Review of reviews and world's work . lman, Rockefeller, and other greatfigures of Standard Oil,—he was backedby many more men of millions whose namesare rarely heard, who have retired from thestruggle, but like to make their money earnmore than 4 per cent, and trusted it to Great insurance companies, likethe Mutual and Equitable, bought his bondsand stocks by the scores of millions of dollars. HOW RAILROADS ARE CONTROLLED. By no means did Harriman and his friendsown anything like a majority of the stocksof all those railroads. That would have costmore than two billion dollars! In
Review of reviews and world's work . lman, Rockefeller, and other greatfigures of Standard Oil,—he was backedby many more men of millions whose namesare rarely heard, who have retired from thestruggle, but like to make their money earnmore than 4 per cent, and trusted it to Great insurance companies, likethe Mutual and Equitable, bought his bondsand stocks by the scores of millions of dollars. HOW RAILROADS ARE CONTROLLED. By no means did Harriman and his friendsown anything like a majority of the stocksof all those railroads. That would have costmore than two billion dollars! In the first place, nearly one-half theAmerican railroad stocks actually outstand-ing have been bought back from the pub-lic by the railroads themselves. Then thereare hundreds and thousands of investors whonever vote. Every old-line road hasthousands of such stockholders, in Englandand Canada and Holland and Germany andSwitzerland, holding the stock for dividendsmerely. Then the big institutions like trust HARRIMAN THE ABSOLUTE. 467. CopyriEht, 1908. by Pach Bros., N. Y. EDWARD HENRY HARRIMAN. (The one man in who combined railroad science with financial art to the limit—who could driveengines at the least decimal of a cent per ton per mile, and drive the richest group In the world to back himImplicitlj-.) and life insurance companies have millions of shares in railroads locked up permanently. Thus when Harriman bought into New York Central it meant by no meansthat he and the Union Pacific could showdown more than half of the $178,632,000
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