Year: 1876

Commodore Vanderbilt and bis Railway |

 PrOperty-.Forty-Fi Millions of Dollars

 It is claimed that Commodore Van derbilt is the wealthiest man in America, that is, he has more pror erty which can be made available and turned into Railway property is the commodore's he turned all the proceeds into this shape. No one was allowed to know the time when the decision was made, but fully twenty years ago he came to the conclusion that the prosperity of navigation was drawing to close. At that time the Pacific Mail was dividing twenty per cent. per annum. This did not leave him as it did others. He, no doubt, saw through the rottenness of the scheme. His view of our falling marine led him to sell out and buy into Harlem when it's stock was at @ low fig ure. In 1858 he became the master of the road, which paid him so well that his next attempt was on the Hudson River road. There was an excuse for this aggrandizement, since the roads were parallel and there had been fre-

  agement. At last the public was sur prised by the announcement that the fare on the roads would be the same, and that through tickets on the one were equally good on the other. This showed that Vanderbilt controlled the Hudson River, but he for 8 time kept headpiece John M. Tobin, in the presi- Jo TOI, &ol 1a dore in his ferry business, and then was transferred to the Hudson River office. In few years Tobin was set aside, and the commodore was announced as presi- dent of both roads.

 This step brought him into rivalry with the Central. Corning desired to conciliate the commodore, who allowed him to think himself successful. In 1864 the Vanderbilt interest came up as an important feature in the Central. An effort was made to turn Corning out of the presidency, and on this try ing occa- sion Vanderbilt gave him his influence to the extent of half million of stock. This purchase showed how rapidly the commodore was making money. It was larger amount of stock than that held by any man on this continent. The next spring, when Corning and his di- rectors made their annual trip over the road, the commodore was specially in- vited guest. Little did those directors think that they were even then doomed to perpetual discharge, but two years from that time he turned them all out summarily. On the annual election, held December, 1867, only one vote was cast. It represented thirteen millions of stock, and was handed in by the sole voter, Cornelius Vanderbilt. This made him president of the road. The stock was not his own, being in part held power. In two years the stock was wa tered and from twenty four millions be- came forty eight. The immense accu- mutation of dividends enabled the con- modore to buy stock at the rate of two millions year, and it was not long be- fore he owned personally the largest part of the Central. This he consol- dated with the Hudson River road, thus forming one line from New York city to Buffalo. Having reached this dignity, it became necessary for him to control the Lake Shore, in order to compete with the other lines to Chicago. This was accomplished by heavy purchases of that stock at high price, and Horace F. Clarke wa made president. On his sudden death the commodore was put in his son-in-law's place. The depreciation in Lake Shore since then has been very heavy. The stock which cost from seventy-five to eighty is now selling at fifty-three; but the commodore will not mourn over such trifles. It was neces- sary for him to control this road in order to manage the others in 8 success full manner. Having obtained full mas tery of the line, he now yields one thousand miles of frst-class road in one continuous track.

 The commodore, according to esti- mate. owns stock in the following roads: