The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-09-18

the lean years. when there are no divi-
dends. or of the past. when the railroads
had 10 tight like hungry wolves for ex-
istenoe with never a penny for their
owners.
Must Accept Risks.
What manufactures or merchant
would accept the risks OF business for
per cent on the money invested? How
ever. railways are said 10 be overcapi-
talized. They have discounted the fu-
ture. II Is complained Electric roads
are being built to-day with bonds. and
the stock is 20 be the profit or the under
taking. If the enterprise is ever success
fun The hazards are many and the years
may be long. and I say the projectors are
entitled to IA reasonable reward for their
patience. Imagination, and energy
"Our ears are full of the noise about
railroads. but we note a dead silence
with respect to the United States Steel
Corporation. Andrew Carnegie was given
bonds for his properties. and is buying
church organs and distributing free Ii
braries with the interest Other plants
we're bought with an issue of $4,000, 000
OF preferred stock. The organizers of the
company. together with the proprietors,
got SECS. eco in common shares as the
prospective profits of the adventure
water. in other words. and lots Of II.
Common stock is now selling at about
$40 a share Dividends have been re-
newed. However, the politicians are
dumb as grave yards and they vigor-
ousiy looked the other way when Mr..
Roosevelt. as President Of the United
States. permitted the Steel Corporation 10
buy out the Tennessee Coal and Iron
Company. its strongest and most dan
gerous competitor. Something was con
tributed in the way OF justification. IL is
true. concerning an alleged panic that
had thus been circumvented.
Danger of Panic.
THE politicians. however overlook the
possibilities OF a panic that may follow
If the railroadA are not decently dealt
with In the future One-fitth OF the coal
mined in this country to the value OF
$40 500 600 annually. is burned in locomo-
tives. The railroads are the largest pur-
chasers OF steel and timber In the United
States. and OF labor Batting the rail-
roads Is popular and an easy way into
public office. bat It is getting 10 be dan
gerous business for the country-danger-
Gus because OF the threat Of government
ownership and the disaster that would
surely follow. with a politician at .he
throttle OF every engine. and another one
running every train, I am afraid some
thing rather tragic would happen in
Washington. In short. 1t seems 10 me
that the railroads are building the nation
only to be destroyed ultimately by the
very power they are creating"
what Is your estimate Of Edward H.
Hartman"
He was a very great man, a construc-
tor, as well as a financier. spending 800
100000 10 make his properties physically
competent 10 do the business OF the
Western part OF the country. and grasp
ing the elementary principles OF the
transportation question. I want to &c;
our lines into such a sound condition. he
once said 70 ne, that we can make q
profit while other lines are losing money
bluff newspaper viii not sell for long
bluff railroad will carry mighty little
freight when the years are averaged
Hartman Lacked Tact.
THE weakness OF Hartman was his
lack OF tact-his seeming brutal insens!.
bility OF the feelings Of other men. His
self-confidence made him appear arrogant
and impatient. and he was misunder-
stood by those who failed TO comprehend
his methods and his character. To his
strong qualities I would add a sure In
stinct that controlled him in the picking
out Of his helpers. one OF the wisest acts
of his life was his choice of Judge Low,
EFT 10 be his legal adviser. Judge Lovett
knows men and can get along with them
He not only helped Harriman's property
immensely, but he helped Hartman per
sonally. saving him from situations thai
might have been serious in their eonse-
quenees."
TN what part Of the country Will the
greatest development occur during the
next few years?"
out West. = man came 10 me the
other day and said he could bring 1000.
O00 Polanders from Russia 20 the United
States II We would find them sufficient
land at a cost not 10 exceed 81 an acre
The Polanders are farmers, and II they
came here would have from $500 to 6. oot
apiece. But I didn't know where land
could be purchased at the price named.
'I remember that when first rode be-
tween Denver and Cheyenne I wouldn't
have given 10 cents an acre for the desert
that lay for hundreds OF miles or either
side OF the railway track. That land TO-
day, planted in potatoes and sugar beets
is selling from 500 10 $1,000 an acre
Irrigated land with perpetual water
rights is cheaper at $50 an acre than
prairie land AZ one-fouTth that figure
SO. while farms In the arid regions are
bringing a high price. apparently. they
will be purchased by farmers who know
their value. and that IS where the most
important development in the future will
occur, in my opinion
Copyright. 1910. by james r. Mor-ow.l