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HARRIMAN, EDWARD HENRY (1848—1909)

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Originally appearing in Volume V13, Page 18 of the 1911 Encyclopedia Britannica.
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HARRIMAN, See also:EDWARD See also:HENRY (1848—1909) , See also:American financier and railroad See also:magnate, son of the Rev. Orlando Harriman, See also:rector of St See also:George's Episcopal See also:church, Hempstead, L.I., was See also:born at Hempstead on the 25th of See also:February '848. He became a See also:broker's clerk in New See also:York at an See also:early See also:age, and in 1870 was able to buy a seat on the New York Stock See also:Exchange on his own See also:account. For a See also:good many years there was nothing sensational in his success, but he built up a considerable business connexion and prospered in his See also:financial operations. Meanwhile he carefully mastered the situation affecting American See also:railways. In this respect he was assisted by his friendship with Mr See also:Stuyvesant See also:Fish, who, on becoming See also:vice-See also:president of the See also:Illinois Central in 1883, brought Harriman upon the directorate, and in 1887, being then president, made Harriman vice-president; twenty years later it was Harriman who dominated the See also:finance of the Illinois Central, and Fish, having become his opponent, was dropped from the See also:board. It was not till '898, however, that his career as a See also:great railway organizer began with his formation, by the aid of the bankers, See also:Kuhn, Loeb & Co., of a See also:syndicate to acquire the See also:Union Pacific See also:line, which was then in the hands of a See also:receiver and was generally regarded as a hopeless failure. It was soon found that a new See also:power had arisen in the railway See also:world. Having brought the Union Pacific out of See also:bankruptcy into prosperity, and made it an efficient instead of a decaying line, he utilized his position to draw other lines within his contrcl, notably the See also:Southern Pacific in 1901. These extensions of his power were not made without See also:friction, and his abortive contest in 1901 with See also:James J. See also:Hill for the See also:control of the See also:Northern Pacific led to one of the most serious financial crises ever known on See also:Wall See also:Street. But in the result he became the dominant See also:factor in American railway matters.

At his See also:

death, on the 9th of See also:September 1909, his See also:influence was estimated to extend over 6o,000 m. of track, with an See also:annual earning power of $700,000,000 or over. Astute and unscrupulous manipulation of the stock markets, and a capacity for the hardest of bargaining and the most determined warfare against his rivals, had their See also:place in this success, and Harriman's methods excited the bitterest See also:criticism, culminating in a stern denunciation from President See also:Roosevelt himself in 1907. Nevertheless, besides acquiring See also:colossal See also:wealth for himself, he helped to create for the American public a vastly improved railway service, the benefit of which survived all controversy as to the means by which he triumphed over the obstacles in his way.

End of Article: HARRIMAN, EDWARD HENRY (1848—1909)

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