Evening journal., 1912-07-19
NEW NEWS OF YESTERDAY
The Man Who Let COmmO-
dOre Vanderbilt OutSee
Him
By Holland

Samuel Sloan of New York, who
died in 1906, at the age of eighty-eightl
leaving many millions, was success
ful as the president and manager OF
the old Morris G Essex Railroad,
which crossed New Jersey, and was
afterward absorbed by the Delaware,
Lackawanna G. Western Railroad by
the advice and under the direction OF
Mr. Sloan.
II was as a railroad man and the
creator Of great capital and wealth
through the development Of railroads
that Mr. Sloan was best known to
che business world. To the public
his name was familiar because of that
rigid orthodox piety and which
caused him TO forbid the running OF
any passenger trains on Sunday on
the Morris g. Essex Railroad.
happened to mention one day to
the late Charles Finney Cox. who was
for many years closely associated
with the Vanderbilts as the treasurer
of all their lines west OF Buffalo, and
was brother OF Governor Jacob
! Cox OF Ohio, that ] had been told
that the chief regret of Mr.. Sloan, so
| far as his business life was concern
ed, was the fact that he did not make
a success of the old Hudson River
Railroad Company, now that part Of
the main line Of the New York Cen
tral system which follows the east
ern shore of the Hudson River Rail-
road from New York to Albany.
"I am inclined to think that is
| true" said Mr. Cox. Il don't believe
that MIR. Sloan ever rode over the
| Hudson River Railroad, back and
! forth to his country home after Com
modore Vanderbilt got possession Of
it and showed what he could do with
1t. without feeling sense of regret,
almost humiliation, that he let the
railroad slip out of his bands.
"Mr Sloan was one of the few men
who dared make what seemed at the
time most reckless investment of
capital i'm the construction OF the
railroad" Mr.. Cox continued.
"The conditions were peculiar The
New York & Harlem Railroad, par
alleling the Hudson inland only
twenty miles to the east in the aver
age, had been built from New York
city to Chatham, n. Y, where con-
nection was made with the Boston
Albany That provided convenient
and fairly quick communication be-
tween New York and Albany On the
other hand. the Hudson river SEEM
ed to be the natural and permanent
line for commerce to take, at least
for all the district bordering that
river on both sides between New
York and Albany.
Il don't know who first suggested
that a railroad be built along the
banks of the Hudson to Albany. But
do know that when Mr.. Sloan had
decided TO back the project and he
VAS asked where he expected the
business to como from, he replied;
"'Oh. there will be plenty OF pas
senrers from New York as far north
as Poughkecpsic and from Albany as
far south as Poughkeepsie.
'sThen you don't expect to carry
anv freight? Mr.. Sloan was asked.
a'No. the boats will OF course get
all that. except some that the con-
gignors want moved rapidly.
$50 II was simply as passenger
railroad that Sam Sloan and few
others saw opportunity for fair re-
turn on the money invested In the
building of the Hudson River RAN
road. i'm the ffties. and he was glad
enough. in 1864. to sell out to the
Commodore, who had alrady bought
tho New York & Harlem.
"The most curious feature OF the
ubola matter 10 me has been the fact
that as astute a man as Sam Sloan
was did not see long before Commo-
dore Vanderbilt, did that, by getting
nossession of roilroads between Al
bany and Buffalo and the uniting OF
then by means of a bridge over the
Hudson at Albany with the Hudson
River Railroad there would be estab-
lished a great trunk line, suer to get
much of the business of the rapidly
growing West. am certain that II
was not so much the losses Mr..
Sloan met with through his invest-
ing in the old Hudson River Railroad
that gave him his keenest business
regret. as it was the realization of the
fact that he let Commodore Wander
bilt outsee him regarding the possi-
biuties of the Hudson River Rail-
road
Downright. 1912, by r. J. Edwards
All rights reserved)
Tomorrow Mr.. Edwards will tell
: ..fa,t. Eotho,- Who WAS Ilndicafpd