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Railroad Tycoons Of The 19th Century
Railroad tycoons were the early industrial pioneers amassing or overseeing construction of many large railroads through the early 20th century. These men, names like James Hill, Jay and George Gould, Cornelius Vanderbilt, Edward Harriman, and Collis P. Huntington are largely responsible for building much of the country's network. Their power and influence brought about classic systems like the New York Central, Union Pacific, Chesapeake & Ohio, Missouri Pacific, Wabash, and Great Northern. Despite their visionary leadership these barons came under intense scrutiny for their [at least perceived] ruthless nature and wanton disregard for public safety, all in the name of greater profits.
This perception led to the industry's considerable regulation following passage of three notable bills; the Elkins Act of 1903, Hepburn Act of 1906, and Mann-Elkins Act of 1910. Each, in different ways, considerably expanded the Interstate Commerce Commission's (ICC) power over the railroads, which ultimately led to many failures through the 1970's.
One of the first and best remembered tycoons was Cornelius Vanderbilt, better known as the "Commodore." Vanderbilt was the classic entrepreneur, he never attended college and did not even finish public school, dropping out at the age of 11. At first he worked with his father and then launched his own ferry service between Staten Island and New York City at the young age of 16. He quickly succeeded at this endeavor and pushed for even greater heights, entering the steamboat business in 1829 by launching service between New York City and Peekskill. This earned him the nickname "Commodore," where he became legendary as a no-nonsense businessman. As his success blossomed he eyed the railroad industry and in 1863 took control of the New York & Harlem. He oversaw significant growth of the NY&H and laid its future foundations as a world-class carrier. He changed the railroad’s name to the New York Central & Hudson River when he merged the original New York Central with his own Hudson River Railroad. He continued stringing together properties, including the Lake Shore & Michigan Southern, until reaching Chicago.