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.