Baltimore and Ohio Railroad Company Issued to E.H. HarrimanInv# AG2060 Stock
Stock Issued to but not signed by E.H. Harriman.
Edward Henry Harriman
Better known as E. H. Harriman, he was a wealthy railroad executive.
As a young boy, Harriman spent a summer working at the Greenwood Iron Furnace in the area owned by the Parrott family that would become Harriman State Park. Due to tight family finances, he had to quit school at age 14 to take a job as an errand boy on Wall Street in New York City. His rise from that humble station was meteoric. By age 22, he was a member of the New York Stock Exchange. And, by age 33, he focused his energies on acquiring rail lines.
In 1879 he married Mary Williamson Averell, the daughter of William J. Averell, a banker of Ogdensburg, New York, who was president of the Ogdensburg & Lake Champlain Railroad Company. This relationship aroused his interest in up-state transportation and two years later his career as a rebuilder of bankrupt railroads began with a small broken-down railroad called the Lake Ontario Southern which he renamed the Sodus Bay & Southern, reorganized, and sold with considerable profit to the Pennsylvania.
In 1885 Harriman learned that the 7863-acre Parrott family estate was for sale. He bought it for $52,500 and named it Arden. Over the next several years he purchased an additional twenty thousand acres, almost forty different parcels of land, and built forty miles of bridle paths to connect them all.
Harriman was nearly fifty years old when in 1897 he became a director of the Union Pacific Railroad. By May 1898 he was chairman of the executive committee, and from that time until his death his word was law on the Union Pacific system. In 1903 he assumed the office of president of the company. From 1901 to 1909, Harriman was also the President of the Southern Pacific railroad. The vision of a unified UP/SP railroad was planted with Harriman.
His stock market battle for control of the Northern Pacific against the combination of J. Pierpont Morgan and James J. Hill (which ended in a standstill) remains as one of Wall Street's great wars. A true financial wizard, Harriman was known as the "Napoleon of Wall Street" and upon his death, "controlled more millions of capital than any financial giant of the country."
At the time of his death Harriman controlled the Union Pacific, the Southern Pacific, the Saint Joseph and Grand Island, the Illinois Central, the Central of Georgia, the Pacific Mail Steamship Company, and the Wells Fargo Express Company. Estimates of his estate ranged from $200 million to $600 million. It was left entirely to his wife.
When Harriman died in 1909, naturalist John Muir (who had joined him on his 1899 Alaska expedition) wrote his eulogy. He concluded, "In almost every way, he was a man to admire."
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.