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Updated: June 16, 2025
So long as Vanderbilt produced the profits, Astor and his fellow-directors did not care what means he used, however criminal in law and whatever their turpitude in morals. John Jacob Astor of the fourth generation repeats this performance in aligning himself, as does Goelet, with that master-hand Harriman, against whom the most specific charges of colossal looting have been brought.
I single out these two enterprises because Joseph F. Smith has since sold the power plant to the "Harriman interests," and the control of the sugar factory to the sugar trust; and he has explained that in making the sales he merely followed my father's example and mine in selling the bonds to Mr. Bannigan.
So, in the midst of the excitement, the two interests reached a compromise. The outcome was the formation of the Northern Securities Company with a capital of $400,000,000, nearly all of which was issued to acquire the capital stocks of the Northern Pacific and Great Northern railroads. All the properties, including the Burlington, thus came under the joint control of the Harriman and Hill groups.
"As you please about that," Lane said quietly. "He'll choose between you or me. I'll be damned if I'll stand for his keeping a man out of jail to try and fasten on me a murder I didn't do." "I haven't said you did it. What I say is that you and Miss Harriman know somethin' an' are concealin' it. What is it? I'm not a fool. I don't think you killed Uncle any more than I did.
While the tunnel development is the notable achievement of the Cassatt regime, this remarkable man's name is also closely identified with the "community of interest" idea already explained. This "community of interest" scheme was pushed aggressively by Cassatt in cooperation with Harriman, Hill, and Morgan.
Then Harriman got possession of it, and taking an engine and a car, turned the train backward and, running in the day time only, went over the road mile by mile. He decided that the road must be made a good road, and he told his executive committee that he needed for his immediate necessities one hundred millions of dollars! Well, he got the money and he got good men and went to work.
The receiving party consisted of Governor Benjamin B. Odell, Jr., Mrs. Odell, Mr. and Mrs. William Berri, Mrs. Norman E. Mack, Mr. and Mrs. John K. Stewart, Mr. and Mrs. John Young, Mrs. Daniel Manning, Mr. Frank S. McGraw, Mr. Frederick R. Green, Mr. John C. Woodbury, and Mr. William T. Van Brunt, representing President Harriman.
Had it not been that during the panic period the Southern Pacific had heavy loads of its own to carry and that its credit was none too high, Huntington might then have attempted to gain control of the Union Pacific. Events finally worked to the benefit of Harriman.
In the earlier days of railroading, and especially in the long period which came to an end with the death of Harriman, the typical railroad president was usually a man of great wealth who had secured his position by owning a large financial interest in the property. The country was full of "Wall Street Railroad Generals."
Then he lifted his head bravely and proudly, and going to the door with a firm step, gave directions to the staff with the calmness of a veteran general. Mr. Horace Hanbury paced restlessly up and down his study, and presently stopped before a huge map on the wall and carefully traced the long lines of the trans-continental railroads across the Rocky Mountains. "Will Harriman sell?
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