I had success in the steamboat business but now railroads
were beginning to develop more across the United States. From 1862 to 1864 I sold most of my
steamboats to the Union government. By
this time I had made $40,000,000.
I took the opportunity to purchase railroads in New
York. I became director of the Railroad
in 1857 after buying many shares. I
owned both the New York railroads and Harlem.
What made the Harlem RR so valuable was that it was the only railroad
that entered Manhattan from North and East.
The Hudson Rover Railroad was built in 1851. It stretched from the Hudson River all the
way to Albany. My supporters took over the
Hudson board of directors and I became president in 1865. After I built a wooden truss bridge over
Hudson River, Hudson RR and Harlem RR used the New York Central station. But in the summer, the New York Central
stopped using the Hudson so I bought NYC stocks and helped Erastus Corning to
become President of New York Central.
But later the New York Central would go under because of the heavy competitiveness. In 1867 New York Central stockholders elected
me as President and I was able to hand pick the board of directors. In the end I expanded my railroad westward
and owned the Lake Shore and Michigan Southern Railway, the Michigan Southern
Railroad, the Canada Southern Railway, and the Michigan Central Railroad. I also extended to Chicago according to the
advice of my son William.
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