The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1876-08-09
tFrom a New York Letter
Commodore Vanderbilt.

/ The Vanderbilts will keep up the Cen.
tral-Hudson while other stocks decline, be-
cause they know its value and have money
to buy with. The commodore's income is
said to be three millions year, and it il
not probable that he spends more than
1900 aYepr HGlrtped Ala theta The family Mi,
broker is ready to take it. The fees which
this broker makes on Vanderbilt is esii.
mated at $4,000 year. The commodore
has three banks of deposit. One is the
old bank of New york. This is the Oldest
bank in the Union, having been founded be-
fore the present constitution. The commo-
dore has known it from his youth and has
been dealer for many years. lie has q
large surplus here generally, and on one
occasion forged check of 100000 was
paid. l merely mention this to show that
the commodore draws such heavy checks
that $780, 900 did not surprise the teller.
Another bank is the Chemical, which has
a great reputation for soldity. Its stock
is worth 1000, the original value being 100.
This wonderful advance is due to
the fact that it has small cap
ital and does large business. Its
average line of deposits and discounts
is twenty times its capital, the latter being
100000. The commodore does not own
any of the stock, but he knows his money
is safe there. The third is the bank of the
metropolis, an institution which is under
special patronage Of the Central-Hudso
road. William II. Vanderbilt is one of its
directors and Robert Schell is the president.
John III. Storm is also a leading man in
this institution. Here the railroad money
is deposited and bills are paid by checks.
In former days the Central patronized the
City bank of Albany, of which Erastus
Corning, senior, was president. When the
management was removed to this city
William Vanderbilt saw that bank could
be almost sustained on the railway patron.
age, and therefore established one. All the
money received at ticket offices and freight
offices is sent daily to this city and is de-
posted in the Bank of the Metropolis.
This is not the first instance of railroad
company running a'bsnk, the Delaware
and Hudson Canal company having enjoy
ed the same privilege in its early days.
GRATEFUL RECIPROCITY.
Among the names Of those who now
watch around the commodore's dying bed
that of Mr.. DeForest is occasionally men,
TONED. This gentleman is now repaying
the commodores kindness to him years
ago. l well remember G.. V. DeForest
when he kept small store in Dey street.
lie remarked to me at that time, "Corneel
Vanderbilt backs me-" When this was
said Vanderbilt was merely ferry master
running boats to Staten Island He was
supposed to be worth $500. 900, and was
making money very fast. DeForest after
ward failed, and then the commodore (after
whom he is named) gave him the berth of
supply agent. True enough, to quote his
own words, "Corneel Vanderbilt" has
backed him through life, and now he is
to the dying form of his patron
and thus repaying the debt of gratitude.
The old man is sinking steadily, and no one
need be surprised at his death at any time.
Speaking of the commodore as q navigator
there is one remarkable point lie was at
one time the largest ship owner in this port,
but when he sold out this interest he never |
lfterward showed any desire for marine |
lite. lie made trip in his steamship |
Europe, but 1t was for the benefit of his |
sons health, and with that exception he |
never took pleasure excursion. When |
ne left the sea he babe it perpetual fare
we'll. Mrs. Vanderbilt, since her residence
n this city has made many sincere and
'aluable friends by her philanthropy. 1t
through her efforts that the Nashville
college has been endowed, and also Deems
,hurch established. She has not forgotten
Ter religious friends in Mobile, and still
|lves one Sabbath school a monthly allow
nee. Some one asked her why the amount
80 per month was not increased, when
he replied that 1t was all that she could
pare to that object. Rich people, if in
lined to benevolence will soon find that
heir donations must be restricted. The
fast team has had the easiest
ime imaginable. They are only taken out
Or exercise, and their master, who once so
oted for his skill in the use of the "rib-
ands," has not been behind them in many
lonths.