Evening journal., 1910-02-08
NEW NEWS OF YESTERDAY
Fortune that Commodore
Vanderbilt Forgot all About
BY "HoIl,ud."

ciates of Commodore Vanderbilt was
speaking TO me one day Of the remark
attributed to the Commodore that It
was much easier to make a fortune
than to keep IT,
The Commodore did say that not
only once, but many times" this friend
said. And he was also fond Of say
ing that the first 81 900 was the hard
est 70 make and keep. Generally.
when that remark is quoted as having
been made by the Commodore, the i'm
portant part Of it is omitted, namely,
that II is hard to keep the first $1,000
after Il is made.
Yet for a man who knew so well
the value of money and what its pow
er is" continued the speaker, there
we're 10 me some inexplicable traits
about the Commodore which, at times,
seemed almost to amount TO Unborn
carelessness. He knew better than
any other man Of his time what the
market value of money was, and yet
he let slip every now and then golden
opportunities for taking advantage OF
this knowledge. He had a very accu-
rate-in fact. almost remarkable men,
ory, and yet he was likely to be gross
ly forgetful sometimes, especially in
regard to his own money interests and
property. l will tell you a new anec.
dote to illustrate what | am saying.
"One day the Commodore came into
the Office of the finance officer Of the
New York Central, and asked that Of
fetal how much money he was car
rying. The latter named a sum.
You haven't got it right declared
the Commodore, you've got a good
deal more than that. Figure and see If
l am not right
The report was speedily made. and
IL showed that the Commodore was
within few hundred dollars Of the ex-
act amount of money on hand. There
we're not many details which escaped
him, and when he mentioned the sum
which was in the company's treasury
or on deposit, he was certain that he
could not be far out OF the way. 1t
seemed to please him that he had
caught us mapping. Then, after a mo-
ment, he said:
THAT is altogether too much money
to be lying idle. You ought to put II
out somewhere on short notes or in
some way, so that It will be earning in
terest instead of lying idle
You see, the Commodore had
learned lesson a year or two before.
One of the officers of the company had
said to him: Commodore, the New
York Central doesn't pay dividends
oftener than once in six months. Don't
you see that you are losing the inter-
est on lot Of money on that account?
If we paid once in three months, your
dividend would be available for earn
ing quite a pretty penny"
The Commodore had never thought
of that, but he saw the point at once
and gave the order that from that time
on the dividend snpuld be quarterly.
He was undoubtedly thinking OF
that experience when he declared that
the railroad treasury was carrying too
much idle money.
Well, Commodore one Of us asked
what use would you suggest that we
make of this money? We will want it
at dividend time
Why. will borrow It Of you my.
SELF the Commodore replied, provided
you will accept New York Central
stock as collateral security
HE chuckled for a moment or two.
but we saw that he was in earnest. and
he did borrow the money, and left a
block of nearly two thousand shares Of
New York Central stock as security.
Nearly year later the Commodore.
plainly greatly puzzled, appeared at
the desk Of the finance officer, and
asked how many shares of New York
Central stock he owned. The officer,
after looking at the books, told him
the precise amount.
Yes admitted the Commodore,
that agrees with my own books, but
can't find all the stock. There's a
block of nineteen hundred and fifty
shares missing. haven't the remotest
idea Of what has become of it.
Immediately there began search
for the missing stock, which lasted
several days. At last, well, where do
you think we discovered that equiva-
ent of s195,O0O? In an inner corner of
the big safe. just where it had been
put when the Commodore gave it as
security for the dividend money that
he had borrowed. There it had re-
NAMED ever since. The Commodore
had clean forgotten to ask for the re
turn Of it when he gave a check for
the entire amount Of his loan a few
days before the money was needed to
pay the next quarterly dividend; and
none of us had thought to remind him
that he was neglecting to exercise the
plainest sort Of business common
sense"
Copyright. 1902 by e. J. Edwards.l
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