The sun. [volume] (Morris, Stevens County, Minn.) 1882-1895, 1884-10-30

Many millions Said 10 Have Been Oropps
IN Speculation.

8any MILLIONS laid 10 Have Been Dropped
IN Speculation.
There is no doubt that William Ell. Is
a much poorer man than he was two
years ago. In fact his losses on account
of unfortunate speculations, and espec-
tally of those Of his sons, are estimated
at from $50, 100000 to $50, 900.
Since the old Commodore died, Cor
nelius and William X. Vanderbilt have
speculated heavily with disastrous re-
salts, and their father. William H., has
been obliged to shoulder their losses.
1t is now a matter of current report that
the elder Vanderbilt has been hardly
pinched for ready cash, and that his i'm
mense fortune has rapidly been dimin-
ishing. The Wall-street brokers are
very reticent when questioned about the
matter and decline to be quoted,
but they admit the rumors of
Vanderbilt's losses are we'll founded.
When the old commodore died he
left Cornelius $4,000 900 and William
X. $4,000, 900. These amounts. it is
said, were first invested in United
States bonds, which yielded Cornelius
an income of 5000, 600 and William K.
about $4,000 q year. These incomes,
however, were not sufficient to keep
their families in the style in which they
had been accustomed to live, and the
two brothers, instead of living within
their income, went into stock specula-
tons and lost. Their losses were very
heavy, and their father was called up
on to make them good The various
brokers of Cornelius on Wall street de-
cline to talk about his losses, and say
that they have no right to reveal the
business of their customers. They will
not deny that he has lost, but say that
he is abundantly able to pay, inasmuch
as he has his fathers income to back
him.
"For two or three years he has been
loaded with stocks" said well IN
formed broker yesterday. "He pur-
chased them at high prices, and since
there has been a very heavy falling off.
His brother went into speculation about
the same time. but, as his fortune was
not as large as that of Cornelius, he
went under first. At the time they
went into their Fifth-avenue palace
their mania for speculation first showed
itself.
"Some time ago William Z. appealed
to his father for aid, and, although the
latter has denied that he has given his
son any financial assistance, there is no
doubt that he assumed all his sons
holdings of stock at price to relieve
him of loss. William HIS entry into
the stock market and his alliance with
jay Gould dated from that time. He
dld this in order to unload the securi-
ties that had come into his possession
IN the manner stated.
"Corne l1us was loaded with line of
general stocks, which had for long
time been depreciating, and he had a
heavy lot of Lake Erie and Western
which had deprecated in value since
the highest price in 1881 nearly $1,000
900. Cornelius, ] am told, had from
10000 to $4,000 shares of this stock.
What his losses are it is impossible to
tell, but they were shouldered by his
father, who is heavy loser. He went
to Europe in May last and was not here
to take care of his holdings at the time
of the panic and the great depressions
in prices. Cornelius has fed to
Europe now. He was always consider
ed a very conservative and pious man,
as he was vestryman in st. Bartholo-
news Church, where he passed around
the plate"
The financial trouble of the Wander
bits has been subject Of gossip in
Wall street as we'll as uptown, where
it is said that the elder money king is
in much trouble.-N. Y. World.