American citizen. [volume] (Canton, Miss.) 1864-1890, 1876-10-28
VanderbiIt's Colossal Stock OPP
cratiOnS.

The New York correspondent of the
Cincinnati Enquirer writes: At the
time Commodore Vanderbilt made his
first appearance in Wall Street he was
beautiful figure of man-tall, spare,
straight, with kingly carriage of the
hero, luxuriant fair hair and side-whis-
kers, countenance open and proud,
and with most piercing and gallant dark
eyes. Somewhere sback in the gener-
ations before him must have been a
gentleman, Tor his hands are fine as his
anatomy. He dressed with care, and
was not impervious to the smiles OF
women. In course of time he sold out
his line to the lsthmus, and put steam
boats on the European route to Havre
in order to break down the American
Line. For this purpose he built great
ship, named for himself, which he gave
to the Government. The sale of his
steamship stock and the profits of
freights and passengers made him a
rich man about the year 1854. He was
probably worth, when he quit the sea,
from 81 ,O0O, 900 to 100000. Among
his exploits, and the only pleasure of
any magnitude he ever took, was a trip
to Europe in the large vessel North
Star, carrying his family and few
friends, among them his chaplain,
Deems, who wrote book on the voy-
age. Old Mrs. Vanderbilt, his first
wife, went out with this party. She
was not always in her right mind, late
in life, owing probably to much work
and child-bearing. The Commodore
provisioned his vessel with as much
providence as he fed his passengers, for
he was always celebrated for wanting
his dependents to eat as little as him
self. He paid poor wages to captains,
and generally bought his own stores.
He had seen with sweeping eye that
the scepter of the Republic was to be
lost on the ocean, and that the next pc
Rod of development in transportation
was to be on the land. He first de-
signed buying a share in the New Jer-
sey Central Railroad, and pushing it
westward, but was unable to agree with
Johnston, its obstinate President. So
he commenced to buy Harlem Railroad
stock at S13 share, now quoted at
1877. The capital stock of this road is
S11, 100000. Being at the Union Club
one night twenty years ago, Mr.. Hen
riques, a broker, saw him fold away a
bundle of stock in his pocket.
| "Harlem, COMMODORE" Henriques
said.
eyes, young man. And perhaps
you'll smile when tell you that we will
live to see that stock at a premium"
In 1S62-63 Vanderbilt had the Harlem
stock SO perfectly cornered that the
great bears could not find it to deliver
according to contract, or, as the phrase
goes, to "cover their shorts" Dan
Drew and the rest were made bankrupt.
The price advanced to 285, and Wander
bilt and one John NJ. Tobin took 49,
600, 900 out of the street, having invest
ed less than that amount. The
| bear brokers took such fright that for
three years all speculation ceased in
/ Harlem.
Tobin was an accident, and soon went
under, and in 1864 Vanderbilt got near
ly all the stock he had put by in Hudson
River Railroad. He took large lump
of money out of Erie, and went steadily
forward buying both Hudson River and
New York Central stock until late in
December, 1868, he gathered some of
ho oft hn LOT road
and resolved to divide the increased
value of the road and the increase of
earnings, instead of excelling the usual
per cent. dividends. This increase
was legitimate, arising from the vast
trade of the country. The dividend
amounted to 80 per cent. first and 25
per cent. afterward, thereby presenting
every holder of dollar with another
dollar. The stock shot up from 120 to
165, and the sum of S5, 900, 900 was taken
out of Wall Street. Vanderbilt had at
the time 10000 shares, which at 45
per cent. advance yielded So, $50, 600.
This same New York Central Railroad,
under the management of Dean Rich
mond and Erastus Corning, had, with
difficulty, borrowed 6 per cent. divi-
dends to declare them. A little while
later Vanderbilt consolidated this road
with the Hudson River, and became
President. He continued to buy the
stock and to work up the character of
the road and its capacity, and here he
made theimmensity of his fortune. He
owns, as have already said, $6c, 00O,-
600 worth of the stock, besides bonds
and other stock, making him the rich
est man of the age. He has not been
speculator so much as a cleaner-out
of spectators; for every stock he buys
is for permanent investment, and he
makes on the rise.
He has taught the rogues of Wall
Street that the best way to get riches is
to buy me.hing to keep, and give its
former value the weight of your char
acter. The greatest bull of the age,
the American of the most hopefulness
and confidence, as proved by his invest
ments, is Cornelius Vanderbilt. That is
why he is respected, despite his severity
and unesthetic character. He does not
destroy any body's property nor any
values to enrich himself. He says:
" Come, buy what 1 buy, and stand by
it." But to those who are making con-
tracts to deliver property next month
at half its quotation to-day he says in