Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1876-06-09

yANDERBiLT's VAST RAILROAD INTERESTS AND
HOW He GOT THEM.


Commodore Vanderbilt has in the way Of
real estate his own dwellings and stable,
worth about Si5 900, and to this may be
added the Church CT the Strangers, in which
| DR.. Deems breaches and which is worth
/ $4,000 This Is conveyed to DR.. Deems
on life lease at a nominal rent, but If the
preacher should die tomorrow it returns TO
/ its owner : possession. In addition to these
is a grand park on Staten Island, with
hotel. the whole being worth $500 900.
/ The Commodore may own some bank stock,
| but II SO neither the amount nor the bank
Is known. | DO not think he has anything
OF the kind
Railway property is the Commodores
specially. When he sold Out his ships he
turned all the proceeds into this shape. No
one was allowed to know the time when
the decision was made, but fully twenty
years ago he came to the conclusion that
the prosperity Of navigation was draw ng
to q close. At that time the Pacific AAll
was dividing twenty per cent. per annlm
| This did not deceive him as it did Others. lie.
no doubt, saw through the rottenness of
the scheme. His view OF our falling marine
led him 10 sell out and buy into Harlem
when its stock was at low figure. In lr5s
he became the master of the road, which
paid him 50 well that his next attempt was
on the Hudson River road. There was an
excuse for hi aggrandizement, since the
roads were parallel and there had been
frequent misunderstanding IN tneir man
agement. At last the public was surprised
by the announcement that the fare on the
roads would be the same, and that through
tickets on one were equally as good on the
other. This showed that Vanderbilt con-
trolled the Hudson River, but be for time
kept himself concealed, and placed a.
hcad-picce John NJ. Tobin in the Presden
cy T0bin was a mere tool who once assist
Ell the Commodore in his ferry business. and
then was transferred to the Hudson River
Office. In a few yearS IObin was set aside,
and the Commodore was announced as
President of both roads.
THIS step brought him into rivalry with
the Central. those management he consld-
cred fraudulent. Corning desired TO con-
ciliate the Commodore. who allowed him TO
think himself successful. In lS6i the Van
dcrbilt interest came up as an important
feature in the Central An effort was made
10 turn Corning out OF the Presidency, and
on this irving occasion Vanderbilt gave him
has influence to the extent of bali million
of stock. This purchase showed how rapid
Is the Commodore was making money. Ii
was larger amount OF stock than that held
by any man in this continent The next
spring, when Corning and ms directors
made their annual trip over the road, the
C0mm0dure was specially invited guest.
Little did these directors think that they
were even then doomed tJ perpetual dis
charge, but two years from that time he
turned them all out as sumnarily as though
they had been dispatched ly the toe OF has
boot. On the annual election, held pcrem-
/ D.. frtI.~ v1t
resented thirteen millions OF e-IcS. and was
handed in by the sole voter. Cornelius Van
dsrbilt This made him President OF the
road This stock was not his own, being
in part held as proxy for other men. but it
gave him power la two years the stock
was watered, and from twenty-.our millions
became forty-eight. The immense accumu-
lation Of dividends enabled the Commodore
to buy stock at the rate OF two millions
year, and 1t was not long before he owned
personally the largest part Of the Central.
This he consolidated with the Hudson River
road, thus forming enc line from thi- city
to Buffalo.
Having reached this dignity, it became
| necessary to control the Lake Shore, IN
order u compete with the other lines to
Chicago. This was accomplished by heavy
purchases Of that stock at a high price, and
Horace + Clark was made President. On
his sudden death the Commodore was put
in his son-in-law' place. The depreciation
in Lake Shore since then has been very
heavy. The stock which cost from - to 80
/ is now selling at 50 but the Commodore
will not mourn over such trlhes. 1t was
necessary for him to control this road in
order to manage the Others in success
ful manner. Having obtained full mastery
| OF the line. be now wields one thousand
miles ci first class road in one continuous
track.
The Commodore according to estimate,
owns stock in the following reads:
Amount. M'ket val.