New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-04-11
THE VANDERBILTS.*
THE STORY OF THEIR FORTUNE.


adsntly put forth work whi,h shoult
fan into the hands OF BOYS and young men
OF all who aspire to become Captains OF Industry or
leaders Of their fellows in the sharp and wholesome
competitions of lie" THIS Is high ground For oar
solves should say that the example OF Commo-
doro Vanderbilt lesson OF which our boys ana
ycun. stood in particular ned Whatever mo
shortcomings OF the rising generation. lack OF amh"h
10 become rich Is not anon; them: ana the 'F'"'"
OF thrift shrcwdDes and hard work have al ways neoh
held here i0 quite much honor rs they deserve
Nevertheless Mr.. Crohus lvoly narrative may 90 reao
with profit. There admirable chatactcfi'ucs
IN the old Commodore's iough nature as wei as IN bis
business methods; and it k not to he denied tr"' his
fortune IN the main legitimate accumulation HIS
theory OF railway management has bctn severely
attacked: hut there Ia this u be said FOR H. ust lt'
object WAS 10 mako money by the development OF ire
roads rather than by gambling in their stacks ana
between him and his famous rival. Daniel Drew, tho
typical Speculative Director, there was generally the
,tronrest POSSIBLE contrast alike OF purposes aud OF
methods MI Crcfu insists that in building up great
fortune for himself the Commodore was also creating
magnificent provision for the commerce of New York
Ills plan Of operations may be briefly summarized: a.,
Buy your railroad; - stop the sealing that went on
under the other man. improve 1t IN every lractlca"e
way within "a reasonable expenditure; !. consolidate II
with any other road that can be run with 1t econom-
cally; s, water Its stock; 6. make It Pay large
dividend"
Althouca lie WAS not properly a SPECTATOR he was
prominent actor in several memorable engagements on
the stock ma into which he was led by his schemes
@, consolidation. This the case with the famous
Harlem corner, which originated In his determination 10
consolidate tho Harlem and Hudson River roads, AS
Mr.. Crofut tolls the story the Commodore began buy
ing a lem stock dnring winter of s62G3. when IL
wa not much above or .. He bought it not to sell
again hut hold. BY the month OF Apr his purchase
hnd put il up so suddenly on the evening OF the
2lst the CoGmon Council passed ordinance auhorz-
ing the construction OF street RAILROAD In connection
with the Harlem down Broadway to the Battery. The
stock rose to par Then the Aldermen and HEIR coned-
eratos began to sell Harlem short, and when the plot
was rpo the franchise for road In Broadway was I'M
tremendously repealed Harlem shares dropped 10 ~
Commodore Vanderbilt. however. had discovered the
pedy Of the Aldermen and had taken all the shorts
that were offered Before they knew tho consriraors
had sold more shares han there In existence The
corner was perfect The last OF the bear settlements
were II ie ut 100 and the Commodore IL said TO have
squeezed q million dollars out OF the Aldermen alone
UndeteIred by this rightul example, the Legislature
tried the same trick the next year hill was ending
at Albany to authorize the consultations Vanderbilt
obtained the romsc of majority o, tho mNmbers that
they would vote for it. Harlem stock rose to 100
whereupOn il occurred to the honorable members mat
true craftsmanship required them 20 sell Harlem snort
and then defeat the bill The Commodore met the con
spirGcy before. lie organized pool which dnietE
bought up all the bears offered. The consolidation hill
came to a vote and beaten. Harlem dropped to 30;
but there stood firm; Vanderbilt showed no concern;
and when the shorts attempted to cover tho contracts
IT appeared that the pool had bought $1,000 shares
thai, the stock o. the road "Pui II up To 1000"
exclaimed the rcmorselcss Commodore; this panel
game IS icing tried often" But his associate Leonard
Jerome urged thai this would break every honse in the
Street The next day for $4,000 shares were
settled 255. The Commodore. in telling the story.
used 10 say: We busted the whole LcsSlatmci and
scores OF honorable members had TO 20 home without
paving their board bills" The sensational contest with
Fisk and Gould. which arose ont OF an attempt 10
consolidate the New York Central with the Erie in
voved the whole in scandals and after dobauchng
the and the Legislature ended IN sort OF com
promise Vanderbilt is understood to nave lost great
de Il Of money nv this adventure bnt he demonstrated
his extraordinary financial stability.
A harsh, ovcrbearng manner and coarse tongue dis
tinguished him froal his b0yhoOd. He began life
Staten Island and made money from the START
hut he owed nothing to personal popularity. He was
unsOcial and uncivil but lie was honest, capable.
Courageous quick witted and enterprising lie was
prompt dis changes In the conditions o. trade and
so he was of ths first to abandon scnooners fol
steambolts and steamboats, for locomotives. He lost
chance OF turning an honest penny or opening new
channel o. nusiness lie had n respect for men who
seemed to him deficient IN business capacliy,-a large
class OF IN. human race whom he labelled with the
general title BANKED fools. In this comprehensive
category ne ucuded his children. He treated none
OF them with affection George, the youngest son. who
was graduated at West Point and died of disease con-
ttacted during the war; wa. his iavOrte. The second
son. Cornelius jeremiah, an epepc, a spondlhrlf an
idler aud "a gambler, he cordially hated. William
Henry the oldest used to regard dull aud un-
promising young man. only 1T for farm on Staten
Island; and it was not nntil Bill " had married to
please himself and proved that he could get along with
our much helm that he gradually taken into the old
1nau's good eraces We have doubt that an incident
reated by NJ Crout hai great effect in convincing the
hat
all William wanted manure from the Fourth ave. car
stables for Island farm ana asked his father
how much he would charge for ten loads:
"Wharn yom give I" asked the Commodore
It's worth 81 load to me-, said the farmer.
GO enough, III lot you have IL foI mat answered
the price named was at least twice as much us the stan
was worth 80
Next dlv he fonnd his rustic son WITH another scoW
How many leads have you go. scow. Eily ="
asked tho Commodore in excellent humOr
How many r. repeated the son, ieiguing SURPRISE
s0nc! why there's thirty" tue old gentleman
exclaimed inspecting II eurionsly. -
no. father. never put but ono LOAD on scow-0ne
scow Oad Cast OF the lines, Pat"
The workman from whom the story is derived adds:
sThe Commodore want no cret hand to stan around
and never stan stl long before he stood
that afternoon on the dock, looking that goin
across the harbOr."
The s,orr o. the offer O; the splendid steamer Wander
bjlt to the Government during the rebellion has often
been told not with the circumstances supplied by
Mr. Cronut. Tho ship was not silt bnt "a loan til the
war should he over" nevertheless when the war was
over instead OF being returned to her owner she
mustered into the navy and Congress voted Mr. Van
derbit a resolution thanks and eda for present
Will ,h had never been made
Tie Congressional Committee authorized 10 present
him with the resolutions and the twenty-five dollar
medal had stormy tue Of H. lie rehearsed the
particulars oi the the and asked thcu that was the
way .rsat and nOhl' Nation ought 10 cOuduct Itself
Some II them declared that they had misunderstood, and
ted fO return the vessel. No devil take i'm
puGcnce"" shouted the Commodore, KEEP her. don't
care aGCut littlo thing like that"
The ConmOlOre's Onlness for horses and whist Is So
well known that 1t would be superuOus to quote Mr..
Crofus illustrations OF IT, Some OF his other traits
thus described
He was good story teller. and an interesting con-
verscr ters within his knowledge but he
coud seldom bo c9ale ell or induced to make speech.
...l. d. na.llL -. ~. 70