Henry Varnum Poor

Henry Varnum Poor (December 8, 1812 – January 4, 1905) was an American financial analyst and founder of H.V. and H.W. Poor Co, which later evolved into the financial research and analysis bellwether, Standard & Poor's.

This article is about the financier. For the designer, see Henry Varnum Poor (designer). For the American intelligence officer and politician, see Henry Varnum Poor (Yale dean).
Henry Varnum Poor
Born(1812-12-08)December 8, 1812
East Andover, Massachusetts, U.S.
DiedJanuary 4, 1905(1905-01-04) (aged 92)
Brookline, Massachusetts, U.S.
Alma materBowdoin College (BA)
Occupation(s)Lawyer, financial analyst
Known forFounder of Standard & Poor's

Biography

Born in East Andover, Massachusetts (now Andover, Maine) to Sylvanus and Mary (Merrill) Poor,[1]: 2  he was the first of his family to attend college, graduating from Bowdoin in 1835. He was descended from General Enoch Poor of the Revolutionary War. He joined his uncle's law firm, being called to the bar in 1838.[1]: 6, 10  Later Henry and his brother John established a law practice in Bangor, Maine. By investing money in Maine's growing timber industry, the Poor brothers made a fortune. John Poor became a minor railway magnate in association with the European and North American Railway, and was heavily involved in the building of the Maine rail network.

In 1849, John purchased the American Railroad Journal, of which Henry became manager and editor.[1]: 34  In 1860, Henry Poor published History of Railroads and Canals in the United States, an attempt to compile comprehensive information about the financial and operational state of U.S. railroad companies. He later established H.V. and H.W. Poor Co. with his son, Henry William, and published annual updated versions of his book. Standard & Poor's traces its history back to this publication.[2]

In 1862 Henry Poor was appointed a government commissioner to the newly chartered Union Pacific Railroad, and left his position as editor of the Journal. That same year he was elected as the railroad company's first Secretary.[1]: 62  He left the company shortly thereafter.[1]: 228 

Poor was a resident of Tuxedo Park, New York, which was founded by his good friend Pierre Lorillard in 1886. He also served as a co-founder of the American Geographical Society in 1851.[3]

He died in Brookline, Massachusetts, at the age of 92.[3]

Publications

References
  1. Chandler, Alfred D. (1981). Henry Varnum Poor: Business Editor, Analyst, and Reformer. New York: Arno Press. ISBN 0-405-13767-2.
  2. A History of Standard & Poor's, http://www.standardandpoors.com/about-sp/timeline/en/us/, accessed 11/2012
  3. Henry V. Poor Dead; Fall On Ice Proves Fatal -- Well-Known Railroad Authority, The New York Times, January 6, 1905
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