The Age of Big Business: A Chronicle of the Captains of IndustryHendrick, Burton Jesse
History
The Age of Big Business: A Chronicle of the Captains of Industry
Hendrick, Burton Jesse
Big business -- United States -- History; Industries -- United States -- History
of certain transactions which he had just forced through "is absolutely
forbidden by the statutes of the State of New York." "My God, John!"
said the Commodore, "you don't suppose you can run a railroad in
accordance with the statutes of the State of New York, do you?" "Law!"
he once roared on a similar occasion, "What do I care about law? Hain't
I got the power?"
These things of course were the excrescences of an extremely vital,
overflowing, imaginative, energetic human being; they are traits that
not infrequently accompany genius. And the work which Vanderbilt did
remains an essential part of our economic organization today. Before his
time a trip to Chicago meant that the passenger changed trains seventeen
times, and that all freight had to be unloaded at a similar number
of places, carted across towns, and reloaded into other trains. The
magnificent railroad highway that extends up the banks of the Hudson,
through the Mohawk Valley, and alongside the borders of Lake Erie--a
water line route nearly the entire distance--was all but useless. It
is true that not all the consolidation of these lines was Vanderbilt's
work. In 1853 certain millionaires and politicians had linked together
the several separate lines extending from Albany to Buffalo, but they
had managed the new road so wretchedly that the largest stockholders in
1867 begged Vanderbilt to take over the control. By 1873 the Commodore
had acquired the Hudson River, extending from New York to Albany, the
New York Central extending from Albany to Buffalo, and the Lake Shore
which ran from Buffalo to Chicago. In a few years these roads had been
consolidated into a smoothly operating system. If, in transforming
these discordant railroads into one, Vanderbilt bribed legislatures and
corrupted courts, if he engaged in the largest stock-watering operations
on record up to that time, and took advantage of inside information to
make huge winnings on the stock exchange, he also ripped up the old iron
rails and relaid them with steel, put down four tracks where formerly
there had been two, replaced wooden bridges with steel, discarded the
old locomotives for new and more powerful ones, built splendid new
terminals, introduced economies in a hundred directions, cut down the
hours required in a New York-Chicago trip from fifty to twenty-four,
made his highway an expeditious line for transporting freight, and
transformed railroads that had formerly been the playthings of
Wall Street and that frequently could not meet their pay-rolls into
exceedingly profitable, high dividend paying properties. In this
operation Vanderbilt typified the era that was dawning--an era of
ruthlessness, of personal selfishness, of corruption, of disregard of
private rights, of contempt for law and legislatures, and yet of vast
and beneficial achievement. The men of this time may have traveled
roughshod to their goal, but after all, they opened up, in an amazingly
short time, a mighty continent to the uses of mankind.
Public-domain text, read in full here on John Shaqi.
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