The Washington times., 1906-07-08

1 4 40 more than q hint. looking
TO such legislation as may here
after scatter enormous fortunes that
nave been accumulated BY aa individual.
has been much discussed IN this city
and by men OF wealth since the recent
Wall Street storm passed away. For
II there was any one thing imDressively
disclosed Dy the Wall Street excitement
and activity. IL was tile denomination
tHat not amy one Individual is now
building up great fortune. but that
The larger accommodations are made by
corporations investing their assets in
securities which tie managers look upon
as having very great potential value
An estimate has beeeu roughly made
t1at at least IS per cent OF the gigantic
personal fortune. OF the citizens Of the
United states were made ia one way
Tie basis OF almost every great indl-
v.dual or family fortune was the buying
OF the stock OF railway companies upon
which no dividends were paid. for which
there was trivial market value, and then
the nursing, developing. expanding Of
these systems until at last they came
20 have great market value and large
earning capacity.
That was the basis OF the Vanderbilt
fortune. In the early sixties the old
commodore said 10 one OF his intimate
friends. d man now living. from whom
this anecdote was obtained, that the
day OF great money making IN steam
hoat traffic had passed, and that In its
place was coming the era OF fortune
building through the per1ecung Of rail
roads He therefore determined 10 buy
the stock OF the Harlem railroad He
bought IL. as the saying IS. for song.
ft maid no dividends and II was kicked
about the market. Next the commo-
dore veutured TO take what Samuel
Sloan and others were glad enough 10
part with. the duap-datcd and much
rfsiculed Hudson River railroad. a ma
iorfty OF this stock the commodore Sc
cured almost upon his own terms Aft
ervards he negotiated for the purchase
of the stock Of several railroads that
had been built IN helter-skelter way, one
Of them by means Of money borrowed
OF the nrst John Jacob Astor, which
II united. would make continuous line
from Albany to Buffalo All OF these
stocks were secured for almost nothing
comparatively speaking.
rhe commodore himself, at that time
could command not much more than
s1c.oo0O0O Having secured these stocks
he perfected. united. siuplifed, and
strengthened, nursing traffic and seek
ing II. until at last 1t was discovered
that his united railway system was
earning handsomely upon the invest
Tlent. Il has been said that the com
nnodore watered the stock. creating 10y
a stroke of the pen AM BY stockholders
vote additional capitalization OF 5000
600. OF which he had the greater share
But today more impartial opinion jusu
rss that action. At all events. by buy
ing non-dtvidend paying sl"ch' ana 0--O'
by constructive work building up tn
system, the great Vanderbilt fortune
was created
The late Thomas A. Scott invested
almost everything he had IN what wa
called the Texas and Pacific railway
Jay Gould bought it, thereby providing
Mr.. scott's family after his death VIII
such fortune as came to them. and that
roo. was allied with The Missouri Pa
ciac system. The individual purchaser
Of the Jersey Central. after tie col
lapse Of its owner, MT Johnston. real
lzed one OF the great fortunes 1t woui'
be possible, if space permitted, to tabu
late some of the great American Tor
tunes, the very cnes against which S