The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1883-10-17
VANDERBILT'S son.

story That the Young Nan - Embarrassed.
NEW YORK, Oct. l2-RnmOrs that William X.
Vanderbilt bad gone under were banded about
among lew in Wall street to-day The story
went that young William X. Vanderbilt son OF
wilham H.. had oeen caught in a slump" where
only The fathers millions, or some other body's
millions could relieve him. Al frs il was stat ed
that he was between 1900 600 and s7.OOO.OOO lin
the hole" and later the embarrassment wPs
placed al Sc O0J000
"A year OF so ago. said well informed banker
''w. X. Vanderbilt entered into partnership with
Henry v Smith TO hun certain stocks. I've been
told that Vanderbilt To put
up all the cash They bought mainly
Vanderbl,s-N New York Central, Lake Shore, Michi-
gan Central. Canada southern. Northwestern and
I've understood, Lackawanna. Now, every bod Y
knows what the course of these stocks have been
since They were Obliged TO suDpOr; the weak parts
in the market, and they've pnt up their limit. -
This limit ne had heard. was fully s. 900 coo, which
has been sunk in the scheme.
Smith t IS said is ont $40. 600. although he new
er before sot caught 70 any great amount This
gentleman went on 20 say that the authority for
Smiths loss was smith himself. Smith had, he
understood, fifth interest IN the deal So. if this
be true. Nanderbilrs losses would amount 10 about
SS,O0O,OOO
The particulars OF the embarrassment were in
las we understand IL, said the gen teman, 'old
about the operations of young Bill lie ordered
him te let on his Wall street operations and 70
o>c out cvery connection with the street. in lieu
a. which he would allow him S60 900 a year. The
san was slow reply this for the simple reason
that he was i'm no position TO Withdraw. Finally
everything became known 30 the old man, and he
arranged sell all such stock ne did desire
10 carry This has been going on for the last few
weeks. and. as understand it, the old man found
himself compelled to step in to-day and take the
balance of the business oil his sons hands.
which, by the way, was composed entirely Of
Vanderbilt stocks. IL has Deen reported that the
son appealed To the father and refused. mt
when he found the boy would be sent TO the wall
with the family heirlOoms ne reiented and plan ked
down the money"
What effect will this have on the market
None in the worls u IS strictly n family affair
Were the stocks % be unloaded IL would be a very
different thing. but they will be- tightly held by
the Old man. The market in fact, will be the bet
of for this load being removed"
X. Vanderbilt, denied the story, also did Samuel
Barton, another Vanderbilt broker They would
not, however. deny that he hal been bnying
properties the last year that had paid no profits
W. II. Vanderbilt. when questioned about the
affair this afternoon said IL was a d-d lie. lie
Lad heard the story in Wall street in the forenoon
He then went 10 see his son and asked him abont
Northwestern and all his Lake shore, besides lot
of other STUFF. w. II Vanderbilt: said these stories
started by the bears.
But there is no doubt Ir. W. h Vanderbilt has
lost great deal OF money lately. is there"' was
asked.
MI Vanderbilt answered deliberately: His Sc
euTities wouldn't sell for rs much Just now as they
caught iulling the market don't believe there is
any truth in u.