Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1886-06-30

UAOus SCCu1cu VIC pAVV, Auu UOuSut Ills
boat. He piled between the island and
New York, and so diligently did he
work and so carefully keep his savings
that at the end of another year he not
only paid back the 500 to his mother,
but had 1000 laid up in the bank be-
sides. The next year he was the own
er of two vessels, and at the close of
the year also purchased third. The
following year, at the age of 10, he
married, removed to New York, and at
the age of % he was free from debt, the
owner of several vessels, and had be-
sides $4,000 in cash. In 1917 he assist
ed Thomas Gibbons in building the
first steamboat run between New York
and New Brunswick, N. j., and became
captain of her at $1,000 q year. He
now also purchased the hotel at New
Brunswick, which his wife managed
and by her thrift made it add material
ly to their income. In 1924 Wander
bilt managed the entire line owned by
Gibbons, consisting of eight or ten
well-built steamboats,. in 1927, while
still managing this route, he leased the
ferry between New Y ork and Elizabeth
port, N. j., put on new boats, and
made it very profitable
In 1929 he left Gibbons, returned to
New York, and during the following
nineteen years he built and operated
steamers on the Hudson, on Long
Island Sound, and on the Delaware
from Bordentown to Philadelphia. His
plan was to pat on new and superior
boats in opposition to an old line, and
to cut rates until the others either
bought him off at good figure or left
the field, allowing him monopoly of
the trade and its profits. In 1849 he
began running steamers from New
York to the isthmus, and from the
isthmus to San Francisco. In 1851 he
had three steamers on the Atlantic and
four on the Pacific side, and the next
year also started branch line from
New Orleans to the isthmus. In 1854
be established a line from New Orleans
to Galveston, and another from New
York to Aspinwall. In 1855 he started
a transatlantic line. In 1856 he re-
ceived large subsidy from the Pacific
Mail Steamship Company forw1undraw
ing his California line. In 1861 he sold
out his transatlantic steamers, loan.
ing one of the largest of them-the
Vanderbilt, worth $8OO,O0O-to the
Government for use during the war
At the close of the rebellivu the loan
was appropriated as a gift, aud Con
gress generously allowed him vote
Of thanks for it. During his steam
ship career, Vanderbilt owned twenty
one steamers, eleven of which he built,
and with steamboats,, his entire steam
fleet numbered sixty-six vessels, and
for many years he had been popularity
known as the Commodore. In 1864,
when he sold all his vessels, his accu-,
mutations were estimated at $4,000,
600.
He now turned his entire attention
to the railroads. In 1916 he had be-
gun to buy stock in the Harlem Rail-
road, and in 1864 he bought the entire
road. He had also purchased some
time before bonds of the Erie Road.
Mr.. Vanderbilt never bought stocks
in Wall street until 1868. After buy
ing the Harlem Road, he purchased a
controlling interest in the Hudson
River Road, and year or two later
also bought majority of the shares in
the New York Central Road. In 1867
be lost heavily in speculation in stocks
of the Erie Road, but in the
following five years, from his railroad
property and stock profit he
made over $25,00O,0O0. Mr. Wander
bits policy in regard to bis railroad
property was: l. To get full control
of the road. 2. Improve it in every
possible way, and put it under first
class management. 3. Make it q
paying institution. 4. Water its
stock heavily, In 1869 the Hud-
son River aid New York Central Roads
we've consolidated, and in 1873 tho
Lake Shore and Michigan Southern
Road had been purchased and was
operated as one continuous route with
the New York Central, In this year
tue Vanderbilts, fater and SOD, man
aged 2,137 miles of Railroad, repre-
sen:ing $149, 900, 600, of capital, fully
one-half of which they owned. At his
death in January, 1877, Commodore
Vanderbilt was worth $1O5, OOO, 900, all
but $15, OOO,O 600, of which was left to
his son, William H. Vanderbilt.
Vanderbilt's methods differed from
John Jacob Astor's principally in being
more daring. He ventured more and
amassed more. Aston, at his death.
was worth S2O,OOO,OOO, which was a
larger fortune than had ever before his
time been amassed by any one individ-
ual who began life poor, but when
compared with Vanderbilt's wealth
was merely a modest competency.
About one-half of this he made in the
fur business, of which he had secured
a monopoly through the generous aid
of Congress.
In addition to his exceptional oppor-
tunity for acquisition in the fur-tradc
monopoly Mr.. Astor had the good
fortune to preceive early the certain
prospective importance of New York
as commercial point, and therefore
bought property largely of land there.
In the great advance of property as
the city grew the fur merchant made
the other half of his fortune. Mr..
Aston was very cautious man. All
forms of stock jobbing he detested and
would have nothing to do with them,
no matter how well they promised.
He was not, perhaps, as shrewd as
Vanderbilt was certainly not so rash,
or by any means so. much disposed to
encroach upon the rights of others as
was the bold and lucky Commodore,
A Great Pulpit Orator.
Phenomenal oratorical powers are, it
tho correspondents are to believed,
shown by an Italian priest, Father
Agostino of Monte Feitro, whose peach
ing in Pisa during Lent seems to have
created more powerful impression