Harriman vs. Hill: Wall Street's Great Railroad War (Hardback)Larry Haeg (author)
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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 \u201ccorner\u201d caused by the opposing forces. Panic followed and then, in short order, a calamity for the \u201cshorts,\u201d 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 \u201cgreat dissenter\u201d and President Theodore Roosevelt as the \u201ctrust buster.\u201d 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.
Publisher: University of Minnesota Press
Number of pages: 384
Weight: 667 g
Dimensions: 229 x 152 x 30 mm
I first read about the Northern Pacific Corner when I was ten years old. When I opened my office on January 1, 1962, I put on the wall a framed copy of the New York Times of May 10, 1901, describing the fateful prior day. Larry Haeg now tells the full story, and I enjoyed every word of it.
" -Warren Buffett
"This book is a page-turner. Even for the reader that knows what is about to happen, Larry Haeg is able to convey a sense of excitement about the events' unfolding." -H. Roger Grant, author of Railroads and the American People
"Harriman vs. Hill is a fascinating read. It treats an important episode in business and financial history, fleshes it out in more detail than any previous author has done, and covers the ground in an engaging style. Haeg's approach is original and clever in the best sense of the word." -Maury Klein, author of Union Pacific
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