Harriman, Edward Henry

▪ American financier

born , Feb. 25, 1848, Hempstead, N.Y., U.S.

died Sept. 9, 1909, near Turner, N.Y.

      American financier and railroad magnate, one of the leading builders and organizers in the era of great railroad expansion and development of the West during the late 19th century.

      Harriman became a broker's clerk in New York at an early age and in 1870 was able to buy a seat on the New York Stock Exchange on his own account. His career in railroad management started with executive positions with the Illinois Central. In 1898 his career as a great railway organizer began with his formation, by the aid of the bankers Kuhn, Loeb & Co., of a syndicate to acquire the Union Pacific Railroad Company, which was then in receivership. Having brought the Union Pacific out of bankruptcy into prosperity, he utilized his position to draw other lines within his control, notably the Southern Pacific in 1901. His abortive contest in 1901 with James J. Hill (Hill, James Jerome) for the control of the Northern Pacific led to one of the most serious financial crises ever known on Wall Street. At his death in 1909, Harriman's influence was estimated to extend over 60,000 miles of track. His business methods excited bitter criticism, culminating in a stern denunciation from Pres. Theodore Roosevelt in 1907.

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