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E. H. Harriman

 
Britannica Concise Encyclopedia: Edward Henry Harriman

(born , Feb. 25, 1848, Hempstead, N.Y., U.S. — died Sept. 9, 1909, near Turner, N.Y.) U.S. financier and railroad magnate. After working as an office boy and then a stockbroker on Wall Street, he began his career in railroad management as an executive with the Illinois Central. In 1898 he organized a syndicate to acquire the bankrupt Union Pacific Railroad Co., which he soon brought into prosperity. Using unpopular business methods, he acquired several other lines, notably the Southern Pacific. His abortive 1901 contest with James J. Hill for control of the Northern Pacific led to one of Wall Street's most serious financial crises. The railway trust Harriman formed with J.P. Morgan was dissolved by the U.S. Supreme Court in 1904. His son W. Averell Harriman joined the company in 1915 (chairman 1932 – 46) and was active in politics; he was elected governor of New York (1954 – 58) and served the U.S. government as a representative and diplomat in Europe, the Far East, and the Soviet Union.

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Biography: Edward Henry Harriman
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Edward Henry Harriman (1848-1909), executive of the Union Pacific Railroad, was one of the dominant American figures in that industry in the late 19th century.

Born on Feb. 20, 1848, in Hempstead, N.Y., E. H. Harriman was raised in a relatively affluent environment. Although his father was a clergyman, the rest of the family engaged successfully in business. At the age of 14 Harriman became an office boy in a Wall Street firm. When he turned 21 he borrowed $3, 000 from an uncle and purchased a seat on the stock exchange.

Harriman's first venture in transportation was the modest purchase of a Hudson River boat running between New York City and Newburgh. Mary Williamson, whom he married in 1879, was the daughter of the president of an upstate New York railroad. From this time Harriman began rebuilding bankrupt railroads in that region.

In 1883 Stuyvesant Fish, vice president of the Illinois Central Railroad, secured a seat for Harriman on the board of directors, and when Fish moved to the presidency in 1887, Harriman became vice president. Through Harriman's brilliant financial acumen the Illinois Central survived the devastating depression of the 1890s.

During this period Harriman was also eyeing the Union Pacific Railroad. When the line went into receivership in 1893, Harriman joined the reorganization syndicate. Four years later he gained a seat on the board of directors. He soon was made chairman of the executive committee, becoming, in effect, the voice of the Union Pacific. Harriman moved first to restore the physical condition of the road. He also gained control of two Oregon railroads and thus ensured the Union Pacific an entrance to Portland. He then turned his attention to California. A golden opportunity arose in 1900, when the Southern Pacific Railroad holdings were put up for sale. Harriman purchased enough securities to control the vast transportation network operating along the entire Pacific Coast and east to New Orleans.

Meanwhile, Harriman wanted to extend the eastern terminus of the Union Pacific, then at Omaha, to Chicago. He attempted to gain control of the Chicago, Burlington and Quincy Railroad but ran headlong into James J. Hill of the Great Northern Railway. Harriman, backed by the Kuhn-Loeb financial group, and Hill, supported by financier J. P. Morgan, battled for stock control. The antagonists eventually agreed to create a holding company, the Northern Securities Company, which was to control a vast majority of the railroads west of the Mississippi River.

To their surprise, U.S. president Theodore Roosevelt instigated an antitrust suit against Northern Securities. In 1904 the Supreme Court ordered the company dissolved. Harriman suffered another setback when, in 1906-1907, the Interstate Commerce Commission's investigation revealed his part in a group of "robber barons" who had set about to financially destroy the Chicago and Alton Railroad.

Harriman also dabbled in steamships, banks, and insurance companies. In 1899 he organized and accompanied a research expedition to Alaska. He was also active in New York boys' club work. In 1885 he began buying acreage in Orange County, N.Y., for the purpose of preserving forest lands; some 20, 000 acres plus funds to purchase additional tracts were given to the state to create Harriman Park, now over 45, 000 acres in extent.

Harriman was the father of six children, the most famous of whom was W. Averell Harriman.

Further Reading

The most extensive treatment of Harriman is George Kennan, E. H. Harriman: A Biography (2 vols., 1922). The only other study is the journalistic account by Hamilton J. Eckenrode and Pocahontas Wight Edmunds, E. H. Harriman: The Little Giant of Wall Street (1933).

Additional Sources

Eckenrode, H. J. (Hamilton James), E.H. Harriman: the little giant of Wall Street, New York: Arno Press, 1981.

Kennan, George, E. H. Harriman, a biography, New York: Arno Press, 1981, 1922.

Memoirs of three railroad pioneers, New York: Arno Press, 1981.

 
Columbia Encyclopedia: Edward Henry Harriman
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Harriman, Edward Henry, 1848-1909, American railroad executive, b. Hempstead, N.Y.; father of William Averell Harriman. He became a stockbroker in New York City and soon entered the railroad field, where he attracted attention by able management of the Illinois Central RR, of which he became a director (1883) and vice president (1887). He became executive committee chairman of the Union Pacific in 1898 and repossessed for it the Oregon Short Line. By purchase of the holdings of Collis P. Huntington, he secured control not only of the Southern Pacific RR but also of the Central Pacific RR. His attempt to secure an entrance into Chicago by gaining control of the Burlington & Quincy RR was blocked by James J. Hill in a struggle famous in American financial history. In a later compromise, he joined with Hill and J. P. Morgan in organizing the Northern Securities Company, a holding company formed to prevent railroad competition. But in 1904 the trust was ordered dissolved by the U.S. Supreme Court. Harriman used the financial strength of his roads to buy widely and speculatively in railroad stocks elsewhere. He conducted the Harriman Alaskan expedition of 1899, a scientific undertaking; sponsored boys' clubs; and pledged $1 million and 10,000 acres (4,047 hectares) of forest land to New York state for park purposes. The reservation, now the 42,500-acre (17,200-hectare) Harriman State Park, is part of the Palisades Interstate Park.

Bibliography

See biographies by G. Kennan (2 vol., 1922; repr. 1969) and J. E. H. L. Mercer (1985).

Quotes By: Edward H. Harriman
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Quotes:

"Much good work is lost for the lack of a little more."

"It is never safe to look into the future with eyes of fear."

Wikipedia: E. H. Harriman
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E. H. Harriman
Born Edward Henry Harriman
20 February 1848(1848-02-20)
Hempstead, New York, USA
Died September 9, 1909 (aged 61)
Orange County, New York, USA

Edward Henry Harriman (20 February 1848 – 9 September 1909) was an American railroad executive.

Contents

Biography

Early years

Harriman was born in Hempstead, New York, the son of Orlando Harriman, an Episcopal clergyman, and Cornelia Neilson. His great-grandfather, William Harriman, emigrated from England in 1795 and engaged successfully in trading and commercial pursuits.

As a young boy, Harriman spent a summer working at the Greenwood Iron Furnace in the area owned by the Robert Parker Parrott family that would become Harriman State Park. He quit school at age 14 to take a job as an errand boy on Wall Street in New York City. His uncle Oliver Harriman had earlier established a career there. His rise from that humble station was meteoric. By age 22, he was a member of the New York Stock Exchange. And, by age 33, he focused his energies on acquiring rail lines.

Career

In 1885 Harriman learned that the 7,863 acres (31.82 km2) Parrott family estate was for sale. He bought it for $52,500 and named it Arden (now a hamlet in Tuxedo, New York). Over the next several years he purchased an additional 20,000 acres (81 km2) almost forty different parcels of land, and built forty miles of bridle paths to connect them all. His master 100,000 sq ft (9,300 m2) home (Arden House) which sat high above the Palisades Parkway, was completed only seven months before he died. In the early 1900s, his sons W. Averell Harriman and E. Roland Harriman hired landscape architect Arthur P. Kroll to work closely with the head gardener and landscape those many acres. It was from this estate that his widow would donate ten thousand acres (40 km²) to New York state to start Harriman State Park in 1910.

Harriman was nearly fifty years old when in 1897 he became a director of the Union Pacific Railroad. By May 1898 he was chairman of the executive committee, and from that time until his death his word was law on the Union Pacific system. In 1903 he assumed the office of president of the company. From 1901 to 1909, Harriman was also the President of the Southern Pacific railroad. The vision of a unified UP/SP railroad was planted with Harriman. (The UP and SP were reunited on Sept. 11, 1996 when the ICC approved their merger.)

At the time of his death Harriman controlled the Union Pacific, the Southern Pacific, the Saint Joseph and Grand Island, the Illinois Central, the Central of Georgia, the Pacific Mail Steamship Company, and the Wells Fargo Express Company. Estimates of his estate ranged from $200 million to $600 million. It was left entirely to his wife.

The Harriman Alaska Expedition

In 1899, Harriman financed and accompanied a scientific expedition to catalog the flora and fauna of the Alaska coastline from its lush southern panhandle to Prince William Sound. Among the scholars who joined him were John Burroughs, John Muir, George Bird Grinnell, Louis Agassiz Fuertes, Edward Curtis, Trevor Kincaid, G. K. Gilbert, Albert Fisher, Robert Ridgway, Charles Keeler, Frederick Coville, Frederick Dellenbaugh, William Emerson Ritter and Clinton Hart Merriam. They made the trip on a luxuriously refitted 250-foot (76 m) steamer, George W. Elder.

Personal life

In 1879 he married Mary Williamson Averell, the daughter of William J. Averell, a banker of Ogdensburg, New York, who was president of the Ogdensburg and Lake Champlain Railroad Company. This relationship aroused his interest in up-state transportation and two years later his career as a rebuilder of bankrupt railroads began with a small broken-down railroad called the Lake Ontario Southern which he renamed the Sodus Bay & Southern, reorganized, and sold with considerable profit to the Pennsylvania Railroad.

Upon Harriman's death in 1909, naturalist John Muir, who had joined him on his 1899 Alaska expedition, wrote in his eulogy of Harriman, "In almost every way, he was a man to admire."

Legacy

The Union Pacific Harriman Dispatch Center in Omaha, Nebraska is named for Edward H. Harriman. In 1913, his widow created the E. H. Harriman Award to recognize outstanding achievements in railway safety. The award has been presented on an annual basis since then.

His estate, Arden, was designated a National Historic Landmark in 1966.

Harriman is mentioned in the movie Butch Cassidy and the Sundance Kid as the commercial baron who, annoyed by how frequently the film's eponymous bandits stole money from trains travelling Harriman-controlled frontier railways, sent bounty hunters after the pair and outfitted a specially-equipped train. In the movie The Wild Bunch, railroad man named 'Harrigan' similarly hires bounty hunters and outfits a special train to track down the outlaws.

Harriman was also featured in the computer game Railroad Tycoon II, as a computer AI character.

It is unknown whether the character 'Herriman' of the children's cartoon Foster's Home for Imaginary Friends is a parody of E.H. Harriman. Their last names are near-identical, both wear formal attire, and the whiskers seen on the rabbit closely resemble E.H. Harriman's moustache.

References

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External links

Preceded by
Horace G. Burt
President of the Union Pacific Company
1904 – 1909
Succeeded by
Robert S. Lovett

 
 
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Britannica Concise Encyclopedia. Britannica Concise Encyclopedia. © 2006 Encyclopædia Britannica, Inc. All rights reserved.  Read more
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Columbia Encyclopedia. The Columbia Electronic Encyclopedia, Sixth Edition Copyright © 2003, Columbia University Press. Licensed from Columbia University Press. All rights reserved. www.cc.columbia.edu/cu/cup/ Read more
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