racuse and
the Hudson and Berkshire Railroads were opened. The former after being
merged in 1850 with the Rochester and Syracuse Railway, became a part of
the consolidation. The Syracuse and Attica Railroad, opened in 1839, the
Attica and Buffalo, opened in 1842, the Schenectady and Troy, opened
in the same year, and several other small lines, some of which had
undergone various changes in name and ownership, were all merged into
the New York Central Railroad. This great property now comprised five
hundred and sixty miles of railroad, the main stem extending from Albany
to Buffalo. Though it had as yet no connection with the Hudson River
Railroad, the New York Central Railroad at this period was the most
substantial and important of American railroad systems. It developed a
large and healthy through traffic to the Great Lakes and was practically
free from railroad competition. The Erie Railway, which for many years
had been struggling under great difficulties to reach the Great Lakes
and had gone through nearly a generation of financial vicissitudes,
was just getting its through line actively under way. The Pennsylvania
Railroad was just pushing through to the waters of the Ohio and was not
likely for many years to compete with the New York Central for the lake
traffic. The Baltimore and Ohio, while remotely a competitor, was, like
the Pennsylvania, looking more for the traffic of the Ohio Valley than
for that of the Lakes.

The period of six years following the consolidation of 1853 was one of
great prosperity for the New York Central system, and, notwithstanding
the setbacks to business caused by the panic of 1857, large dividends
were continuously paid on the capital stock. In the year 1859--before
the Vanderbilt regime opened--the management embraced what to modern
men of affairs are famous names. Erastus Corning was president, Dean
Richmond was vice-president, and John V. L. Pruyn, Nathaniel Thayer,
Isaac Townsend, and Chauncey Vibbard were directors. The headquarters of
the company were at Albany, and the stock was owned mainly by residents
of that city.

Meanwhile the building of railroads in other parts of the State and
under other leadership was going forward rapidly. As far back as 1832
the first mile of the New York and Harlem Railroad was opened for
traffic. This single mile remained for some time the only property
of the company. It extended through what is now a thriving part of
down-town New York. Its o