The daily morning journal and courier., 1897-10-12


 land sound for years, but in short time, though he had less capital, he drove them off these waters, He saw far in advance of his time the results which could be obtained from ocean steamers. There were prosperous lines plying between New York and the lsth- mus of Panama and the Isthmus and the Pacific ports, Their managers were conservative od-fashioned, old fogy and rich. They look ed with amusement and amazement at The adventurer m their domain, who, singly and alone' boldly challenged their supremacy. Thirty years afterward l heard an olu merchant lamenting that the commo- dore forced his company to sell out to Nhlm their Atlantic line and pay hlm tWo-thirds the profits on the Pacific to Keep off that ocean. His entry into the railway world was the result of the same foresight and wisdom, His mind was like rifle barrel It carried thought straight to the mark. It was difficult to induce him to take up subject, but when he did, nothing could divert him fromtit until decision was reached He never doubted that yer dict, or revealed it, but acted upon it with lightnihg-like rapidity. He thus found millions where others had lost them.
 The development of American rail- way systems has produced many strong men, but their operations had been generally disastrous to their stockhold- CTS and bondholders. They were, at that time, honeycombed with parasites, while freight and passenger agents ex- erclsed an arbitrary power and petty tyranny toward individuals and locali- ties to which most of the subsequent puplc anlmosity against railroads and railroad men is due. They broke con- nections on the whim of an offended ofhcer, and cut each others throats to gratify the spite of traffic manager. The commodore made up his mind that railway transportation was to, be the leading 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 investment in the coun- try. He knew that railway chaos was his opportunity. The stock of the Har- lem railroad was a football in Wall street at from three to five dollars a share, it's bonds discredited it's equip ment unfit for the service, and it's road bed unsafe. Capitalists had dismissed it from their calculations as a worth less and hopeless property. It found in the man of steamboats and steamships it's 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 Ameri- can; with safety, if possible though he will risk much to go on the fastest line. Wall street believed the three millions of dollars the commodore spent on the road thrown away. It gave the con- pany new cars and locomotives, a safe and stable way, and regular and rapid train service It illustrated MT Van derbilt's genius in his chosen 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 latter, nowsfelt the effects of it's keen and dan gerous rivalry In less than two years the stockholders of the Hudson line were begging him to take their road. This he did at about thirty dollars a share. Railway traffic had found a new and original master. Quicker time and better facilities attracted passen- gers 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 vol lme of new business soon brought these bankrupt properties into the best pay ing investments in the country The commodore made millions and the oth- CT stockholders shared according to their holdings. The public received better service at lower prices and New York new impetus in it's trade.
 Tn the old days of leadership in finance and speculation Wall street al- i ways had a recognized king. He had 9 large following, and his sway was daily disputed. After innumerable vic- tories, and the ruin of thousands of in dividuals and combinations, he was de- i throned and bankrupted in some wild i panic His successor would take the perilous place, to pursue the same ca- reer and meet like fate But in MT. 1 Vanderbilt this center of the risks and values of the continent found master 1 whose resources were great and whose judgment was unerring. It was equal ly dangerous to follow or fight him on account of the rapidity with which he changed his policy as he saw before others did the gathering storm or the rainbow of prosperity. Wall street owes me a million a year." l heard him say, and until the last he collected that and in some years many millions.
 had known the commodore well for several years, and one day he suddenly asked if he could retain me as attorney and counsel. I had been appointed and confirmed United States minister to Japan, a position of power and promi- hence because of the opening of that country to civilization. "No future in politics." he said; railroads the career for a young man now. Don't be a fool'' He was seventy-two and I was thirty-two, and thus began confiden- tial and personal relationship which during the intervening thirty -one years, has continued unbroken and unclouded through four generations of his fam fly.
 Only an iron constitution could have survived the ceaseless activity and sleepless work of the commodore until he had won his fortune. Only an equi- poised and self-mastered philosopher could have afterwards adjusted to such