Harriman vs. Hill

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In 1901, the Northern Pacific was an unlikely prize a twice bankrupt construction of the federal government, it was a two bit railroad literally five years back, its stock traded for twenty five cents a share But it was also a key to connecting eastern markets through Chicago to the rising West Two titans of American railroads set their sights on it James J Hill, head of the Great Northern and largest individual shareholder of the Northern Pacific, and Edward Harriman, head of the Union Pacific and the Southern Pacific The subsequent contest was unprecedented in the history of American enterprise, pitting not only Hill against Harriman but also Big Oil against Big Steel and J P Morgan against the Rockefellers, with a supporting cast of enough wealthy investors to fill the ballroom of the Waldorf Astoria.The story, told here in full for the first time, transports us to the New York Stock Exchange during the unfolding of the earliest modern day stock market panic Harriman vs Hill re creates the drama of four tumultuous days in May 1901, when the common stock of the Northern Pacific rocketed from one hundred ten dollars a share to one thousand in a mere seventeen hours of trading the result of an inadvertent corner caused by the opposing forces Panic followed and then, in short order, a calamity for the shorts, a compromise, the near collapse of Wall Street brokerages and banks, the most precipitous decline ever in American stock values, and the fastest recovery Larry Haeg brings to life the ensuing stalemate and truce, which led to the forming of a holding company, briefly the biggest railroad combine in American history, and the U.S Supreme Court ruling against the deal, launching the reputation of Justice Oliver Wendell Holmes as the great dissenter and President Theodore Roosevelt as the trust buster The forces of competition and combination, unfettered growth, government regulation, and corporate ambition all the elements of American business at its best and worst come into play in the account of this epic battle, whose effects echo through our economy to this day. Download Harriman vs. Hill by Larry Haeg – kino-fada.fr Larry Haeg was the top communications executive at Wells Fargo He had read about something called the Northern Pacific Corner that almost collapsed the New York Stock Exchange and would have taken down many dealers and brokers at the heart of financial system in 1901 When Haeg tried to find details about the stock raid, he didn t find a coherent account so he wrote one The amount of research, the variety of sources, and assiduous citations are a testament to his efforts.At the heart of the Larry Haeg was the top communications executive at Wells Fargo He had read about something called the Northern Pacific Corner that almost collapsed the New York Stock Exchange and would have taken down many dealers and brokers at the heart of financial system in 1901 When Haeg tried to find details about the stock raid, he didn t find a coherent account so he wrote one The amount of research, the variety of sources, and assiduous citations are a testament to his efforts.At the heart of the book is the confrontation between James J Hill, a legendary figure in Minnesota and the upper Midwest, and Edward Harriman, an Eastern mogul whose son was W Averell Harriman, a famous Democratic Part politician and global statesman The book paints portraits of two men who intuitively understood the importance of a transcontinental railway to help the country grow both its internal commerce as well as export to Asia Since the existing railway spider webs were seeded, grante...I thoroughly enjoyed this book.Very insightful on so many fronts, including the railroads of my childhood Great Northern and Northern Pacific both cross North Dakota, the NP through the middle of my home town Since I have family that works at BNSF which is built from the Great Northern, the Northern Pacific, the Santa Fe and the Burlington, plus others this book was also an insight into the history of their world They read it and highly endorsed it, which moved it up my queue.Also, I find I thoroughly enjoyed this book.Very insightful on so many fronts, including the railroads of my childhood Great Northern and Northern Pacific both cross North Dakota, the NP through the middle of my home town Since I have family that works at BNSF which is built from the Great Northern, the Northern Pacific, the Santa Fe and the Burlington, plus others this book was also an insight into the history of their world They read it and highly endorsed it, which moved it up my queue.Also, I find JP Morgan absolutely fascinating as a character of history and he plays a big role in this book as well I came away pretty impressed with James J Hill as well Here was somebody that k...This book was several stories in one, primarily the battle between Hill and Harriman over the Northern Pacific The second, lesser story was the growth of anti trust law after this grand battle In order to make his systemefficient, Hill sought to control the Burlington through the Northern Pacific, which would give Hill a better route into Chicago Harriman did not like the competition for his Union Pacific, and secretly tried to buy away the NP from Hill A grand battle went on over NP o This book was several stories in one, primarily the battle between Hill and Harriman over the Northern Pacific The second, lesser story was the growth of anti trust law after this grand battle In order to make his systemefficient, Hill sought to control the Burlington through the Northern Pacific, which would give Hill a better route into Chicago Harriman did not like the competition for his Union Pacific, and secretly tried to buy away the NP from Hill A grand battle went on over NP outstanding stock, causing a near collapse in the stock market.After the stock battle, Hill sought to protect his empire by the creation of a holding corpora...One of the great forgotten stories of American history is the battle over the Union Pacific railroad between James J Hill and Ed Harriman Hill controlled the Great Northern Railroad connecting St Paul to the west coast through the Dakotas and northwest Harriman controlled the Union and Southern Pacific which ran from the gulf of mexico along the southern US and up California The middle link was the Union Pacific which ran along the middle United States, and both parties attempted to purchase One of the great forgotten stories of American history is the battle over the Union Pacific railroad between James J Hill and Ed Harriman Hill controlled the Great Northern Railroad connecting St Paul to the west coast through the Dakotas and northwest Harriman controlled the Union and Southern Pacific which ran from the gulf of mexico along the southern US and up California The middle link was the...well research, full of interesting details, the writing style is serious but vivid and at times one can almost imagine the characters on a movie screen Haeg explores an interesting moment in american business stock market history which happened during the latter half of the Gilded Age this books is first and foremost a detailed account of wh...I picked up the book because I have met Larry Haeg, not knowing what to expect, and it blew me away This book deserves to be read There is an enormous amount of information, detail and data, including minute by minute descriptions of days at the stock exchange He made it a cliffhanger Whether you are interested in commerce, government regulation, the stock market, Minnesota history, railroads or politics, you will find great material in Harriman vs Hill Bonus Justice Holmes dissent in No I picked up the book because I have met Larry Haeg, not knowing what to expect, and it blew me away ...An interesting journal of the battles for the control of America s railroads at the turn of the 19th century.Edward Harriman and banker Jacob Schiff vs James Hill and financier John Pierpoint Morgan.These men controlled, through the railroads and U.S Steel much of the U.S Economy.They each wanted it all.The railroads were a mess there were too many of them.Consolidation was rational but placed control in just a few non governmental hands.Enter President Teddy Roosevelt.A great saga.A lit An interesting journal of the battles for the control of America s railroads at the turn of the 19th century.Edward Harriman and banker Jacob Schiff vs James Hill and financier John Pierpoint Morgan.These men controlled, through the railroads and U.S Steel much of the U.S Economy.They each wanted it all.The railroads were a mess there were too many of them.Consolidation was rational but placed control in just a few non governmental hands.Enter Pre...Finely researched The cast of characters are so vividly portrayed it s like cinema.This battle between railroad and investment banker titans is a lesson for all times.Although the transportation system mix has changed greatly over time the vision of the railroad consolidators has not.A must read

Harriman vs. Hill
  • English
  • 19 June 2018
  • Hardcover
  • 384 pages
  • 0816683646
  • Larry Haeg
  • Harriman vs. Hill