E. H. Harriman

E. H. Harriman was a preeminent American financier and railroad executive whose aggressive leadership transformed the nation's transportation landscape. Best known for his dramatic revitalization of the Union Pacific Railroad, he built a vast transportation empire that included major lines like the Southern Pacific Railroad and the Illinois Central Railroad. His legacy extends beyond business into significant contributions to conservation and scientific exploration, most notably through the Harriman Alaska Expedition.

Early life and career

Born in Hempstead, New York, Edward Henry Harriman left school at fourteen to work as a Wall Street runner. He quickly demonstrated a keen aptitude for finance, becoming a member of the New York Stock Exchange by age twenty-two. His early career involved shrewd investments in distressed railroad securities, laying the groundwork for his future empire. He gained valuable experience through directorships in smaller lines like the Lake Ontario Southern Railroad and the Sodus Bay & Southern Railroad. A pivotal moment came in 1883 when he joined the board of the struggling Illinois Central Railroad, where he honed his operational strategies.

Union Pacific Railroad

Harriman's most famous achievement was the resurrection of the Union Pacific Railroad, which was near bankruptcy following the Panic of 1893. After gaining control in 1897, he embarked on an unprecedented modernization program, investing over $160 million to rebuild track, reduce grades, and purchase new equipment. He orchestrated the acquisition of competing lines, including the Oregon Short Line Railroad and the Oregon Railroad and Navigation Company, to create a seamless system. His vision culminated in a fierce battle with James J. Hill and J.P. Morgan for control of the Chicago, Burlington and Quincy Railroad, a conflict ultimately resolved by the creation of the massive Northern Securities Company, which was later dissolved by the Supreme Court of the United States.

Other business ventures

Beyond the Union Pacific Railroad, Harriman assembled a formidable network of transportation assets. He gained control of the Southern Pacific Railroad in 1901, creating a transcontinental system that dominated traffic to California and the American Southwest. His interests also included the Pacific Mail Steamship Company, linking his rail networks to Asia, and the Wells Fargo express company. He invested in urban transit, developing the Interborough Rapid Transit Company in New York City, and had significant holdings in banking and insurance through institutions like the Equitable Life Assurance Society.

Conservation and expeditions

Driven by a passion for the outdoors, Harriman became a notable conservationist. His most celebrated contribution was funding and leading the 1899 Harriman Alaska Expedition, a scientific voyage along the Alaska coast aboard the steamer SS George W. Elder. The expedition included prominent scientists like John Muir, John Burroughs, and George Bird Grinnell, and resulted in extensive collections and publications. He also purchased over 20,000 acres in the Hudson Valley to create a private game preserve and was a key supporter of New York State's Adirondack Park, donating land for what became the Harriman State Park.

Personal life and legacy

In 1879, he married Mary Williamson Averell, daughter of a Pennsylvania railroad president, with whom he had six children, including future diplomats W. Averell Harriman and E. Roland Harriman. He maintained estates in Orange County, New York and on Klamath Lake in Oregon. Harriman died in 1909, and control of his empire passed to his family and associates like Robert S. Lovett. His aggressive tactics often drew criticism from reformers and led to investigations by the Interstate Commerce Commission. His legacy is preserved in institutions like the Harriman Institute at Columbia University and landmarks such as Harriman, New York. The Harriman Alaska Expedition remains a landmark in American scientific exploration.

Category:American railroad executives Category:1848 births Category:1909 deaths