The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-16

Southern of which Vanderbilt was the
principal owner. This proposition was re-
ceived with great alacrity by the opponents
of Vanderbilt. and millions of dollars were
placed at the disposal of the new line COM
pany Mr. Howard, who had gone over the
proposed route and computed the cost of
construction rendered bid on behalf of
Brown Howard & Co for $13, 1873, 1873. The
full amount was subscribed in less thar tlf
teen minutes. George l. Seney headed the
list with 1,500 000 Brown, Howard * Co.
followed with an equal amount and Calvin
3. Brice subscribed 81, 600 600.
Within week from the date of the New
YORK meeting Brown Howard & Co. put
force OF engineers in the field. and MIR.
Howard, with headquarters at Cleveland,
let the subcontracts as fast as the work Of
surveying was completed. In less than
three months after the contract was signed
10000 men were at work. and Oct 90 1882
thirteen months after the time the first
ground was broken, the entire line extend
ing from Buffalo to Grand Crossing, a. DIS
tance of 512 miles, was IN complete oroer
and ready for traffic.
The greatest obstacle to the new company
lay in obtaining its right of way, a consld-
cradle portion of the distance between
Cleveland and Buffalo costing its promoters
$4,000 mile In brief, the new road was one
of the greatest engineering feats in the his
tory Of the country. In a little more than
year a road extending more than 6eO
miles had been laid machine shops, round
houses and depots had been erected and the
company was equipped with $50 locomotives
and 5000 freight cars.
In the meantime, while Howard was en-
gagged in the work of construction, Mr.
Cummings was looking after the financial
end of the project, and soon had its secur1-
ties afoat. Mr.. Cummings was elected
president of the road, D. w. Caldwell vice
president and Lewis Williams general man
ager. The road which was named the New
York, Chicago & st. Louis, was dubbed the
'Nickel-plate" presumably by some coun-
try, editor, who took the name from the ini-
tials IN; Y. c. L." at least, that i the
only explanation that has ever been offered
When the road was started Vanderbilt
pretended to ignore 1t, but the market Tor
Vanderbilt stock was seriously affected by
1t, and retaliation was getting In It's work
with a vengeance. Shortly after the road
was completed Vanderbilt came to Chicago
with his great trotter Maud S. When asked
what ne thought of the Nickel-plate road he
replied he thought it was a streak of rust
1t was at this time, too. Mr.. Xandl!erbilt
gave utterance to his famous public De
damned sentiment.
1t was rot long before the great Eastern
railway magnate discovered that the
NicEel-plate road was working havoc with
the traffic of the Lake Shore and Mich. IAN
Southern road, and that the $780, O0,O00 wo III
of Lake Shore and Michigan Southern : =
Vanderbilt knew that the rival road was
backed with millions, and could stand any
vanderbilt therefore declded 70 purchase
controlling interest in the NiCkel-plate and
sent Judge Burke, president OF the Hooking
Valley Railroad, and General }. ii. Dew
ereauX, president of the Cleveland, Column
bus, Cincinnati & Indianapolis road, TO ne
gotiate the purchase They We're met by
Calvin S. Brice, representing the syndicate.
To make long story short, vanderbilt
purchased a controlling interest in the
Nickel-plate for $14,O5OOO0, representing
common stock, at II cents and purchased
$12 4S0 GOO of the preferred stock at 81 cents
the syndicate retaining the mortgage bonds.
This was Mr.. Cummings great coup as
a railroad manager, and the proponents of
the Nickel-plate enterprise Melted many
millions as a result of it. After the victory
over Vanderbilt Seney proposed another
enterprise of the same sort, but Cummings
relying upon a business instinct that never
failed him, said no, and with that he and
Seney parted company Seney followed The
advice he tried to force upon Cummings
and lost every dollar he had in the world
Cummings, on the other hand, turned his
VILE road The Evansville people wanted
it, and Cummings let them have it by SELL
ing them securities for Go cents that cost
him 40.