The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1882-12-23
ABOUT vAlgDHRnur.

! ABOUT VANDERBILT.
! The New York legislative Senate
committee on "cnsness I" In domestic
pros]uee has been holding sessions in
New York City, ut which the te.ti-
n,os,y of several of the most prD,ni-
nent sl~culatoss Of that city were
heard. Among Others who testified
was Mr.. W. II. Vanderbilt. This
gentleman asserted lie had never
dealt In grain, but he thought that
corners In them lsas)a ,,sost diastrous
effect upon railr';stls and the pudlie
lie arrived 1t this conclusion from
; his belief that what injured railrnad
! Traffic interlered with the public
gOotl. lie explained how grain spec
ulatiOn affects railroads ~ follows:
"The legitimate system u dealing In
futsry4 h eorrrct enough, and a. to
the system Of buying and selling On
margins, - II h called, the custom II
the trade has sanctioned methods
which would not have been tolerated
so,,,e years ago. The system Of spec
ulatjOn sometimes causes . large lOt
N grain To Le held In cars, aud there
may be large quantity Of apples, for
instance, that the farmer derives 10
get 10 market. hut We cannot give
him the cars. We would rather NE
the cars for the apples, because the
shipper Of the apples could afford 10
l,ay w n,orr, but We have no cars;
they are full Of grim, and We can't
get them. We dO the best We can.
We have cars enough u We could uss
them, but this system Of speculation ;
masses the grain 1t different points,
aud We can't use the CARS" But the
gentleman could suggest NO remedy
for the evil, although requested by
the committee to name one.
Questions mi directly pertinent to
The subject matter under cos,sitlera-
lion. were askesl the great railroad
which he promptly an
sweresl, aud which elected facts not
heretofore known 10 the general pub
lie. For instance M. Vanderbilt
aid lie WAS buyer, and mt seller
VI stocks: that lie never bought any
hat he did not either rey Cor altogeth-
r. or put up . ~ per cent. margin tDr
L that he never sold anything he
,Ould not deliver; that he b prejutliccsl
,.,aii,st beans and down on any man
rho tries to .lerreciale prolerty. He
kinks that dealing In futures
,as = very acsssoralizing tentlen-
y, q lad effect, particularly On
he young men Of the day,
y II cause. them to 10 for great
money prizes, which II they gain,
hey are sure 10 lnse In the end. AM
'ttious young men who rush into .
l'eculation with great hopes anil lit
k money may prOlit by this bit Of 1
'lr. vanslerbilt's testimony.
Sl'eaking VI the many stories told
bout him, Mr.. Vanderbilt ys,otl- 4,
'unsorsslly characterized them ~ RI g
icuI'sas. The story that he had I
made ~. Ooo. ON during the past year ,
u stock sl,eculatiOns and that ~ presi- 1,
emit Of several railroads he had Il
olesl himself IN annual sslary Of 1
b, 'aD he pronounced wholly untrue
In fact manufactured from whole .
10Th. Another story, that he owned 4
larssl cattle ranch. was started by n
,n'e shippers III dressed meat over s
h rsssl, who claimed q relate az I,
eight on asr,nlnt Of he used in PFC y
.rvimg tle meat. Vanderbilt Ol,- y
stesl om the grss,ml that he rl.ippesl =,
y weight and that the icc must lie II
eighesl. Hens'e this story that I,c Il
wnsrl large cattle ra's'l,s~ and was =,
Islss~sl 10 discriminate against il,s<e {.
sgagtxl In shipping dressed meats, ~
MI Regarded them ~ rivab.. n
Fnm, all IL whlsh II wnul.l appear i
'at NJ. Vanderbilt has l'ern grnssly n
'isreprrsentctl Il nat y much abused n
AN. Il may l'c the m,ilIisnsairc sin,- b
y rays the ls.''alty 81 l''ing . very q.
raIthy ma" !" ls.ing compelled to Il
AL In print much that b fake aln ut II
m,ss.lG. But there are th0se wl,O r,
TX upo" much of his testimony ! ~
ven l,efOrr the committee ~ the Ut NJ
RANGES " . man Win llexjres to ret h,
"sself In favorable light befose 81
at pul'lic whi.'h, II report he true. y,
, ~ earnestly damned q few weeks N,
~. !.