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Updated: June 28, 2025
We have, however, not yet assured for the future that adequate system of transportation through consolidations which was the objective of the Congress in the transportation act.
These frauds comprised corrupt laws that gave, in circumstances of notorious scandal, tracts of land in the Adirondack Mountains to railroad companies now included in the Vanderbilt system. They embraced laws, and still more laws, exempting this or that stock or property from taxation, and laws making presents of valuable franchises and allowing further consolidations.
Business which had hitherto gone South now began to go East; New Orleans ceased to be the great industrial entrepot of this region and gave place to St. Louis and Chicago. Yet, though this great change in traffic routes took place in the course of the war, the actual consolidations of the various small railroads into great trunk lines did not begin until after peace had been assured.
The loss of dividends to them was poorly compensated by reflections upon the development of the country, and the advantage to trade of great consolidations, which inured to the benefit of half a dozen insolent men. In discussing these things in our little parliament we were not altogether unprejudiced, it must be confessed. For, to say nothing of interests of Mr.
If a substantial agreement can be reached among the groups interested, there should be no hesitation in enacting such agreement into law. If it is not reached, the Labor Board may very well be left for the present to protect the public welfare. The law for consolidations is not sufficiently effective to be expeditious.
Additional legislation is needed giving authority for voluntary consolidations, both regional and route, and providing Government machinery to aid and stimulate such action, always subject to the approval of the Interstate Commerce Commission.
The firearms trust was one of the few big consolidations managed wholly in the west, and after two or three of the bankers had agreed to help finance Sam's plan the others began asking to be taken into the underwriting syndicate he and Webster had formed. Within thirty days after the closing of the deal with Tom Edwards Sam felt that he was ready to act.
As the Astors and other rich families were perfectly willing, in 1867, to allow Commodore Vanderbilt to assume the management of the New York Central on the ground that under his bold direction their profits and loot would be greater, so the lackadaisical Vanderbilts of the present generation perhaps likewise looked upon Harriman, who proved his ability to accomplish vast fraudulent stock-watering operations and consolidations, and to oust lesser magnates.
If a substantial agreement can be reached among the groups interested, there should be no hesitation in enacting such agreement into law. If it is not reached, the Labor Board may very well be left for the present to protect the public welfare. The law for consolidations is not sufficiently effective to be expeditious.
The railroads throughout the country are in a fair state of prosperity. Their service is good and their supply of cars is abundant. Their condition would be improved and the public better served by a system of consolidations.
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