The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1911-09-02

contemporaries. The story of the rise
and development of the Union Pacific
under Mr.. Harriman's magic guild
ance; the metamorphosis by which
the rather pathetic object which
emerged from the receivership, strip.
ped of its outlets and most important
branches, ending rather helplessly at
the borders of the Great Salt Lake,
was turned in al incredibly short
space of time into the magnificent sys-
tenn of today; the startling, almost I'M
canny rapidity with which Mr.. Harri-
man assimilated and mastered all the
intricate details, problems, difficulties
of railroading, and from having been
all his life financial man Except for
very short term as vice president of
the Illinois Central in Chicago be-
came an acknowledged master in that
science; the boldness and accuracy OF
his conceptions and visions, the dar
ing of his strategy, the dramatic Incl
dents which accompanied his conquer
ing career-all this has been so fully
and frequently told in newspapers and
magazines that l need not weary your
PATIENCE by repeating it here. l will
only point to the fact that in the first
fiscal year following Mr. Harriman's
election to the Union Pacific board the
surplus earnings of the system appli-
cable to $1O7,OOO,OOo of common stock
were $5,SOO,OOO. Today, taking the fig
ures of the last fiscal year. the surplus
earnings of the Union Pacific system
(excluding the Southern Pacific) appli-
cable to $216,OOO,0O0 of common stock,
are $41,5O0,OOO. From the time Mr..
Hartman assumed the direction of af-
fairs to the time of his death S127,-
100000 were spent in improving the
property, for three-quarters of which
sum Ito be exact, $94,OOO,OO0) not one
dollar of capitalization was created.
The free assets held absolutely unin-
numbered in it's treasury have an ag-
gregate value of $21O,00O,0OO
1t is essential to remember, in con-
tenn lating these truly astounding re-
suits, that they were achieved, not
only with no increased burden to the
public, but that on the contrary the
shipper and others using the lines OF
the Union Pacific system were bene-
fitted alike with the stockholders. In
deed, whenever there was a question
between increased returns to the
stakeholder and increased efficiency to
the railroad Mr.. Hartman invariably
chose the latter course. AS a matter
of fact, he cared altogether more for
the appreciation of the people served
by the lines of his railroad than for
the applause of the financial or any
other Fart of the community.
have sometimes heard it said that
the remarkable accomplishments indi-
Gated by the figures above quoted
were due mainly to the unprecedented
growth in wealth and prosperity of the
territory served by the Union Pacific
system, and not to Mr., Hartman; that
the country made the Union Pacific
and would have made the Union Pa
cific, Hartman or no Hartman. There
is just a sufficient modicum of truth in
this assertion to deserve contradic,
ton. That the growth and prosperity
of the territory We're indispensable to
the growth and prosperity of the
Union Pacific goes without saying
but this growth and prosperity during
the past decade were universal
throughout the country west of the
/ Missouri river, and their benefits were
available to all other Western rail
roads to the same extent as to the
/ Union Pacific Here is a characters
/ tic instance of how he started his
campaign of efficiency: Immediately
after he had succeeded in having him
self elected chairman of the executive
committee, in 1898, and while the su
perior Office of chairman of the board
! Qater on occupied by him) was still
held by another (Mr. Winslow S
PIERCE, he started on a tour of in
spection of the property, going ovel
every inch of the line, taking the
measure of the officials in charge, in
terviewing shippers, establishing his
authority with the surprised and some
what reluctant personnel of the or
ganization in the West, who haC
hardly heard his name before and die
not quite know what to make of, anC
how to act towards, the nervous, rapid
fire, little man who came in like ;
whirlwind, sweeping fresh currents o
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