The true northerner., 1897-10-12

1t carried thought straight to the mark.
| 1t was difficult to induce him TO take up
a subject, but when ne did nothing could
divert him from it until a decision was
reached He never doubted that verdict
or revealed it, but acted upon IL with light
ninglike rapidity. He thus found millions
where others had lost them.
The development of American railway
systems has produced many strong men,
but their operations had been generally
disastrous TO their stockholders and bond
holders. They were at that time honey
combed with parasites, while freight and
passenger agents exercised an arbitrary
power and petty tyranny toward individ-
uals and localities TO which most OF the
subsequent public animosity against rail
roads and railroad men is due. They broke
connections on the whim Of an offended
officer and cut each others throats to graf
ify the spite of traffic manager.
The commodore made up his mind that
railway transportation was TO be the lead
ing business Of the future, that there was
no limit to It's expansion, and that under
business management and with business
methods railroad stocks were the best in
vestment in the country. He knew that
railway chaos was his opportunity. The
stock of the Harlem railroad was a foot
ball In Wall street at from 90 to IS a share.
Its bonds were discredited, It's equipment
was unfit for the service and It's roadbed
unsafe. Capitalists had dismissed IL from
their calculations as q worthless and hope
less property. 1t found in the man of
steamboats, and steamships its regenerator.
He knew the people and believed that the
same feelings moved them on land as on
water. Speed is the first demand of the
American, with safety, II possible, though
he will risk much to 60 on the fastest line.
Wall street believed the %, 600, 900 the
commodore spent on the road thrown
away. 1t gave the company new cars and
locomotives, a safe and stable way and
regular and rapid train service. 1t illus
trated Mr. Vanderbilt s genius In his cho-
sen field of competition. The Hudson
River and Harlem roads both ran from
New York to Albany. The first, which
had not known Of the existence Of the lat
ter, now felt the effects Of Its keen and
dangerous rivalry. In less than two years
the stockholders Of the Hudson line were
begging him to take their road. This he
did at about $50 a share. Railway traffic
had found a new and original master.
Quicker time and better facilities attracted
passengers and freight from the west to
the Atlantic seaboard, from the southern
routes and ports to New York. They drew
! from the water lines. With lower fares
and rates to the public the volume of new
business soon brought these bankrupt
properties into the best paying investments
In the country The commodore made
millions, and the other stockholders shared
according to their holdings The public
received better service at lower prices and
New York new impetus In Its
King OF Wall Street.
In the old days of leadership in finance
and speculation Wall street always had a
recognized king. He had large follow
ing, and his sway was daily disputed.
After tnnumerable victories and the ruin
of thousands Of individuals and combina-
tions he was dethroned and bankrupted in
some wild panic. His successor would
take the perilous place, to pursue the same
career and meet like fate. But in Mr..
Vanderbilt this center of the risks and
values of the continent found a master
whose resources were great and whose
Judgment was unerring. 1t was equally
dangerous to follow or fight him on ac-
count of the rapidity with which he
changed his policy as he saw before others
prosperity. "Wall street owes me 81, 900,
600 year." heard him say, and until
the last he collected that and in some years
many millions.
had known the commodore we'll for
several years, and one day he suddenly
asked if he could retain me as attorney and
counsel. l had been appointed and con-
frmed United States minister to Japan, a
position of power and prominence because
of the opening of that country to civiliza-
ton. No future in politics" he said.
Railroad the career for a young man
now. Don't be a fool" He was 72, and /
was 32, and thus began confidential and
personal relationship which during the
intervening 81 years has continued un-
broken and unclouded through four gen
erations of his family.
The lifelong battle with the world
makes most successful men harsh, unsym-
pathetic, cruel and narrow. Attack and
defense have become a habit, and such
men are as wary, as isolated and suspi-
cious as North American Indian on the
warpath Their associates and followers
complain that points are not given nor op-
portunities shared for making money. Ex-
perience teaches great operators the dan
gers of revealing their plans to any one.
A sovereign will not share his prerogatives
with a subject, and a man of great wealth
intensely dislikes TO have his friends grow
rich 1t may lose him their services, or his
Importance may be diminished by divid-
ing his prestige II from a suggestion an
other reaps a rich harvest, IL is very diff
cult for him not TO feel that the money
made was loan from him to be repaid
with interest.
|
One of the most powerful men of his
time once said to me, 81 have done my
best TO keep those about me from getting
much money, but II they had not got rich
in spite of me they could not have staid
with me"
His Business Policy.
These common qualities of the rich had
many notifications with self reliant and
original genius like Commodore Wander
bilt. As the railway system under his
control expanded he sought the assistance
and association of strong men from many
departments Of activity. He drew into
his various companies a remarkable body
of able and successful directors and man
ayers. He was a keen judge of human
nature and his cold, brilliant, black eyes
looked over and through men as they did