St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-08-05

ROAD was PAID, and the stock, which had
been worthless, rose to rs. William 81.
Vanderbilt was then elected president
OF the road. 1t was at this time, it is
said, that the commodore began to cor
rect his Judgment of the ''executive
ability of William H." and the latter
relaxed no effort to please his exacting
father in everything, taking all his
After the commodore secured the con-
troll OF the Harlem road, which was his
tlrst great railroad venture, he made
William III. vice president. AS a CO.
worker with his father, the latter
further demonstrated
HIS CAPACITY
for railroad management, and Harlem
stock, which had been down to nearly
nothing, i'll few years became one of
the most valuable railroad properties in
the country. So it is a fact. although
not generally known, that William III.
Vanderbilt had proved himself to be
competent railroad manager before his
father had begun that line of business.
1t was almost entirely owing to his indi-
vidual eXertiOns and sound Judgment
that in few years the Harlem road was
double-tracked and such other improve
mentS made as sent stock from s to 9
above par. The commodore was so
highly pleased and agreeably sur
prlsed with his sons management
of the Harlem road that he made
him vice president of the Hudson River
railroad also, and at later date associ-
ated him in the same capacity with the
management OF the important consOlda-
ton of New York Central and Hudson
River. The great executive power of
William III. Vanderbilt was manifested
IN every successive movement which
his father directed, and unparalleled
prosperity was the result in eyery in
stance. After William II. was fully
Installed in the vice presidency of the
consolidated system of the Vanderbilt
railroads, he became an interchangeable
worker, taxing his physical and mental
powers to their utmost capacity, and it
was doubtless this habit of hard work.
persisted III for so many years, that re-
suited in so sudden and comparatively
premature death for member of FAM
lily famous for its longevity throughout
several generations,
When his father died, at the age of
eighty-two, in January, 1877, William
Il. Vanderbilt, then fifty-siX wears of
age. found himself the happy possessor
OF fortune variouSly estimated at from
S19,000,0O0 to S90,0O0,0 900. The remainder
of the commodore's requests amounted
TO S15,000,000. After the death of his
father. the executive powers of William
H., in the management of the vast rail-
road interests bequeathed to him, were
called into active play.
THE GREAT STRIKE OF 1877
among the railroad employees threat
ened to paralyZe business all over the
country, and came pretty near causing
q social revolution. In this emergency
MIR. Vanderbilt proved that he had a
cool head and prudent Judgment to an
extraordinary degree. Just prior
to encountering the knotty prob
lem of the strike he had
been instrumental in bringing
about suspension of hostilities in the the
freight war, and the course he advised
led to an arrangement that produced
harmony among the trunk lines for a
considerable period. AS consequence
of the rate war, the railroad companies
were obliged to cut down the wages of
their employees, and this was the chief
element in the strike. On the Wander
bilt roads there were 1900 men, whose
wages were reduced 10 per cent. They
struck, and among other things threat
ened to annihilate the Grand Central
depot in New York; Instead of making
application for calling out the militia.
as had been done in Pennsylvania. Mr..
Vanderbilt proposed compromise. He
telegraphed to Saratoga to his head
officials to distribute 100000 among his
striking employees, and promising them
restoration of the 10 per cent reduc-
ton as soon as business improved to a
point juStifying such an advance, Over
1880 of the 1900 men returned to
work, thus showing their gratitude to
Mr.. Vanderbilt, and faith in his promise.
which was afterward duly fulfilled.
Although very close calculator in
business matters, Mr.. Vanderbilt was
generous to fault. He compromised
the suit with his brother, Young Cor
neel," allowing him the interest on ST.
100000, whereas his father had only left
him the interest on 100000, with for
feiture clause in the event of "Corneel'
contesting the will. William II. also
made present of 100000 in United
States bonds to each of his sisters out
of his own private fortune A good
story is told in connection with the dis
tributiOn of this handsome gift. Mr..
Vanderbilt, it is said, went around one
evening i'll his carriage. taking the
bonds with him, and dispensing them
to the fortunate recipients from his own
hands. One of his brothers-in-law, hay
ing observed by the evening papers that
the bond market had declined a point
or two on that day, said: civilian.
these bonds fall $50 short of the $780,
000 according to the closing prices OF
this days market" "All right" re-