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th 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 influences railway earnings were fluctuating and uncertain。 Improvements were delayed and the people on the weaker lines threatened with bankruptcy。
Public opinion； however； believed this wild competition to be the only remedy for admitted railway evils。 As an illustration of the change of public opinion and the better understanding of the railway problems； this occurred in the month of October； 1920。 A committee of shippers and producers representing the farmers； manufacturers； and business men along a great railway system came to see the manager of the railroad and said to him： 〃We have been all wrong in the past。 Our effort has always been for lower rates； regardless of the necessities of the railways。 We have tried to get them by seeking bids from competing lines for our shipments and by appealing to the Interstate Commerce Commission。 The expenses of the railroads have been increased by demands of labor； by constantly rising prices and cost of rails； cars； terminals； and facilities； but we have been against allowing the railroads to meet this increased cost of operation by adequate advances in rates。 We now see that this course was starving the railroads； and we are suffering for want of cars and locomotives to move our traffic and terminals to care for it。 We are also suffering because the old treatment of the railroads has frightened capital so that the roads cannot get money to maintain their lines and make necessary improvements to meet the demands of business。 We know now that rates make very little difference； because they can be absorbed in our business。 What we must have is facilities to transport our products； and we want to help the railroads to get money and credit； and again we emphasize our whole trouble is want of cars； locomotives； and terminal facilities。〃
Happily； public opinion was reflected in the last Congress in the passage of the Cummins…Esch bill； which is the most enlightened and adaptable legislation of the last quarter of a century。
To return to the conference at Sarato