Evening journal., 1909-09-10

Rut Hartman went elih ANAAhci- TIC
issued millions and millions OF dollars
worth OF Improvement bonds. which he
sold 20 himself and hts friends. and /
cleared up t3O,oo00c0 on the sale. When
he was through. the road had cost him
but N2ooo0oo In the two years he was
IN charge Of the road s510oo0oo had faded
away by such methods OF high nnancior-
Ing that the Illinois courts took up the
matter and kept up an Investigation for
two years. Nothing came OF the investi-
CATION. however, nor did the millions
leave the strong boxes OF Hartman.
Wall street stood amazed and wondered
what the great borrower would do
next
But IN 1898 Hartman electrified the
financial world with the announcement
that he. with Kuhn. Loeb & Co, intended
reorganizing the Union Pacific This
road, built with the financial help Of the
federal government, which. to put Il
mildly, was most generous. had fallen
into "A rut IL owed the government
s52,Ooo0oo. which Il could not pay. The
government had forccloscd It's mortgage
and was running the road by receiver
ship. Morgan had tried 20 make the
road success, and had failed. Wan
Street thought Hartman was doomed.
Hartman began TO buy tho stock OF
tho road when Il was selling at Sc o
share. and kept on buying. In two years
he had the stock selling, az sia6 share.
In a few more years Il was paying il
per cent a year on its millions and mil
lions OF dollars OF common stock.
The road had a great handicap; IL
had no ocean outlet. IL extended only
from Kansas City TO Ogden. Hartman
wanted an ocean outlet. II was not Iona
before It was announced that tho Union
Pacific had taken over the oregon RAN
way & Navigation Co., and then the
oregon Short line lie had reached th'
Pacific
He turned south from oregon. Coils =
. Huntington was quietly resting on IN
laurels he had won by building tho South
ern Pacific and the Central Pacific. ilar
rlman modcstly asked FOR the Central Pa
+ cihc. running from ogden to san Fran
cisco. Huntington refused to let him hav
Il. Hartman set about TO build a. line {
parallel Il. Huntington died and the blu
worked with his heirs, and Harrima
took over the Southern Pacific and n
Central Pacific 500 miles OF giistenin
, Then came the proposed merger whit
!, Jim" Iill and Morgan contemplated wi
!, the Northern Pacific. tho Great Northc
and the Burlington. Tho merger imperil
d Hartman. lie cunningly asked 90 bo
ie lowed TO get in on Il. He was turn
~ down.
'e Wall street was then treated to the m,
spectacular fight for railroad control {
d world ever saw. and the Stock Exchan
e to the widest day In It's history. Harrim
g didn't ordinarily like a hght IN the opc
y but he went into this one with a We
: geance.
The fight conferred IN tho Stock T..
change for the stock Of the Northei
!, Pacific on one side stood Ilill, the raj
. road builder, and Morgan, tho banke
a while on the other stood tho silent raj
J. road wizard, Hartman. and his powerf
$ silent partners"
II was a frightful day when the tv
& great forces clashcd in tho narrow Co
a fines OF the Stock Exchange. Harrms
;. literally unloaded his millions into Il
o market with apparent reckless sbando
y The force Of his gold won. He was pitnes
p lie had been denied the right 10 paruC
pate in the merger and his foes we're z
3 ing to pay him well for the rcfusi
Cruelty he forced up the price Of 4
stock From 100 he drove II to 200, to q
to AGO. He knew no compassion. Forum
a we're dwindling; some were gone. Up, u
8 up. he sent Northern Pacific. It reach
% 500. Fortunes were gone. Brokerage hous
d suspended. Up went Northern Pacific
l. Past 900 climbed the stock. The vii
l. flashed the news Of suicides and failur
Is The little man with the big glasses did !
l. stop.
Northern Pacific touched 1000 when
"a gong stopped the frghtful day.
~ Would Hartman make the losers p,
- II he did, great fortunes were gone.
- panic was threatened. Actually on
:, bended knees Jacob II. schin. OF Kul
4, Loeb & Co.. Harriman's most active ba,
~ ers. pleaded with the wizard. Schin 4
Ie fought alongside Hartman in the tren'
s. es; his millions had been used by Har
a man TO win his fight. But schin was
L philanthropist as well. His pleadlngs wC
sh Hartman agreed not to force the pou