New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-02-18
GETS VANDERBILT LINK
CENTRAL BUYS SPUYTEN
DUYVIL & PORT NORRIS.
Another indication That the Conn
nrodore'S Heirs Are Retiring from
Railroad Field, Thinks Street.

The announcement that the New York Cen
trail & Hudson River Railroad Company has
bought the Spuyten Duyvil & Port Morris Rail
road is regarded in Wall Street as another in
dioatfon that the members Of the Vanderbilt
family are more and more withdrawing from the
railroad field and from active identification with
the New York Central system.
That system was the creation of the Late Com
modore Vanderbilt. founder of the family fort
unes and pioneer in the welding of isolated rail
way lines into a single great and powerful sys
tenn The commodore, in absorbing by one
and finally bringing under a single corporate
management the lines forming the Hudson River
Railroad and those forming the New York Cen
trail Railroad, consolidated on November 1. 1859
as the New York Central & Hudson River Rail
road reserved here and there short line which
represented vital link in the railroad chain
Joining New York City to Buffalo. For exam
pie, the Central passes through Syracuse at
grade by virtue of an old franchise granted in
the commodores day and said to be still con
trolled by his heirs; and valuable terminal con-
nections in Buffalo understood to be private
property of the Vanderhilts. as well as terminals
and rights of way at Rochester. Batavia and
other points in this state. and the bridge cross
ing over the Hudson River from Greenbush into
Albany.
The most important of these reservations
=
& Port Morris Railroad. road which, although
of the insignificant length of 531 miles. extend
ing from Spuyten Duyvil to Mott Haven. is the
link through use of which the New York Cen
trail gains entrance into the heart of the city
for its passenger service and much Of its freight
traffic. This little line, chartered in March
1859 was leased TO the New York Central &
Hudson River Railroad Company, in November
1871 although not opened for operation unti
the following April. II was leased at an annual
rental of per cent on its capital stock of $3.50
600 which represented the cost of the road
The schedule of the personal property of the
late Cornelius Vanderbilt. of the sons OF
William H. Vanderbilt. son and successor OF the
commodore, showed that at his death. In ISo"
Mr. Vanderbilt held S494500 par value or eX-
actly one-haf, of the stock of the Spuyten Duy-
vii & Port Morris road and it is understood that
the remaining half has been held by other mem
bers of the Vanderbilt family. The sale Of the
Spuyten Duyvil & Port Morris was negotiated
II is said on excellent authority. by +. '. w
Rossiter n vice-president of the New Hork Cen
traI. and incidentally viee-president OF the for
ner road Mr. Rossiter was executor of the
will of Cornalius Vanderbilt. and for years has
had the general management of the vanderbilt
family investments. He is also. it is under
stood. the personal financial representative of
William X Vanderbilt during the latter's fire.
ouent and extended absences in Europe
Payment for the capital stock of the Spuyten
Duyvi & Port Morris road has been made
through the sale of 100000 31a per cent first
mortgage reAIndng bonds of the New York
Central which. it is announced. were taken by
a private investor; but it HIS not developed
whether the Vanderbilts have themselves taken
the bonds or have been paid for their stock
with the proceeds of those securities