E.H. Harriman: The Titan of the American Railroads and His Lasting Legacy

E.H. Harriman’s legacy lives on through the continued success of the railroad industry, the influence of his children and grandchildren, and the lasting impact of his philanthropic endeavors. From shaping the future of railroads to supporting scientific exploration and conservation, Harriman’s life is a testament to the power of vision, leadership, and a dedication to improving the world around him. His wealth, family, and lasting impact on the U.S. economy will remain a crucial part of American history for years to come.

Introduction: E.H. Harriman’s Impact on the American Railroads

Edward Henry Harriman, more widely known as E.H. Harriman, was one of the most influential figures in the history of the American railroads. Born on February 20, 1848, Harriman’s rise to prominence as a financier and railroad executive left an indelible mark on the nation’s infrastructure and economic development. His stewardship of Union Pacific Railroad, as well as his business acumen and strategic vision, revolutionized the railroad industry during the late 19th and early 20th centuries. Through his efforts, he reshaped how railroads operated and brought efficiency and profitability to an essential component of the nation’s economy. This article delves into the life of E.H. Harriman, his family legacy, his wealth, and his enduring influence.

The Early Life and Rise of E.H. Harriman

E.H. Harriman was born in Hempstead, New York, into a well-off family. However, his early life did not suggest that he would become one of the wealthiest and most influential figures of his time. At the age of 14, Harriman started working as an errand boy on Wall Street. This humble beginning laid the foundation for his future in finance. By the age of 22, he had already become a member of the prestigious New York Stock Exchange. His remarkable financial skills and keen instincts allowed him to quickly rise through the ranks of Wall Street, making strategic investments that positioned him for success in the world of railroads.

In the 1870s, Harriman’s path took a major turn when he married Mary Williamson Averell, whose father was the president of the Ogdensburg & Lake Champlain Railroad Company. This marriage connected him to the railroad industry, and Harriman’s involvement with railroads became his professional focus. Through his connections and entrepreneurial drive, he would soon acquire significant stakes in major railroad companies, positioning himself as a leading figure in the American transportation sector.

E.H. Harriman and the Transformation of Union Pacific Railroad

One of Harriman’s most significant accomplishments came when he took control of the Union Pacific Railroad in the late 19th century. At the time, the railroad was struggling financially, facing competition from other transportation companies and suffering from mismanagement. Harriman, with his financial acumen, began to implement sweeping reforms to increase efficiency and profitability.

Harriman’s influence over Union Pacific allowed him to modernize its operations. He invested heavily in infrastructure, expanding the railroad’s network and upgrading its fleet of trains and equipment. His focus on safety, innovation, and organizational efficiency made Union Pacific one of the most successful railroad companies in America, transforming it into a thriving enterprise.

By the early 1900s, under Harriman’s leadership, Union Pacific was one of the most powerful and profitable railroads in the world. His success in revitalizing the company set the stage for the consolidation of many other smaller railroad companies into larger, more efficient networks, which ultimately shaped the modern railroad industry in the United States.

E.H. Harriman’s Wealth and Net Worth

As a result of his various business ventures, particularly his role in transforming Union Pacific, E.H. Harriman amassed a vast fortune. He was considered one of the wealthiest individuals in America during his time, with his net worth reaching staggering heights. By the time of his death in 1909, Harriman’s estate was estimated to be worth over $100 million—an enormous sum in those days.

Harriman’s wealth allowed him to invest in other sectors as well, including banking, real estate, and industry. His strategic investments outside of railroads further augmented his wealth and influence. His financial success enabled him to lead a lavish lifestyle, but he also used his resources for philanthropic purposes, contributing to various causes, including the preservation of natural spaces and scientific exploration.

Family Life: E.H. Harriman’s Children and Grandchildren

E.H. Harriman’s personal life was marked by a strong family connection. He married Mary Williamson Averell in 1877, and together, they had several children. His family played a central role in his legacy, with his children taking on important roles in the business and philanthropic endeavors that were central to his life’s work.

One of his notable children was Edward H. Harriman Jr., who followed in his father’s footsteps and became a prominent figure in the railroad industry. Additionally, Harriman’s daughters also played significant roles in society, marrying into other wealthy and influential families of the time.

Harriman’s grandchildren continued his legacy of prominence and success. His descendants maintained a significant presence in both the business world and in philanthropy, reflecting the values and principles that Harriman instilled in his own children. The Harriman name remains associated with significant contributions to American society, particularly in the fields of business, science, and environmental conservation.

E.H. Harriman and His Legacy in Philanthropy and Natural Conservation

Beyond his success in business, E.H. Harriman was deeply interested in philanthropy and the preservation of nature. He believed that wealthy individuals had a responsibility to use their resources to benefit society, and he dedicated a significant portion of his fortune to charitable causes.

In 1899, Harriman funded the Harriman Alaska Expedition, which aimed to explore and document the natural wonders of Alaska. The expedition resulted in the discovery of new species of animals and plants, as well as significant contributions to the field of geology and natural sciences. This effort helped establish Harriman as a patron of the sciences and a supporter of the conservation movement, which sought to preserve the nation’s natural resources for future generations.

Additionally, Harriman’s family would continue his philanthropic efforts, with his children and grandchildren supporting various causes related to education, conservation, and scientific research.

The End of an Era: E.H. Harriman’s Death and the Enduring Legacy

E.H. Harriman passed away on September 9, 1909, after a long battle with illness. His death marked the end of an era in American business and the railroad industry. While his death was a significant loss, his influence lived on through his family and the many institutions he helped shape.

After his passing, his children took on leadership roles in the various businesses and philanthropic endeavors he had supported, ensuring that Harriman’s vision and legacy would continue to thrive. His influence on the railroad industry remained strong, as Union Pacific continued to grow and dominate the American transportation landscape.

Harriman’s lasting legacy can also be seen in the towns, parks, and natural reserves that bear his name. Harriman, New York, and Harriman State Park in New York are two of the most notable places that commemorate his contributions to the country’s infrastructure and natural beauty.

Conclusion: E.H. Harriman’s Lasting Influence

E.H. Harriman was more than just a railroad magnate; he was a visionary who changed the face of American industry and left an enduring legacy in multiple fields, from finance to conservation. His family, wealth, and philanthropic efforts ensured that his influence would continue for generations. Today, Harriman’s name is synonymous with American industrialization, financial success, and a commitment to preserving the nation’s natural beauty. His story serves as an inspiring example of how one individual can shape the course of history and leave an indelible mark on the world.