Evening star. [volume] (Washington, D.C.) 1854-1972, 1880-04-17
ABDICATION OLA RAILROAD6LHG.
A Proposed Retirement Denied and
KeaffiFmed-WhO Carries the Fam.

| ABDICATION OF ARAILROADELHG.
Proposed Retirement Denied and
HeaaftTmed-WhO Carries the Fam
lily Bfatnse
The Chicago Times Of Thursday has the fol-
lowing:
MI: W: h. Vanderbilt has at last taken the
ports which were embodied last week in tele-
graphic dispatch to the Times to the effect that
ne would at an early day retire from the busi-
not the report OF bit of gossip, suddenly
sprung upon Wall street for stock jobblng pur-
poses, but 1t chronicled the convictions of many
of the best men in the street-convictions which
were derived from his sale Of s37 900 900 of the
stock OF single railroad to a syndicate; from
ms recorded declaration made months before
managerial responsibilities, and from reports of
more recent remarks in which he was said to
TeiteTate the same Intention. The belief that
Vanderbilt has no desire to keep the control of
the Central railroad has been growing for weeks.
Nearly every man one meets on the street be-
lieves 1t. Three New York newspapers have
sa,d as much. Eanderbilts continued large
sales OF the stock have confirmed the belief and
his denial yesterday did not weaken the impress
sion, which In almost every business circle OF
New ork mas grown into conviction, that the
next two years and possibly the next year will
witness a great change in the ownership and
the personnel OF the management of the proper
ties commonly known as the Vanderbilt rail-
roads.
MIR. Vanderbilt is certainly entitled to his own
statement OF his intentions. Still, he has not
always felt called upon to state facts exact as
they afterwards proved to be- when questioned
about his private business. His blunt deniar
that the New York Central gave special freight
contracts was afterwards made ridiculous by
the Inquiry OF the Hepburn committee. Two
hours after he had been clOseted with the New
DIRK Central syndicate he told the reporter that
no s ales OF his Central stock were In conten-
patton. In the conflict between MI. Wander
bits words and Mr.. Vanderbilt's deeds. his
words were decidedly Worsted, as was known to
everybody two days later. In fact, Vanderbilt
as news promulgator would not pass muster
Ia reliable newspaper offices. Perhaps this may
explain why his denial yesterday was received
with general incredulity, which wasn't lessened
SSotO,00O more four per cents, and was said to
intend to increase his holdings OF govern
ments to s5O,oOO,O0O before the middle OF
Wall street believes that Vanderbilt is going
out OF Central in year or two at fartheSt. II
ne cares TO keep in contro! of the road no one
can see why on earth he has reduced his hold
ings OF the stock from about s7O,OO0,OOO to
S26,OoOGOo. He has already placed it within he
power Of any money king or clique of capital
lists to step into his shoes, ii they wish to. 1t is
well known that Jay Gould wishes to make of
the Central an eastern outlet to his Wabash
system His aspiration to get into the Central
directory, ana to add this property to the long
Mi: Vanderbilt has given him. What is claimed
on Wall street is that If Mr.. Vanderbilt honest
~ intended to re-elect himself president year
III
the road, he would never have sold his control
ling interest in the stock. They say he Is too
SnreWd and careful man to depend upon the
proxies OF English holders or any one else for a
continuance OF power. In fact 1t Is believed
that Mr. Gould could make more plausible bid
lor the English proxies to-day than Mr. Van1er-
Dill, as he could turn over to the Vanderbilt
roads vast amount OF southwestern business
IN &c d1t1On to their regular patronage.
Vanderbilt is credited with great deal OF
shreW dnesS, but no one here regards him as
nld In nrNyS Crnl,,
Jay Gould, James K. Keene, Tom Scott and
Russ ell Sage have ten times his grasp on the
facts and ideas needful to mastery of transport
sldent OF the Central railroad 1t was already the
most perfectly organized machine in the coun-
try, and engineered in its several departments
land; such men as G; C.. Clark, j. Fl. Rutter
and Cornelius Vanderbilt, jr., the eldest son OF
William H., are the sources which supply the
brains and ideas of the Central management, It
has been Vanderbilt's policy to keep around him
as his lieutenants the best men In their special
Ties In the country, and these men have done all
The work, leaving to the great capitalist the
purely ornamental part of the management.
His ignorance of details OF the railroad business
mas been shown on more than one occa-
SION Last summer, when testify1ng before the
Hepburn committee, 1t was astonishing on how
many subjects OF merely general railroad in
formation he professed lack of knowledge, while
evidently striving to make good Intellectual
showing as railroad magnate. He couldn't
tell, for instance, about what the average cost
OF freight cars was, and referred the committee
TO the car. construction department. In his
speculative enterprises also his interests have
been largely In the hands or Addison Cammack
Bill Travers, and the rest OF the crowd com
monty known as 1.-The twenty third street gang"
OF spectators. These men are Vanderblts
bosom friends, and 1t pays them well enough to
be faithful to him. Year before last one OF his
biokers whom he had practically given carte
employer that Vanderbilt made him Christmas
present OF $50, 600.
The heritage of the splendid abilities of Com
mOGore Vanderbilt seems to have fallen not to
his eldest son, but to his grandson, Cornelius
who is, without doubt, the coming Vanderbilt
Cornelius Vanderbilt, Jr, is vice president of
business dealings with him say that he unites
splendid business talent, energy and ambition
With a comprehensive knowledge OF railroad
questions, and an ACQUAINTANCE with all the
minuttH OF the railroad business, that Is re-
markable. No man In the Centrars service it
is said, can at all compare with him In his
thorough familiarity with all the details. how
ever important or Insignificant OF it's complex
management. He is said to be as familiar with
the work and methods of all the departments as
their respectful attaches. He has the finances of
the road and its freight schedule at his tongues
end. and can Instantly name the exact charges
per car load to any point on the line. He was
a favorite with the commodore, who discovered
his quality long before he died He left the
young man 100000 in his will, and the IA
Vored grandson was the only one of the heirs
except the present head Of the house, who be-
last testament. On Wall street they say that
young Cornelius Is as sharp as Mr.. Keene and
as Wei equipped In the science and statistics of
rairoad1ng as Jay Gould. 1t is said that the
oid COmmodoreS attention was first attracted
TO the budding promise OF his grandson in the
following manner: Young Cornelius had been
making considerable money in Wall street
speculat1ons, and one day he went to his grand
father for "po1nt' On certain stocks. 1t was
popularity OF the Commodore that If he had
any speculative axe OF his own to grind he would
distribute his points to suit his own interest,
among the victims OF his confidence. He told his
namesake what to do, and dismissed him,
doubtless chuciling in his sleeve as the young
man proceeded to Wall street to carry out his
instructions. But Cornelius, jr., wasn't to be
played 1or sucker. that day. Certain move
ments on the board convinced him that the
energies OF his esteemed ancestor were enlisted
on the other side, and so he did precisely what
the old man told him not to do. The next time
the commodore met his grandson, he COM
menced to condole with him on his losses, when
the smiling scion cut him short with the remark
mat LIE had made money instead OF losing any.
WHAT" exclaimed the fond grandparents,
didn't tell you to do so and so?" Eyes, SIR"
explained the young man, "but changed my
mind and bought instead of selling"
The old man concluded that young "Corneel"
was no fool: 1t Is said that the commodore
amply provided for him In his will in the expec-
tatiOn that Cornelius would thus be enabled to
build up an immense fortune of his own, indie
pendently OF his father.
~ 0SN<.w H.