Show REBUILDING OF UNION PACIFIC With the Union Pacific classed financial as one ot of the strongest concerns In the country it Is dif dU difficult cult to think of ot It as a wrecked railroad In 1894 or to realize how hov great was as as the Influence of ot E B H in the remaking of or that oad oad S Lately Otto H of the dIrectors of the Union Pacific was reminIscent and ha recited that in 1898 HarrIman on an inspection tour telegraphed for tor authority to spend tor for new operating equipment a preliminary He had bad i dIscovered signs of reco ery in the west and wan wanted led the tho road to be to handle the business The ot of o years had just ended with Ith all alt the surplus go go- go goIng Ing go ling Ing Into rolline stock and roadbed Improvements and the directors supposed supposed it to be well vell equipped for lany any traffic which might de develop clop and members of or the board thought it hazardous to send on a 11 of ot better times Th There re was much doubt in the oard Mr Kahn says I 1 oer oer er the statement was made there that If it Mr Harriman's Hardman's recommend recommend- recommendations were tollo tollo-aed tollo ed we would a a couple of ot years rears be back in la again with Still lead bead shaking and the misgivings misgivings was made dId II I u Unexampled prosperity come and end efficient application of 01 o those hose millions started the new Pacific with one bound to the the forefront of ot western railroads Incidentally I 1 may mention that Mr ir HarrIman felt so certain of o hIs judgment and of ot his ability abl to sway lit Ills board though he had no flu flu- illusions as to the doubting sentiment or of some of ot its members that in order not to lose a moments moment's op- op op opportunity he ho proceeded upon hIs own responsibility at his bis personal risk to conclude contracts not only for ilor but for expandIng construction Months Montha before be he had caused as- as associates as associates wonder and doubt by buy buy- ling all the Union Pacific common tock OCk he ho could accumulate at a price 25 26 or thereabouts and he must he have vo acquired many thousands for tor forIt Jt It had long been selling between 16 15 and 20 It was considered to have Tery little Intrinsic value no divi dividends Were In lit sight e even en for the referred An Influential financIal i J came cama to me mo saying I You see Eee the man Is Js essentially a reckless speculator putting speculator putting every everything everything thing he has and more Into UnIon PacIfic at these prices He will conic to grief Mr HarrIman heard the grumbling Then It was as as he heBald Union Pacific common Is is as ae much as St Paul Paul-It Paul It will set get there I It It did seem rather wild talk i assents Mr Kahn and even though at that time I had already great admiration for him and had great faith In him I dId not m mi self take hi his talk seriously UnIon Pacific then just coming out of wreck and r ruin St ruin St ln-St St Paul old seasoned dividend payer that had bad i passed with ease through all the I panics and devastations selling I above par Men to be leaders must be bo able to see eee farther Into the future than other men and they must back their judgments by unwavering confidence HarrIman met that rt r re requirement He had bad wealth ot of his Wn and he be had with ith him the tho bIg lankers ankers ot of the country who alio ho discovering ering his hia genius had given him the power to do big things I 5 By Dy 1910 the profits of ot the UnIon Pacific were so large the to 10 per cent with a stir sur sur of millions Harriman proved i ho he was as right and at the time ot of hi death he was recognized in inWall InWall Wall street as the most successful ot of all railroad operators and build build- builders ers |