The Railroad Builders: A Chronicle of the Welding of the StatesMoody, John
History
The Railroad Builders: A Chronicle of the Welding of the States
Moody, John
Railroads -- United States -- History
Thus with one bound Harriman had leaped to the forefront in American
railroad finance and by a bold act which was characteristic of the man.
For Edward H. Harriman was not only a hardheaded, practical business
builder who like Morgan thought in big figures, but he was also a bold
plunger, which Morgan was not. Possessing a vivid imagination, he not
only saw far into the future but he also planned far into that same
future. Morgan was also a man of vision, but his vision did not carry
him far beyond the present. The things Morgan saw best were those
immediately before him, while the things that Harriman saw best were at
a distance. Morgan's big plans of procedure were based on what he saw in
a business way in the near future; he reorganized his railroads with the
idea of making them pay their way as soon as possible and of showing a
good return on the capital invested. He thought little of what might be
the outcome a decade or two hence or of what combinations might later
be worked on the chessboard as a result of his immediate moves. Morgan's
mind was not philosophical; it was intensely practical.
While Morgan declined the proffered control of the Union Pacific on the
theory that it was only a "streak of rust" running through a sparsely
settled country and across an arid desert, Harriman dreamed of the great
undeveloped West filling up with people during the following generation,
of the empty plains being everywhere put under cultivation, and of
the arid desert responding to the effects of irrigation on a large and
comprehensive scale. He foresaw the wonderful future of the Pacific
States--the opening up of natural resources in the mountains, the steady
stream of men and women who would ultimately emigrate to this vast
section from the East and from foreign lands and who would build up
towns and great cities. At the same time, with that practical mind of
his, Harriman calculated that the Union Pacific Railroad--situated in
the heart of this huge area, having the most direct and shortest line to
the Pacific, and with all traffic from the East converging over half a
dozen feeder lines to Omaha and Kansas City--would haul enormous
amounts of tonnage just as soon as the Western country revived from the
depression under which it had been struggling for half a dozen years.
When Harriman took hold of the Union Pacific he had already determined
to absorb the Oregon lines, with their tributaries running up into the
Puget Sound country and to the Butte mining district; to get hold of the
Southern Pacific properties at the earliest possible moment; and to link
the Illinois Central in some way to the Union Pacific so that the latter
would have its own independent outlets to Chicago and St. Louis. All
these plans he ultimately accomplished, as well as many others, some of
which his farseeing imagination may have conceived then.
Public-domain text, read in full here on John Shaqi.
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