interest, reOrganized the management
and converted the bankrupt company
into one of the best dividend-payers. In
this rehabilitation and later, when he
took hold of the Southern Pacific, Har-
Timan's policy was one of lavish eN-
penditure, which made the properties as
near physically perfect as possible. The
matter OF dividends was allowed TO wait
upon their perfection.
Struggle With Morgan.
Harriman's most spectacular perform
ance was in 1901. when he struggled with
the Morgan and Hill interests for con-
troll Of the Northern Pacific On May
of that year the historic Northern Pa
'ctfc corner resulted i'm the stock of the
company going to 81 OOO At the show
down" Hartman produced $4,000 900
in stock out of a total of S155,O 900 600.
! However, the Hill-MOrgan people held
the whip hand through a bylaw which
permitted the retirement of preferred
stock at any time. OF his holdings SAL
cd 1,rrr n rs~i-
man secured a compromise, and he and
some of his associates were elected to
the Northern Pacific directorate.
Hartman made his debut as a rail-
road man in 1883, when he became q di-
rector of the Illinois Central. He was
then worth 100000. He formed a bust
mess alliance with Jacob II. SChiff, and
/ his influence in Wall street grew rapid
~. In 1894 he attempted to reorganize
{ the Erie railroad, and was soundly
whipped in a fight with the Morgan in
lterests. Undaunted, he set about to
/ learn the railroad business in d way to
make him a master and so equipped
himself for the successful undertaking
with the Union Pacific.
Son Of Poor Clergyman.
AIr. Hartman was born in Hemp
stead. I J.. Feb. -. 1S4S. the third son
J.
St. Georges Episcopal church al Hemp
stead. The youth who was TO become
mUlti-mlLliOuaire. knew no luXuries and
worked hard for the little education he
received. At 10 he found employment
as an eTrand boy in a brokers' office in
Wall street He developed into an as
tute lad, always looking for a chance
to better himself, and in 1870, before he
was % years old, he had bought a seat
on the New York stock exchange and
paid for it with $4,000 he made in spec
ulatiOn.
He learned his elementary lessons in
finance in the school of Jim Fisk, Jay
Gould and Commodore Vanderbilt, and
emerged a broker ON his own account
devoid Of sentiment in business. This
was shown when he ousted from the
presidency of the Illinois Central rail-
road Stuyvesant Fish. a man who
probably had done as much to help Har-
Timan on his career as any other man
now living, and who had years before
made him vice president of the road.
When the insurance scandals of 1905
broke out, Hartman was a director of
the Equitable Life assurance society,
Of which his friend, James HaZen Hyde,
owned a controlling stock interest. HaT-
Timau was Hyde's closest adviser in the
fight 10 disDlace Hyde, and many have
said the result might have been differ
ent had Hyde not turned upon Harri-
man and charged him with being an
enemy in the gUise of q friend.
When Thomas T. Ryan turned up a
couple of months later as the owner of
the Equitable, Hartman said he was
disappointed, and admitted before the
Armstrong investigation committee that
he had expected to buy it for himself.
Business Absorbed Him.
Outside of his business, Hartman
found time or cared for little but his
family, and a single hobby, the building
of a great estate. The metamorphosis /
of his place at Arden from a rocky
country forest into a kings park and
palace is well known. The work is still
unfinished.
Mr.. Hartman married Miss Mary
Averin Of Rochester, y. Y. Five chill
dren were born, three girls and two
boys.
The eldest daughter is the wife Of
Robert L. Gerry, son of Commodore FL
bridge 7. Gerry. The second daughter
IS Mary and the third Carol. The eldest
son, Walter AveTiu, is just out of col
lege and is learning the railroad bust
ness. The youngest, Roland, is IA years
old, and still i'm school