The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1909-09-10
Harriman's real estate holdings in
this city were com paratively small
His home in Arden is said to represent
an outlay of over $2,OO0,O0O.
Life Story nj Hartman


street activity. it was in 1897 that E.
H. Hartman gained the foothold by
which he lifted himself from a numer-
GUS company Of moderately successful
nnanciers to place among the half
dozen financial giants of the age. At
the time Union Pacific stock was go
ing begging and the road was the des-
pair of many moneyed interests, whose
brains and capital had failed to place
it on paying basis Hartman back
ed by Kuhn. Loeb and company and
the Standard Oil interests. undertook
the rehabilitation If the railroad. He
secured controlling interest, reor-
ganized the management and through
his transcendent genius, converted a
bankrupt company into one of the
best dividend payers. In this rehabili-
tation and later, when he took hold
of the Southern Pacific, Harriman's
policy was one of lavish expenditure,
which made the properties as near
physically perfect as possible The
matter Of dividends was allowed to
wait upon their perfection.
The Great Fight of 1901
Harriman's most spectacular per-
formance and which made his name
familiar to all the reading public was
IN May. 1901, when he was struggling
with the Morgan and Hill interests for
the control of the Northern Pacific.
On May of that year the historic
Northern Pacific corner resulted in the
stock of the company going to 81 900
AT the "show down" Hartman pro-
duced $7S.000,OO0 in stock out of a
total of 155.0OO,00O. However, the
Hill-Morgan people held the whip
hand through by law of the COM
pany which permitted the retirement
of preferred stock at any time. OF
his holdings. $41 100000 was prefer
red stock. but Hartman secured a
compromise and he and some of his
associates were elected to the Nor
thern Pacific directorate. Harriman's
success was not without early strug-
giles. He made his debut as rail-
road man In 1888, when he was made
director of the Illinois Central road.
ne was then worth a million. He es-
tablished close rel,,tions with James
Stfllman and became a member of the
banking firm of Lowe. Hartman and
company. He also formed n business
alliance with Jacob H. Schiff and his
influence in Wall street grew rapid
ly. In 1894 he attempted the reor-
ganization of the Erie road and be-
came involved in fight with the Nor
gan interests. In this struggle Harri-
man was soundly whipped. Undaunt-
ed he set about to learn the railroad
business in way to make him master
and so equipped himself for a sue
cessful undertaking with the Union
Pacific three years later.
The Hartman Family
Hartman was born in Hampstead,
Long Island. February 25, 1S4S, the
third son of Rev. orlando Hartman,
Jr., rector of the St. Georges Epis-
copal church at Hampstead. His
mother came from an old and aristo-
cratic family of New Brunswick, N.
j. The family were in humble cir
cumstances and the youth, who was
to become multi-millionaire, knew
no luxuries and worked hard for the
little education he received. At six
teen he found employment as errand
boy In brokers' shop in Wall street
He developed into an astute lad. al
ways 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 $4,000 for it, which he made in
speculation. During the years he had
oeen errand boy and later, as brokers'
clerk, he had never forgotten what
MS early years of privation had
taught hfm-that each dollar repre-
sented 100 cents, each with purchas-
ing power.
He learned his elementary lessons
In finance in the school of Jim Fisk,
Jay Gould and old Commodore Van
derbilt and emerged a broker on his
own account. devoid of sentiment in
business, as was shown later when he
fought and ousted from the presi-
dency of the Illinois Central railroad
Styvesant Fish, the man who had
probably done as much to help young
Hartman on in his career as any 9TH
er man living, and who had years
before made him vice president of the
road. When the insurance scandals
OF 1905 broke, Hartman was a direc-
tor OF the Equitable Life Assurance
society. of which his friend, James
Hazen Hyde, owned the controlling
interest of stock. Hartman was
Hyde's closest adviser in the fight
which was made to displace Hyde in
his control and many have said the
result might have had different col
or at least, had Hyde not, at the last
moment, turned upon Hartman and
charged him with being an enemy in
the guise of friend, seeking to take
Hyde's place in the Equitable. When
Thomas F. Ryan turned up, couple
of months later, as owner of the
Equitable. Hartman said he was dis
appointed and admitted, before the
Armstrong investigation committee.
that he had expected to buy it for
himself.
His Great Hobby
Outside of his business, Hartman
found time or cared for little but his
family and the single hobby, the
building of great estate.
The metamorphosis of his place at
Arden from rocky country forest in
to kings park with palace at the
top Of its crest, is we'll known. The
work Is still unfinished.
Harriman's wife was Miss Mary