Los Angeles herald., 1909-09-10
1ARRIMAN'S FAMILY BY
HIS BEDSIDE AT DEATH
CONTINUED from Page Fivel


verted the bankrupt company into one
of the best dividend payers.
In this rehabilitation and later, when
he took hold of the Southern Pacific,
Mr.. Harriman's policy was one of
lavish expenditure that made proper
ties as near physically perfect as pos
sible.
The matter of dividends was allowed
to wait upon their perfection.
Harriman's most spectacular per-
formance was in 1901, when he strug-
gled with the Morgan and Hill in
terests for control of Northern Pa
cific.
Stock Went to $1,000
On May g. of that year, the historic
Northern Pacific corner resulted in
the stock of the company goi.. to
$1,000. -
At the showdown, Hartman nro-
duced $7S,OOO,OOo in stock out of a
total Of $155,OOOOOO. However. the Hill
Morgan people held the whip hand
through bylaw that permitted the
retirement of preferred stock at any
time.
OF his holdings, s41,OOO,OOO was pre-
ferred stock, but Hartman 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 1888 when he became a
director of the Illinois Central. He
was worth million dollars
He formed a business alliance with
Jacob NJ. Schiff and his influence in
Wall street grew repidly.
In 1894 he attempted to reorganize
the Erie railroad and was soundly
whipped in a fight with the Morgan in
terests. Undaunted, he set about to
learn the railroad business in a way
to make him a master and so equipped
himself for the successful undertaking
with the Union Pacific.
Born in Long Island
Mr.. Hartman was born in Hemp
stead L. l., February %, 1S4S, the
third son of Rev. Orlando Hartman,
Jr., rector of st. Georges Episcopal
church at Hampstead. The youth who
was to become a multi-millionaire
knew no Inquiries and worked hard for
the little education he received.
At 16 he found employment as an
errand boy in a brokers' office in Wall
street.
He was an astute lad, always look
ing for a chance to better himself, and
in 1870, before he was % years old,
he had bought seat on tho New York
stock exchange and paid for it with
$4,000 he made in speculation.
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 ac-
count, devoid of sentiment in business.
This was shown when he ousted
from the presidency of the Illinois
Central Stuyvesant Fish, man who
probably had done as much to help
Hartman on in his career as any
other man now living, and who had
years before made him vice president
of the road.
Was with Equitable
When the insurance scandals of 1905
broke out Hartman was a director
of the Equitable Life Assurance So
ciety, of which his friend, James Ha-
zen Hyde, owned a controlling stock
interest.
Hartman was Hyde's closest adviser
in the fight to displace Hyde, and many
have said the result might have been
different had Hyde not turned upon
Hartman and charged him with being
an enemy in the guise of a friend.
When Thomas F. Ryan turned UP a
of the Equitable, Hartman said he
was disappointed and admitted before
the Armstrong investigating committee
that he had expected to buy it for
himself
Outside of his business Hartman
found time or cared for little but his
family and a single hobby, the build
ing of a great estate. The metamor-
phosis of his place at Arden from a
rocky country forest into a kings park
and palace is we'll known. The work
is still unfinished.
Mr.. Hartman married Miss Mary
Ayerill of Rochester. n. Y Five chill
dren were born, three girls and two
boys
The eldest daughter is the wife of
Robert L. Gerry, son of Commodore
Flbridge T. Gerry. The second daugh-
Ter is Mary and the third Garcia. The
eldest son, Walter Averill, is just out
of. college and is learning the railroad
business.
The youngest, Roland, is IA years
old and is still in school.
nEATH