Edward Henry Harriman was a prominent American financier and railroad executive whose influence extended far beyond the railroads he controlled. Born on February 20, 1848, in Hempstead, New York, Harriman's life was marked by his remarkable ability to transform struggling railroads into profitable enterprises. His legacy includes not only his contributions to the railroad industry but also his impact on scientific exploration and philanthropy.
Early Life and Career
Harriman's
early life set the stage for his future success. He was born into a family with a strong business background; his great-grandfather had emigrated from England and established himself as a successful businessman. Harriman's own career began at a young age when he left school at 14 to work as an errand boy on Wall Street. By the age of 22, he had become a member of the New York Stock Exchange, demonstrating his early aptitude for finance.
Harriman's interest in railroads was piqued through his father-in-law, who was the president of the Ogdensburg and Lake Champlain Railroad Company. In 1881, Harriman acquired the Lake Ontario Southern Railroad, which he reorganized and sold at a profit. This marked the beginning of his career as a railroad magnate, known for revitalizing bankrupt railroads.
Railroad Empire
Harriman's influence in the railroad industry grew significantly in the late 19th and early 20th centuries. In 1897, he became a director of the Union Pacific Railroad, and by 1898, he was chairman of its executive committee. His leadership was instrumental in the company's success, and he later became its president. Harriman also served as president of the Southern Pacific Railroad from 1901 to 1909, further solidifying his status as a key figure in the industry.
At the time of his death in 1909, Harriman controlled several major railroads, including the Union Pacific, Southern Pacific, and Illinois Central. His estate was valued between $150 million and $200 million, a testament to his financial acumen and business success.
Scientific Exploration and Philanthropy
Beyond his railroad ventures, Harriman was known for his interest in scientific exploration. In 1899, he organized the Harriman Alaska expedition, a scientific journey to catalog the flora and fauna of the Alaskan coastline. This expedition brought together prominent scientists and naturalists, highlighting Harriman's commitment to scientific advancement.
Harriman's legacy also includes his philanthropic efforts. His widow, Mary Averell Harriman, established the E. H. Harriman Award in 1913 to recognize achievements in railway safety. Additionally, the Harriman family donated land to create Harriman State Park in New York, ensuring that his contributions would benefit future generations.
Edward Henry Harriman's life was characterized by his visionary leadership in the railroad industry, his support for scientific exploration, and his philanthropic endeavors. His legacy continues to be felt in the fields of transportation, science, and conservation.
