My Memories of Eighty YearsDepew, Chauncey M. (Chauncey Mitchell)
History
My Memories of Eighty Years
Depew, Chauncey M. (Chauncey Mitchell)
Biography; Depew, Chauncey M. (Chauncey Mitchell), 1834-1928; United States -- History -- 1865-1921
As soon as I was convinced that commissions were necessary for
the protection of both the public and the railroads, I presented
this view to Mr. Vanderbilt. The idea was contrary to his education,
training, and opinion. It seemed to me that it was either a
commission or government ownership, and that the commission, if
strengthened as a judicial body, would be as much of a protection
to the bond and stock holders and the investing public as to the
general public and the employees. Mr. Vanderbilt, always
open-minded, adopted this view and supported the commission system
and favored legislation in its behalf.
In 1883 Mr. Vanderbilt decided, on account of illness, to retire
from the presidency, and Mr. James H. Rutter was elected his
successor. Mr. Rutter was the ablest freight manager in the
country, but his health gave way under the exactions of executive
duties, and I acted largely for him during his years of service.
He died early in 1885, and I was elected president.
The war with the West Shore had been on for several years, with
disastrous results to both companies. The Ontario and Western,
which had large terminal facilities near Jersey City on the west
side of the Hudson, ran for fifty miles along the river before
turning into the interior. At its reorganization it had ten millions
of cash in the treasury. With this as a basis, its directors
decided to organize a new railroad, to be called the West Shore,
and parallel the New York Central through its entire length to
Buffalo. As the New York Central efficiently served this whole
territory, the only business the West Shore could get must be
taken away from the Central. To attract this business it offered
at all stations lower rates. To retain and hold its business the
New York Central met those rates at all points so that financially
the West Shore went into the hands of a receiver.
The New York Central was sustained because of its superior
facilities and connections and established roadway and equipment.
But all new and necessary construction was abandoned, maintenance
was neglected, and equipment run down under forced reduction of
expenses.
I had very friendly personal relations with the managers and
officers of the West Shore, and immediately presented to them
a plan for the absorption of their line, instead of continuing
the struggle until absolute exhaustion. Mr. Vanderbilt approved
of the plan, as did the financial interests represented by
Mr. Pierpont Morgan.
By the reorganization and consolidation of the two companies the
New York Central began gradually to establish its efficiency and
to work on necessary improvements. As evidence of the growth
of the railway business of the country, the New York Central
proper has added since the reorganization an enormous amount of
increased trackage, and has practically rebuilt, as a necessary
second line, the West Shore and used fully its very large terminal
facilities on the Jersey side of the Hudson.
Public-domain text, read in full here on John Shaqi.
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