Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1913-04-03

more wealth than he takes for himself
Mr. Hartman was a veritable genius
in railroad organization and operation.
lie was great buildcr-up Of railroads
that had gone to the bad. The proof Of
that may be found in the story of the
Union Pacific railroad. That road was
sold on November l, 1891, Under foreclo=-
uro of the governments lien There was
hut one bid that of the reorganization
committee the Hartman committee, and
the property was Knocked down at $50
j2S,532. In the year ended June 80 l9lt
the total earnings Of the Union Pacific
system We're $>S,9s3,l07. and its total net
income, after deducting expenses, was
s54107,6?7. OF course, the system had
been greatly extended in the Intervening
wears. now lines had been built and 9th
ers purchased But the fact remains
that after IA years under Mr. Harriman's
management, tho Union Pacific systom
with its extensions earned a total net
income in 1871 greater than the sum paid
for the road in 1897. This enormous in
crease in the extent, the value, and in
the earning power of the Hartman sys-
tom OF railroads could never have bon
achieved without bringing vastly great
by the lines-which compose it,
Mr.. Harriman's fortune Of So,ooo,o0)
was accumulated in a surprisingly short
time. The late John Jacob Aston left
an estate of about sS0,onnoo. This rep
resented, by no means the whole. but
very great part of the accumulations Of
a century Of real estate ownership and
transactions in New York city. Commo-
F,o.,,,
the time when as boy he was carrying
passengers in a sailing boat from the
Battery to Staten Island to the time when
he died at the head OF the New York Cen
trail system, accumulated a fortune
which, passing from his son to his grand
son, amounted at the latter's death to
s72 600 600 This was also railroad for
tune, as was that of Mr., jay Gould,
amounting to s721",o0. The late John
Kennedy left nearly 100000. amass
ed through railroad and other invest
lnents. All these fortunes were longer
in the winning than Mr. Harriman's.
1t IL probable that Mr.. Harriman's
wealth was won only In part from the
business of actually developing and build
ing up his railroad system. His holding
OF railroad securities was not large
| enough to account for 100000. 1t has
been said and believed that opera lions in
| Wall Street carried on in a rather large
way brought him great profits. The
! statement of his cash balances at vari-
Gus banking and brokerage houses tends
| to confirm this theory. But While Mr.
| Harriman's gains from this source may
/ have been at the cost OF thoac who were
| less wise than ne in guessing market
| movements. or less able to control them.
even this part OF his fortune and that
way Of getting IT could hardly have in
| creased tn toll ana the pr!vations OF
! those in NeoraSka, wyoming, Montana
and Oregon who used to lay everythinS
/ to Hartman. The practice Of specula
| ton. even of very successful speculation.
! In 10 wise refutcs the abundant evidence
/ that Nh Hartman was a verT great
railroad man. The Hartman system is.
! with one exception. the greatest in the
| country, with &,llo miles OF operative
! railroads, with stock issues amounting
| to nearly a billion, and bonds amounting
I TO nearly a billion and quarter The
| fortune left though very great, is %
| no means one of the greatest, 1t Was
! exceptional rather I'm the rap,dity with
! which ii was acquired than In respect to
! It's amount