The Railroad Builders: A Chronicle of the Welding of the StatesMoody, John
History
The Railroad Builders: A Chronicle of the Welding of the States
Moody, John
Railroads -- United States -- History
These and other purchases, and the consequent voice acquired in the
management, established comparative harmony among Eastern railroads for
a long time; they stabilized rates and enabled formerly competing roads
to parcel out territory equitably among the different interests. Later,
Harriman, and to some extent Morgan, carried the community of interest
idea some steps further. Morgan caused the New York Central to acquire
stock interests in certain "feeder" lines such as the New York, New
Haven and Hartford and the Chicago, Milwaukee and St. Paul, as well as
in competing lines; and Harriman caused the Union Pacific not only to
dominate the Southern Pacific Company by minority control but also to
acquire interests in the Illinois Central, the Baltimore and Ohio,
the New York Central, and other eastern properties. The fact was that
Harriman had plans in view for acquiring actual control of the New York
Central for the Union Pacific and thus, with the Illinois Central, of
creating a continuous transcontinental line from ocean to ocean.
In the past decade few unusual or startling events have marked the
history of the Vanderbilt lines. The Vanderbilt family no longer
possesses a majority interest in the stock, or anything which approaches
it, and the New York Central system and its subsidiaries have come to be
known more and more as Morgan properties. The system has grown up with
the country. Many of its former controlled roads have now been merged
into the main corporation and many new lines have been added to it.
Hundreds of millions of dollars of new capital have been spent on
the main lines and terminals since 1900. In 1919 the entire property,
including controlled lines, embraced more than 13,000 miles of main
track, besides about 5000 miles of extra tracks; over 200,000 freight
cars are in use on the system, and every year upwards of 200,000,000
tons of freight are transported. The gross annual revenues of the
entire system now aggregate more than $400,000,000, while the total
capitalization in stocks and bonds exceeds a billion dollars. It is
indeed a far cry from that day in August, 1831, when the De Witt
Clinton locomotive made its trial trip over the primitive rails of the
seventeen-mile Mohawk and Hudson road--a far cry even from that other
day, thirty-eight years later, when the sagacious Commodore startled the
financial world by his New York Central and Hudson River Railroad, with
a capital of ninety million dollars.
CHAPTER III. THE GREAT PENNSYLVANIA SYSTEM
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account