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¡¡time¡¡was¡¡36£»000£»¡¡and¡¡now¡¡it¡¡is¡¡261£»000¡¡miles¡£

My¡¡connection¡¡with¡¡the¡¡New¡¡York¡¡Central¡¡Railroad¡¡covers¡¡practically¡¡the¡¡whole¡¡period¡¡of¡¡railway¡¡construction£»¡¡expansion£»¡¡and¡¡development¡¡in¡¡the¡¡United¡¡States¡£¡¡¡¡It¡¡is¡¡a¡¡singular¡¡evidence¡¡of¡¡the¡¡rapidity¡¡of¡¡our¡¡country's¡¡growth¡¡and¡¡of¡¡the¡¡way¡¡which¡¡that¡¡growth¡¡has¡¡steadily¡¡followed¡¡the¡¡rails£»¡¡that¡¡all¡¡this¡¡development¡¡of¡¡States£»¡¡of¡¡villages¡¡growing¡¡into¡¡cities£»¡¡of¡¡scattered¡¡communities¡¡becoming¡¡great¡¡manufacturing¡¡centres£»¡¡of¡¡an¡¡internal¡¡commerce¡¡reaching¡¡proportions¡¡where¡¡it¡¡has¡¡greater¡¡volume¡¡than¡¡the¡¡foreign¡¡interchanges¡¡of¡¡the¡¡whole¡¡world£»¡¡has¡¡come¡¡about¡¡during¡¡a¡¡period¡¡covered¡¡by¡¡the¡¡official¡¡career¡¡of¡¡a¡¡railroad¡¡man¡¡who¡¡is¡¡still¡¡in¡¡the¡¡service£º¡¡an¡¡attorney¡¡in¡¡1866£»¡¡a¡¡vice¡­president¡¡in¡¡1882£»¡¡president¡¡in¡¡1885£»¡¡chairman¡¡of¡¡the¡¡board¡¡of¡¡directors¡¡in¡¡1899£»¡¡and¡¡still¡¡holds¡¡that¡¡office¡£

There¡¡is¡¡no¡¡such¡¡record¡¡in¡¡the¡¡country¡¡for¡¡continuous¡¡service¡¡with¡¡one¡¡company£»¡¡which¡¡during¡¡the¡¡whole¡¡period¡¡has¡¡been¡¡controlled¡¡by¡¡one¡¡family¡£¡¡¡¡This¡¡service¡¡of¡¡more¡¡than¡¡half¡¡a¡¡century¡¡has¡¡been¡¡in¡¡every¡¡way¡¡satisfactory¡£¡¡¡¡It¡¡is¡¡a¡¡pleasure¡¡to¡¡see¡¡the¡¡fourth¡¡generation£»¡¡inheriting¡¡the¡¡ability¡¡of¡¡the¡¡father£»¡¡grandfather£»¡¡and¡¡great¡­grandfather£»¡¡still¡¡active¡¡in¡¡the¡¡management¡£

I¡¡want¡¡to¡¡say¡¡that¡¡in¡¡thus¡¡linking¡¡my¡¡long¡¡relationship¡¡with¡¡the¡¡railroads¡¡to¡¡this¡¡marvellous¡¡development£»¡¡I¡¡do¡¡not¡¡claim¡¡to¡¡have¡¡been¡¡better¡¡than¡¡the¡¡railway¡¡officers¡¡who¡¡during¡¡this¡¡time¡¡have¡¡performed¡¡their¡¡duties¡¡to¡¡the¡¡best¡¡of¡¡their¡¡ability¡£¡¡¡¡I¡¡wish¡¡also¡¡to¡¡pay¡¡tribute¡¡to¡¡the¡¡men¡¡of¡¡original¡¡genius£»¡¡of¡¡vision¡¡and¡¡daring£»¡¡to¡¡whom¡¡so¡¡much¡¡is¡¡due¡¡in¡¡the¡¡expansion¡¡and¡¡improvement¡¡of¡¡the¡¡American¡¡railway¡¡systems¡£

Commodore¡¡Vanderbilt¡¡was¡¡one¡¡of¡¡the¡¡most¡¡remarkable¡¡men¡¡our¡¡country¡¡has¡¡produced¡£¡¡¡¡He¡¡was¡¡endowed¡¡with¡¡wonderful¡¡foresight£»¡¡grasp¡¡of¡¡difficult¡¡situations£»¡¡ability¡¡to¡¡see¡¡opportunities¡¡before¡¡others£»¡¡to¡¡solve¡¡serious¡¡problems£»¡¡and¡¡the¡¡courage¡¡of¡¡his¡¡convictions¡£¡¡¡¡He¡¡had¡¡little¡¡education¡¡or¡¡early¡¡advantages£»¡¡but¡¡was¡¡eminently¡¡successful¡¡in¡¡everything¡¡he¡¡undertook¡£¡¡¡¡As¡¡a¡¡boy¡¡on¡¡Staten¡¡Island¡¡he¡¡foresaw¡¡that¡¡upon¡¡transportation¡¡depended¡¡the¡¡settlement£»¡¡growth£»¡¡and¡¡prosperity¡¡of¡¡this¡¡nation¡£¡¡¡¡He¡¡began¡¡with¡¡a¡¡small¡¡boat¡¡running¡¡across¡¡the¡¡harbor¡¡from¡¡Staten¡¡Island¡¡to¡¡New¡¡York¡£¡¡¡¡Very¡¡early¡¡in¡¡his¡¡career¡¡he¡¡acquired¡¡a¡¡steamboat¡¡and¡¡in¡¡a¡¡few¡¡years¡¡was¡¡master¡¡of¡¡Long¡¡Island¡¡Sound¡£¡¡¡¡He¡¡then¡¡extended¡¡his¡¡operations¡¡to¡¡the¡¡Hudson¡¡River¡¡and¡¡speedily¡¡acquired¡¡the¡¡dominating¡¡ownership¡¡in¡¡boats¡¡competing¡¡between¡¡New¡¡York¡¡and¡¡Albany¡£

When¡¡gold¡¡was¡¡discovered¡¡in¡¡California¡¡he¡¡started¡¡a¡¡line¡¡on¡¡the¡¡Atlantic¡¡side¡¡of¡¡the¡¡Isthmus¡¡of¡¡Darien¡¡and¡¡secured¡¡from¡¡the¡¡government¡¡of¡¡Nicaragua¡¡the¡¡privilege¡¡of¡¡crossing¡¡the¡¡Isthmus¡¡for¡¡a¡¡transportation¡¡system¡¡through¡¡its¡¡territory£»¡¡and¡¡then¡¡established¡¡a¡¡line¡¡of¡¡steamers¡¡on¡¡the¡¡Pacific¡¡to¡¡San¡¡Francisco¡£¡¡In¡¡a¡¡short¡¡time¡¡the¡¡old¡­established¡¡lines£»¡¡both¡¡on¡¡the¡¡Atlantic¡¡and¡¡the¡¡Pacific£»¡¡were¡¡compelled¡¡to¡¡sell¡¡out¡¡to¡¡him¡£¡¡¡¡Then¡¡he¡¡entered¡¡the¡¡transatlantic¡¡trade£»¡¡with¡¡steamers¡¡to¡¡Europe¡£

With¡¡that¡¡vision¡¡which¡¡is¡¡a¡¡gift¡¡and¡¡cannot¡¡be¡¡accounted¡¡for£»¡¡he¡¡decided¡¡that¡¡the¡¡transportation¡¡work¡¡of¡¡the¡¡future¡¡was¡¡on¡¡land¡¡and¡¡in¡¡railroads¡£¡¡¡¡He¡¡abandoned¡¡the¡¡sea£»¡¡and¡¡his¡¡first¡¡enterprise¡¡was¡¡the¡¡purchase¡¡of¡¡the¡¡New¡¡York¡¡and¡¡Harlem¡¡Railroad£»¡¡which¡¡was¡¡only¡¡one¡¡hundred¡¡and¡¡twenty¡­eight¡¡miles¡¡long¡£¡¡¡¡The¡¡road¡¡was¡¡bankrupt¡¡and¡¡its¡¡road¡­bed¡¡and¡¡equipment¡¡going¡¡from¡¡bad¡¡to¡¡worse¡£¡¡¡¡The¡¡commodore¡¡reconstructed¡¡the¡¡line£»¡¡re¡­equipped¡¡it£»¡¡and¡¡by¡¡making¡¡it¡¡serviceable¡¡to¡¡its¡¡territory¡¡increased¡¡its¡¡traffic¡¡and¡¡turned¡¡its¡¡business¡¡from¡¡deficiency¡¡into¡¡profit¡£¡¡¡¡This¡¡was¡¡in¡¡1864¡£¡¡The¡¡commodore¡¡became¡¡president£»¡¡and¡¡his¡¡son£»¡¡William¡¡H¡£¡¡Vanderbilt£»¡¡vice¡­president¡£¡¡¡¡He¡¡saw¡¡that¡¡the¡¡extension¡¡of¡¡the¡¡Harlem¡¡was¡¡not¡¡advisable£»¡¡and¡¡so¡¡secured¡¡the¡¡Hudson¡¡River¡¡Railroad£»¡¡running¡¡from¡¡New¡¡York¡¡to¡¡Albany£»¡¡and¡¡became¡¡its¡¡president¡¡in¡¡1865¡£¡¡¡¡It¡¡was¡¡a¡¡few¡¡months¡¡after¡¡this¡¡when¡¡he¡¡and¡¡his¡¡son¡¡invited¡¡me¡¡to¡¡become¡¡a¡¡member¡¡of¡¡their¡¡staff¡£

The¡¡station¡¡of¡¡the¡¡Harlem¡¡Railroad¡¡in¡¡the¡¡city¡¡of¡¡New¡¡York¡¡was¡¡at¡¡that¡¡time¡¡at¡¡Fourth¡¡Avenue¡¡and¡¡Twenty¡­sixth¡¡Street£»¡¡and¡¡that¡¡of¡¡the¡¡Hudson¡¡River¡¡Railroad¡¡at¡¡Chambers¡¡Street£»¡¡near¡¡the¡¡North¡¡River¡£

In¡¡a¡¡few¡¡years¡¡William¡¡H¡£¡¡Vanderbilt¡¡purchased¡¡the¡¡ground¡¡for¡¡the¡¡Harlem¡¡Railroad¡¡Company£»¡¡where¡¡is¡¡now¡¡located¡¡the¡¡Grand¡¡Central¡¡Terminal£»¡¡and¡¡by¡¡the¡¡acquisition¡¡by¡¡the¡¡New¡¡York¡¡Central¡¡and¡¡Hudson¡¡River¡¡Railroad¡¡of¡¡the¡¡Harlem¡¡Railroad¡¡the¡¡trains¡¡of¡¡the¡¡New¡¡York¡¡Central¡¡were¡¡brought¡¡around¡¡into¡¡the¡¡Grand¡¡Central¡¡Station¡£

In¡¡1867£»¡¡two¡¡years¡¡after¡¡Mr¡£¡¡Vanderbilt¡¡had¡¡acquired¡¡the¡¡Hudson¡¡River¡¡Railroad£»¡¡he¡¡secured¡¡the¡¡control¡¡of¡¡the¡¡New¡¡York¡¡Central£»¡¡which¡¡ran¡¡from¡¡Albany¡¡to¡¡Buffalo¡£¡¡¡¡This¡¡control¡¡was¡¡continued¡¡through¡¡the¡¡Lake¡¡Shore¡¡on¡¡one¡¡side¡¡of¡¡the¡¡lakes¡¡and¡¡the¡¡Michigan¡¡Central¡¡on¡¡the¡¡other¡¡to¡¡Chicago¡£¡¡¡¡Subsequently¡¡the¡¡Vanderbilt¡¡System¡¡was¡¡extended¡¡to¡¡Cincinnati¡¡and¡¡St¡£¡¡Louis¡£¡¡¡¡It¡¡was¡¡thus¡¡in¡¡immediate¡¡connection¡¡with¡¡the¡¡West¡¡and¡¡Northwest¡¡centering¡¡in¡¡Chicago£»¡¡and¡¡the¡¡Southwest¡¡at¡¡Cincinnati¡¡and¡¡St¡£¡¡Louis¡£¡¡By¡¡close¡¡connection¡¡and¡¡affiliation¡¡with¡¡the¡¡Chicago¡¡and¡¡Northwestern¡¡Railway¡¡Company£»¡¡the¡¡Vanderbilt¡¡system¡¡was¡¡extended¡¡beyond¡¡to¡¡Mississippi¡£¡¡¡¡I¡¡became¡¡director¡¡in¡¡the¡¡New¡¡York¡¡Central¡¡in¡¡1874¡¡and¡¡in¡¡the¡¡Chicago¡¡and¡¡Northwestern¡¡in¡¡1877¡£

It¡¡has¡¡been¡¡my¡¡good¡¡fortune¡¡to¡¡meet¡¡with¡¡more¡¡or¡¡less¡¡intimacy¡¡many¡¡of¡¡the¡¡remarkable¡¡men¡¡in¡¡every¡¡department¡¡of¡¡life£»¡¡but¡¡I¡¡think¡¡Commodore¡¡Vanderbilt¡¡was¡¡the¡¡most¡¡original¡£¡¡¡¡I¡¡had¡¡been¡¡well¡¡acquainted¡¡for¡¡some¡¡years¡¡both¡¡with¡¡the¡¡commodore¡¡and¡¡his¡¡son£»¡¡William¡¡H¡£¡¡¡¡When¡¡I¡¡became¡¡attorney¡¡my¡¡relations¡¡were¡¡more¡¡intimate¡¡than¡¡those¡¡usually¡¡existing¡£¡¡¡¡I¡¡was¡¡in¡¡daily¡¡consultation¡¡with¡¡the¡¡commodore¡¡during¡¡the¡¡ten¡¡years¡¡prior¡¡to¡¡his¡¡death£»¡¡and¡¡with¡¡his¡¡son¡¡from¡¡1866¡¡to¡¡1885£»¡¡when¡¡he¡¡died¡£

The¡¡commodore¡¡was¡¡constantly£»¡¡because¡¡of¡¡his¡¡wealth¡¡and¡¡power£»¡¡importuned¡¡by¡¡people¡¡who¡¡wished¡¡to¡¡interest¡¡him¡¡in¡¡their¡¡schemes¡£¡¡Most¡¡of¡¡the¡¡great¡¡and¡¡progressive¡¡enterprises¡¡of¡¡his¡¡time¡¡were¡¡presented¡¡to¡¡him¡£¡¡¡¡He¡¡would¡¡listen¡¡patiently£»¡¡ask¡¡a¡¡few¡¡questions£»¡¡and¡¡in¡¡a¡¡short¡¡time¡¡grasp¡¡the¡¡whole¡¡subject¡£¡¡¡¡Then¡¡with¡¡wonderful¡¡quickness¡¡and¡¡unerring¡¡judgment¡¡he¡¡would¡¡render¡¡his¡¡decision¡£¡¡No¡¡one¡¡knew¡¡by¡¡what¡¡process¡¡he¡¡arrived¡¡at¡¡these¡¡conclusions¡£¡¡They¡¡seemed¡¡to¡¡be¡¡the¡¡results¡¡as¡¡much¡¡of¡¡inspiration¡¡as¡¡of¡¡insight¡£

The¡¡Civil¡¡War¡¡closed¡¡in¡¡1865£»¡¡and¡¡one¡¡of¡¡its¡¡lessons¡¡had¡¡been¡¡the¡¡necessity¡¡for¡¡more¡¡railroads¡£¡¡¡¡The¡¡country¡¡had¡¡discovered¡¡that¡¡without¡¡transportation¡¡its¡¡vast¡¡and¡¡fertile¡¡territories¡¡could¡¡neither¡¡be¡¡populated¡¡nor¡¡made¡¡productive¡£¡¡¡¡Every¡¡mile¡¡of¡¡railroad¡¡carried¡¡settlers£»¡¡opened¡¡farms¡¡and¡¡increased¡¡the¡¡national¡¡resources¡¡and¡¡wealth¡£¡¡¡¡The¡¡economical¡¡and¡¡critical¡¡conditions¡¡of¡¡the¡¡country£»¡¡owing¡¡to¡¡the¡¡expansion¡¡of¡¡the¡¡currency¡¡and¡¡banking¡¡conditions£»¡¡facilitated¡¡and¡¡encouraged¡¡vast¡¡schemes¡¡of¡¡railroad¡¡construction¡£¡¡This¡¡and¡¡a¡¡wild¡¡speculation¡¡resulted¡¡in¡¡the¡¡panic¡¡of¡¡1873¡£¡¡¡¡Nearly¡¡the¡¡whole¡¡country¡¡went¡¡bankrupt¡£¡¡¡¡The¡¡recovery¡¡was¡¡rapid£»¡¡and¡¡the¡¡constructive¡¡talent¡¡of¡¡the¡¡Republic¡¡saw¡¡that¡¡the¡¡restoration¡¡of¡¡credit¡¡and¡¡prosperity¡¡must¡¡be¡¡led¡¡by¡¡railway¡¡solvency¡£¡¡¡¡In¡¡August£»¡¡1874£»¡¡Commodore¡¡Vanderbilt¡¡invited¡¡the¡¡representatives¡¡of¡¡the¡¡other¡¡and¡¡competitive¡¡lines¡¡to¡¡a¡¡conference¡¡at¡¡Saratoga¡£¡¡¡¡Owing£»¡¡however£»¡¡to¡¡the¡¡jealousies¡¡and¡¡hostilities¡¡of¡¡the¡¡period£»¡¡only¡¡the¡¡New¡¡York¡¡Central£»¡¡the¡¡Pennsylvania£»¡¡and¡¡the¡¡Erie¡¡railways¡¡were¡¡represented¡£

The¡¡eastern¡¡railway¡¡situation¡¡was¡¡then¡¡dominated¡¡by¡¡Commodore¡¡Vanderbilt£»¡¡Colonel¡¡Thomas¡¡A¡£¡¡Scott£»¡¡of¡¡the¡¡Pennsylvania£»¡¡and¡¡John¡¡W¡£¡¡Garrett£»¡¡of¡¡the¡¡Baltimore¡¡and¡¡Ohio¡£¡¡¡¡Both¡¡Scott¡¡and¡¡Garrett¡¡were¡¡original¡¡men¡¡and¡¡empire¡¡builders¡£¡¡¡¡There¡¡was¡¡neither¡¡governmental¡¡nor¡¡State¡¡regulation¡£¡¡¡¡The¡¡head¡¡of¡¡a¡¡railway¡¡system¡¡had¡¡practically¡¡unlimited¡¡power¡¡in¡¡the¡¡operation¡¡of¡¡his¡¡road¡£¡¡The¡¡people¡¡were¡¡so¡¡anxious¡¡for¡¡the¡¡construction¡¡of¡¡railways¡¡that¡¡they¡¡offered¡¡every¡¡possible¡¡inducement¡¡to¡¡capital¡£¡¡¡¡The¡¡result¡¡was¡¡a¡¡great¡¡deal¡¡of¡¡unprofitable¡¡construction¡¡and¡¡immense¡¡losses¡¡to¡¡the¡¡promoters¡£

These¡¡able¡¡men¡¡saw¡¡that¡¡there¡¡was¡¡no¡¡possibility¡¡of¡¡railway¡¡construction£»¡¡operation£»¡¡and¡¡efficiency£»¡¡with¡¡a¡¡continuance¡¡of¡¡unrestricted¡¡competition¡£¡¡¡¡It¡¡has¡¡taken¡¡from¡¡1874¡¡until¡¡1920¡¡to¡¡educate¡¡the¡¡railway¡¡men£»¡¡the¡¡shippers£»¡¡and¡¡the¡¡government¡¡to¡¡a¡¡realization¡¡of¡¡the¡¡fact¡¡that¡¡transportation¡¡facilities¡¡required¡¡for¡¡the¡¡public¡¡necessities¡¡can¡¡only¡¡be¡¡had¡¡by¡¡the¡¡freest¡¡operations¡¡and¡¡the¡¡strictest¡¡government¡¡regulations£»¡¡that¡¡the¡¡solution¡¡of¡¡the¡¡problem¡¡is¡¡a¡¡system¡¡so¡¡automatic¡¡that¡¡public¡¡arbitration¡¡shall¡¡decide¡¡the¡¡justice¡¡of¡¡the¡¡demands¡¡of¡¡labor£»¡¡and¡¡rates¡¡be¡¡advanced¡¡to¡¡meet¡¡the¡¡decision£»¡¡and¡¡that¡¡public¡¡authority¡¡also¡¡shall¡¡take¡¡into¡¡consideration¡¡the¡¡other¡¡factors¡¡of¡¡increased¡¡expenses¡¡and¡¡adequate¡¡facilities¡¡for¡¡the¡¡railroads£»¡¡and¡¡that¡¡maintenance¡¡and¡¡the¡¡highest¡¡efficiency¡¡must¡¡be¡¡preserved¡¡and¡¡also¡¡necessary¡¡extensions¡£¡¡¡¡To¡¡satisfy¡¡and¡¡attract¡¡capital¡¡there¡¡must¡¡be¡¡the¡¡assurance¡¡of¡¡a¡¡reasonable¡¡return¡¡upon¡¡the¡¡investment¡£

The¡¡meeting¡¡called¡¡by¡¡Commodore¡¡Vanderbilt¡¡in¡¡1874£»¡¡at¡¡Saratoga£»¡¡was¡¡an¡¡epoch¡­making¡¡event¡£¡¡¡¡We¡¡must¡¡remember¡¡the¡¡railway¡¡management¡¡of¡¡the¡¡country¡¡was¡¡in¡¡the¡¡absolute¡¡control¡¡of¡¡about¡¡four¡¡men£»¡¡two¡¡of¡¡whom¡¡were¡¡also¡¡largest¡¡owners¡¡of¡¡the¡¡lines¡¡they¡¡managed¡£¡¡Fierce¡¡competition¡¡and¡¡cutting¡¡of¡¡rates¡¡brought¡¡on¡¡utter¡¡demoralization¡¡among¡¡shippers£»¡¡who¡¡could¡¡not¡¡calculate¡¡on¡¡the¡¡cost¡¡of¡¡transportation£»¡¡and¡¡great¡¡favoritism¡¡to¡¡localities¡¡and¡¡individuals¡¡by¡¡irresponsible¡¡freight¡¡agents¡¡who¡¡controlled¡¡the¡¡rates¡£¡¡¡¡Under¡¡these¡¡inf

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