The Birmingham age-herald., 1913-06-13

ystem. Mr.. Parrot was always in full
accord with Mr.. Flagler in the view that
ne extension of the coast line around the
outhern ena of Florida by a sea bridged
abroad 10 Key West would ultimately
% found vastly to increase the CONNER
,ial value OF the system
These were Mr.. F'lagler's objectives,
md he pictured forth in his imagination
1 vast West Indian commerce concentrat-
ng at Key West, and ultimately an even
aster commerce is to be f1oated through
he Panama canal
His BenefactiOns
since Mr.. Flaglers death some of his un-
uspected benefactions have keen nc-
nowledged. They resemble some of the
,ersonal gifts made by Mr.. Morgan out
4 his private curse, of which not even
lis partners had any knowledge. Mr..
flagler was accustomed to make his ben
factions not in money, but in slices cut
fl from his own great block of Standard
Ill certificates. The number Of certiii-
ates of a hundred shares which he gave
way was large. To his son and to his
,aughter he made fortunelike presents OF
.tandard OIL certificates when they were
ardly out of their teens. These gifts to
is son are thought by some of Mr. Flas-
er's friends to have been mistake if he
esired the son 10 succeed him as a man.
ger of great railroad properties. The
oung man, even before he became of age,
eceived a fortune which made him inde-
,endent A single visit to Florida satis-
ed the son that he had no taste for busl-
less undertakings. or, if he had any, they
5ere not of a kind which caused him Il
ellsh vast railroad explorations in Flor
da.
He has been llkened to George Wander
lit and to Archer p. Huntington, both
t whom found that their mental gifts
ualified them Tor careers as students OF
rchaeology of forestry, of music and OF
he history of Spanish conquests upon the
\merican hemisphere. All three young
nen have abundant fortunes. so that they
nay pursue the path which ontelectual
md temperamental tastes point out 10
hem
Mr.. Flagler and His Bonds
Mr.. Fagler, although he may not have
snown 1t. had Two conspicuous precedents
or his action III financing his advances to
he Florida railroads into bonds of which
9 became the sole owner. When Com
Iodore Vanderbilt decided that 1t was
'eedful that the New York Central sys-
EN- from Albany TO Buffalo be doubled in
IS trackage capacity he determined to OBJ
ain the money the Improvement would
.ost by selling ! new issue of stock. Two
If his most trusted friends, the late Au-
sustus Schell aad the commodore's son.
n-law, Thomas Clarke, said to him that
better way would be to issue bonds
No, the commodore would not listen to q
)onded debt. The Central system had al
ways obtained the money it needed by ths
sale of stock. I1e did not want any fixed
Obligations fastened upon the system
Yet when Mr.. Schell and Mr.. Clarke told
him that the Central could issue bonds
and that he himself could buy the entire
ssue. thus being the master of the bond
ID debt. the commodore pursed his lips
concentrated 1is mind upon the PROPOSE
ion for few moments and then said that
he would accept 1t and he did. The la@e
Commodore Van Santvoord. the dominat t.
ng personal force in the steamboat naVi-
cation of the Hudson river, was speaking
a year or two before his death, in 1901. to
4 friend of the steamboat line which nav.
igates that river between New York and
Albany He said that the property was
mortgaged for its full value, and when
those to whom he said this expressed sur
prise the commodore added, And | arr
the exclusive owner of the bonds -
Mr.. Flagler may have heard of thess
earlier transactions than his own al.
though the probabilities are he had not
AT his death "A portion of his estate con-
sisted of s5000,D00 OF stock, the great part
of which he owned, and s31 0O0, coo of bonds
the greater part of which he also owner
This financing simply transferred this
property from one pocket to the other
This will make all the easier any financing
the trustees of his estate may deem II
worth while to make in order to complete
his Florida railway system.