The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-05-22
THE COMMoDoRE'S PROPERTY.
vanderbiIrs Vast Railroad Interests and
How he Got Them.

fSon. tAs Rochester Democrat aud chrosiei.
The disappointment felt by the public
In tue will OF each OF the great capitalists who
have lately died leads to great curiosity concern
Ing that Of the third. who II still living. Both
Aston ana Stewart failed 10 answer the lowest
expectatIon. IL lie now said that Judge Hilton
intends to carry out some projects VI a benen.
cent nature In Garden CITY, but shall believe
this when see them. Tns question which now
Commodore make Of his great estate, witch is
by some supposed TO exceed either OF the fore
eOingY rhe difference between the Commodore
and stewart was that the former holds little
but railway stock, while the latter held nothing
absorbed the other entirely eschewed. Ibe
Commodore has In the way OF real estate his
own dwelling aud stable, worth about $500,
and TO this may be added the Church OF the
strangers, In which Deems breaches and which
is worth $1,000. Tsis Is conveyed to Deems on
a life lease at a nominal rent but II the preach.
er die tomorrow 1t returns to its owners pos
session. In addition To these 10 a grand park
on staten Island, with hotel, the whole being
worth &2J00U0. The Commodore may own some
bank stock, but II so neither the amour, nor
the bank Is known. l do not think he has any
Railway property Is the Comm dore's special
~. When he sold out his ship. he turned all
the proceeds into this shape. No one was al
lowed to know the time when the decision was
made, but fully twenty years ago he came TO the
conclusion that the prosperity OF nasissn9n
Natl was dividing twenty per cent. per annum.
This did not leave him rs II did others. He, no
doubt, saw through the rottenness OF the
scheme. His view OF our falling marine led him
TO sell out and buy into Harlem when its stock
was at "A low figure. In 1883 lie became the IN as
ter of the road. which paid him so well that his
next attempt was on the Hudson River road.
There was an excuse for this aggrandizement,
since the roads were parallel and there had been
q frequent misuno erstanding IN their manage
ment. At last the public was surprised by the
be the same, and that through tickets on one
were equay good on the other. THIS showed
but he for a time kept himself concealed, and
placed as a head piece John NJ. Iobin, In the
assisted the Commodore in bis ferry business,
and then was transferred To the Hudson River
onice. In few years Tobin was set aside, and
the Commodore was announced as President OF
both roads.
This step brought him into rivalry with the
Central. whose management he considered
| fraudulent. Corning desired to conciliate the
| Commodore, who allowed him to think himself
successful. Ia ls9. the vandereiit Interest
| An effort was made TO turn Corning out OF the
| Presidency, and on this trying occasion Wander.
| a million of stock. This purchase showed how
| rapidly the Commodore was making money. II
sny man on this continent The next spring,
when Corning and his directors made their an
| nual trip over the road, the Commodore WAS a
| specially invited guest. Little dil these direc-
| tors think that they were even then doomed TO
| perpetual discharge, but two years from that
time he turned them all out as summariiy as
| though they had been despatched by the toe OF
| his boot. on the annual election, held Decem-
Der, 1857. only one vote was cast. II represented
|
| by the sole voter. Cornelius Vanderbilt. This
| IN AIDE him President OF the road. The stock was
not his own, being In part held as proxy for other
men, but II gave MIN power. In two years the
stock was watered. and from twenty-four MIL
| lions became forty eight. The immense accu-
mutation of dividends enabled the Commodore
| TO buy stock at the rate OF two Millions n year
and II was not long before he owned PERSONAL,
| the largest part Of the Central This he consol-
| dated with the Hudson River road, thus form
| ing one line from this city to Buffalo. Having
reached this dignity, II became necessary fol
| him to control the Lake Shore, In order 10 com
pete with the other lines to Chicago. THIS was
accom- plished by heavy purchases Of that stock
| AT high price, and Horace L. Clarke was made
| President. On his sudden death the Comm o.
dore was put IN his sOn-in-law's place. The de
| probation In Lake Shore since then has beer
| very heavy. Tue stock which cost from 10 to "
| Ia now selling at 81: but the Commodore vii
| not mourn over such triaes. IL necessar,
| for hini to control this 70 d In order TO manage
| the others in successful manner. Having OBJ
tanned full mastery Of the line, he now wield'
one thousand mites OF nrst-class road Ia one
| continuous track.
The CommOdo according to estimate, owns
stock In the following roads: