New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-08-12

hope. y lew days ago WlSl nc WIS u N'h IL" i'N
felt. he answered: "Wcll, Pm trusting TO Higher
Power. and try TO be resigned; but love you all
very much meanng suppose the world generality
and it's hard to leave you. | would like TO live
little longer" He had new carriage built for Sara
toga use this Summer, and certainly expected to
ride in it after OF the fast horses he still keeps
"REMINISCENCES OF OLD ASSOCIATES.
JScIpENTs or WALL STREET OPERATIONS REToLp-
HIS RTsUsCIrATION OF THE HARLEM R6AD-HOw
lie BUILT Up THE HUDSON RIVER LINE.
The publication ia last Saturdays issue of an ex-
tended sketch of Commodore Vanderbilts Wail-st
operations in the various corners which he CON
Quoted has led many others familiar with his meth
dds of stock dealing and speculation to send HE
TRIBUNE other incidents of his career as they recall
them In some cases the narrative is c0lored by the
feeling and possibly the prcjudiccs of those who
write them and Mr.. Vanderbilt is not always pre-
sentcd in the most amable light Butitis singular
fact that those entertaining the most unilndy feel
ing against the operator whose manipulation of
stocks was the cause of their financial ruin have
nothing serious 20 charge against the Commodore.
The following rambling and disjointed yet
entertaining sketch of some Of the Commodores
speculations was furnished a TRIBUNE reporter by
former prominent banker, who is now prominent as
n local politician. He desires that his name be
suppressed but many will guess what is fiom the
language used II it could be made pablic it would
add much to the interest of the story.
81 think" said the old banker" it was about the
wear 1861 that first knew of the Commodore being
interested iii the Harlem Railroad Company. My
impression is that he had an interest in 1t and was
In some way connected with il previous to that time
(Hc began TO buy as early as 1879 At that time
ls6I-the stock very low and the blhinesS OF the
road very limited and it had great difficulty i'll meet
Ia p.nl on qGtiy mari N ~
management and continued to do so from that time
10 this The stock was very low, think 20 or Pit
ranged from II to 20. / think the Commodore was
induced 10 20 into the road because he had made
some advances to the Company in the way of loans
reimbursement That part / only know from hear
saw He found that to protect what he had already
advanced it would be necessary for him to take
IN interest. Allan Campbell was President
al that time, think. NJ impression is that Camp
bell went out, and the Commodore took the Presi-
dency Mr. Chaplin became the manager, and he
was succeeded by VIM. A. Morris, who was after
ward connected with the Long Island Railroad.
think The famous Harlem cOrneT' arose from some
action on the part of tho Common Council. About
1868 the Common Council passed an ordinance
authorizing the road to continue the track down
Broadway, with some branch roads An effort was
aade 70 have It confirmed by the Legislature, but
that was not accomplished. After that an effort
was made 20 reconsider the action of the Common
Council and in the expectation that they would re-
consider there were many sales made. don't re-
member what operators were concerned. lhere
we're probably fifty people largely interested. The
stock advanced from about rs or 70, think, to
,bont 300 The Commodore l suppose had most of
he stock Through his management and experience
o. made the railroad property very valuable, so that
= 1861 or 1865 it began paying per cent dlVl-
lends and continued to return that rate OF dlVi-
aend until the time it was leased to the Central
about three years ago.
"I 1864 ! think it was Commodore Vanderbilt
bought a large interest in the Hudson RIVER Rai-
road and he Immediately entered into the manage
ment of that road. The first year after he became
connected with it Mr.. Tobin was President and re-
ioaIncl so about year, when Commodore Vanderbilt
took the management. Under the Commodore's
direction The road was double-tracked, and soon
afterward he relad it with steel rails He erected
the St. Johns Park depot, acquired additional land
at Tairty-thndst. for railroad purposes and put
third track part of the way running north from
Tarrvtown. About 1866 he doubled the capital.
Tn capital when he took hold of tho road was about
100000. The additional capital was to represent
t,, improvements that ne put on IT. In the Winter
of is68-67 famous break took place. think the
bridge was built and then some questions arose
abcof the delivery Of freight. The Central Road in
sisted that freight should be delivered Oh the Albany
side. The Commodore urged that the Hudson
River Road terminated on the Greenbush
side and hence that freight should be dehv-
cred there. That created a great connection
throughout the State and the Legislature decided
against the railroad companies on the ground that
they were niGriug the business of the community.
This controversy was soon settled. In 1857 the
Commodore entered into the management OF the
Central Road Erastus Corning had been President
and Henry Keep had succeeded him, and think
that Henry II. Baxter was President for time. and
that he remained in that position for the first year
after the Commodore went in. When the Commo-
dore bought Central it was selling for about % OF
Or; Hudson River when he went into IT was selling
at from 100 TO l40; there was great deal OF fluc-
...t,o,, ~ ~ dnnif think they mid ANYTHING but