New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-01-26
HOW HARTMAN EXCELLED
Otto H. Kahn Tells Of Ten Years
Association with Him.
JUSTIFIES THE ALTON DEAL
Banker at Y. M. c. A. Address
Praises Friend and Then
Submits to Quizzing.

Otto H. Kahn NJ Kuhn. Loeb & Co. in
an address last night before the members
Of the Finance Forum Of the West side
Young Mems Christian Association. In West
s7th street briefly outlined the last ten
years Of z II Harrimans life. and gave
an estimate Of his character and CAPACITY
This estimate was very high one indeed.
the result 81 ten years OF business init
macy Toward the end Of his remarks Mr.
Kahn had this 70 say ~ his friend
Il have said before that he came 70 hold
a greater power IN the railroad world than
is likely ever 70 ne held again b. any one
man IN This remark had reference not
only - tho very exceptional combination
~ qualities In him Il know ~ no parallel
- this particular combination In our in
dystraI-hnancial history. but oven more 70
the fact that his death conceded vith What
appears 70 be the ending Of a. epoch in
our economic development Therefore. I
believe, there will he no successor 10 Mr.
Hartman. there VIII be No other career
Ike his"
Mrs. Hartman Present.
Mrs Hartman vas present 70 hear tni'
appreciation ~ her husband. Her name
headed the list o. guests. which included
Mrs. OTTO H. Kahn. 1Ir. and Mrs. Paul D
Cravsth. ex-Judge and Mrs Robert :
Lovett. Nr and Mrs Borden Hartman
Nr and Mrs Robert l. Gerrr. NJ. sud
Mrs BENJAMIN 6. Guinness. Mr. and Mrs
Charles Dana Gibson. Nj. and Mrs. PhiAr
Lydig Mr and Mrs. James = stiliTan
NJ. end Mrs Archer Huntington NJ and
Mrs. Lawrence Gillespie. oliver Hartman
7. W Hartman. August Belmont, George
Could. George W Perkins. John Harsen
Rhoades. James Speyer. Theodore >
Shonts. 4 Barton Hepburn and a score NJ
other personal friends and business asso
clates 81 the railroad man On me plat-
form and In the gallery they gave the
gathering the aspect ~ memorial meet
ing
Mr. Kahn cited MANY instances illustrat-
ing the iron will and unconqueraoie energy
OF Nj Hartman ard also his love ~ 2
fight and indifference 70 public criticism.
OF his general characteristics he consia %
cred the most faulty 70 be his proneness
10 make enemies, and % his specific acts
the only two he branded as un|ise. IN his
Judgment. were his sudden raise of the
Union Pacific dividend rate from PEI cent
70 10 per cent in August. 1895, and the pun
chase II the same year Of large blocks Of
stock In other railroad companies for the
account OF the Union Pacific. These two
transactions. he thought. should have been
avoided as tending 10 rouse public sus-
picion.
Justifies Alton Transaction.
on the other hand. Mr. Kahn considered
the Chicago & Alton readiustment. which
brought perhaps the greatest storm Of
criticism upon Mr Hartman, entirely JUS
tIhabl.
Tho practice. rho formula on which e.
was based said he, had become genera J.
" accepted II was sanctioned by the then
existing laws as well as by long custom
every step in connection with II was done
publicly IN the full light Of day, every
stockholder was treated alike, no one was
damaged directly or indirectly; the service
cf me railroad was improved. the capacity
Increased. the average rate decreased the
profit realized on the transaction. amount
ing 70 q. good deal less than disingenuously
represented 70 the public by Mr.. Hsrri-
ran's detractors, was by no means exces-
slve. or unusual, considering Inc aura tcn
OF the investment and the risk Of the bust
ness"
After he had finished his address Mr.
Kahn consented 70 answer so far ~ lay
in his powers. whatever questions mem
bers Of the audience wished 10 ask him.
In answering one question the banker
pointed 70 the vastness Of Mr.. Hartman E
ambitions by saving that he planned z
railroad system girdling the world and had
once said, before the government undertook
the construction Of the Panama Canal, that
II no one else van1ed 20 build n he
would Nevertheless. Mr.. Kahn said Ar
Hartman did not contemplate controlling
tho entire railroad system Of the United
states. considering that the concentra non
OF railroad power would not 20 beyond the
Of D. lie