The Vanderbilts and the Story of Their Fortune

Ml' P WHi|i^\v^\\ k Jll^^K., VI p MsW-'^ K__, J*-::T-'7^ j LIBRARY )rigliam i oiMig U mversat FROM. Call Ace. 2764 No &2i?.-^ No ill -^aa^ceee*- Britfham Voung il/ Academy, i "^ Acc. No. ^7^V ' Section -^^ i^y I '^ ^f/ Shelf . j> \J>\ No. ^^>^ Digitized by tine Internet Arcinive in 2010 witii funding from Brigiiam Young University littp://www.arcliive.org/details/vanderbiltsstoryOOcrof -^^ V !<%> COMMODORE VANDERBILT. ? hr^ t-^ ^- -v^' f ^N\ ^ 9^S, 3 '^'^'JhE VANDERBILTS THE STORY OF THEIR FORTUNE BT W. A. CKOFFUT A0THOR OF "a helping HAND," "A MIDSUMMER LARK," "THE BOUKBON BALLADS," " HISTOBr OF CONNECTICUT," ETC. CHICAGO AND NEW YORK BELFOBD, CLARKE & COMPANY Publishers 1/ COPYKIGHT, 1886, BY BELFORD, CLAEKE & COMPANY. TROWS PRINTING AND BOOKBINDING COMPANY, NEW YORK. PREFACE This is a history of the Yanderbilt family, with a record of their vicissitudes, and a chronicle of the method by which their wealth has been acquired. It is confidently put forth as a work which should fall into the hands of boys and young men—of all who aspire to become Cap- tains of Industry or leaders of their fellows in the sharp and wholesome competitions of life. In preparing these pages, the author has had an ambition, not merely to give a biographical picture of sire, son, and grandsons and descendants, but to consider their relation to society, to measure the significance and the influence of their fortune, to ascertain where their money came from, to inquire whether others are poorer because they are rich, whether they are hindering or promoting civilization, whether they and such as they are impediments to the welfare of the human i-ace. A correct answer to these questions will solve half of the problems which most eagerly beset this generation. This story is an analogue of the story of all American successes. When Commodore Yanderbilt visited Europe in 1853 at the head of his family, he seemed to defy classification. He was apparently neither lord nor com- moner. He was too democratic for a grandee too self- ; a IV PREFACE. poised for a plebeian. He was untitled, but his yacht surpassed in size and splendor the ocean vehicles of monarchs. No expense was too great to be indulged, no luxury too choice to be provided, but he moved mod- estly and without ostentation, M-ith the' serene compos- ure of a prince among his equals. There were wealthy Eno;lish citizens who could have afforded a similar out- lay, but they ^vould have been sneered at and charged with pi-etentiousness and vanity, with aping customs rightly monopolized by the nobility. They would have been rated as snobs, cads, upstarts, and would have been twitted with their humble origin, as if an improvement of one's condition were a reproach instead of an honor. But the cruising Commodore came fi-om a land where prevalent conditions not antecedents are considered and ; where a coat-of-arms is properly regarded as a foolish " affectation ; where a family's descent" is of no importance, and its ascent of all importance ; where the wheel of fortune runs rapidly around and every man is not only permitted but required to stand for what he is. So when William II. Yanderbilt erected for himself a palace, and enriched it with an art collection more valuable than any private gallery in Great Britain, the English found it impossible to think of him as he was— quiet citizen, despising parade and display— and the Lon- don Spectatoj' said when he was dead: " He occasionally flaunted his wealth in a manner a Roman noble could not have exceeded. lie gave an entertainment, it is said, one day last year at which his guests ate off gold laid upon fine lace, the wines cost thousands, and flowers were brought from the Southern States at an expense of £4,000." And the editorial inventor went on to an- " PREFACE. V nonnce that the host on tliis occasion " was accused of giving each journalist among his guests a thousand-dol- lar note tied up in his napkin, in order that his niagnifi- cence might be reported in detail." This from one of the most cautious and conservative journals in England ! The British mind apparently cannot conceive of a man who has made a hundred million dollars and jet is not a pompous vulgarian filled with "the pride that apes humility. America is the land of the self-made man—the em- pire of the parvemi. Here it is felt that the accident of " " birth is of trifling consequence ; here there is no blood that is to be coveted save the red blood which every masterful man distills in his own arteries ; and here tl name of parvenu is the only and all-sufficient title of nobilit3\ So here, if nowhere else in the world, should such a dominant man ^vitllout hesitation or apology assume the place to which he is entitled, in commerce or the industrial arts, in professional life or society. A wealthy man is as much in the public eye and as much an object of popular interest as a successful gen- eral, a famous inventor, a great poet, or a distinguished statesman, and an opulent family is the focus of much legitimate and respectful curiosity. Neither Stephen Girard, John Jacob Astor, nor Alexander T. Stewart is a familiar personage to this generation, because there is no complete narrative of their lives, thoughts, and methods, telling how they acquired their money, and to what purpose they lived. Traditions there are, in abun- dance, and rumors and myths, largely discreditable ; but the real men are not known, and probably never will be. Yet a rich man, if only because he possesses the rare gift VI PEEFACE. of money -getting and money-keeping, and the skill and wisdom that are a part of it, is necessarily one of the most interesting fignres of his generation. In this is a snfficient justification for the preparation of this work. Acknowledgment is gratefully made to Chauncey M. Depew, Isaac P. Chambers, Dr. Jared Linsly, Thomas C. Purdy, Robert Bonner, E. H. Carmick, Dr. Fuller- Walker, and Rev. Dr. Deems, for valuable information, . and to Mrs. Frank Leslie and Harper & Brothers for illustrations. —— COISTTET^TS, ^^""^ CHAPTER I. Ancestors 1 The Dutch Emigrants—Men Self-made or not Made at all Distinguished Examples—Aris on Long Island—Jacob goes to Staten Island—The Moravians—Jacob's Son and Grandson—Thrifty but Unambitious—The Fruit of the Family Tree. CHAPTER II. Boyhood and Poverty 10 His Father and Mother—The Humble Home—Avoiding School—Fun and Hard Work—Wants to be a Sailor Earns a Periauger—Ready for Bvisiness at Sixteen. CHAPTER III. Youth and Ambition 19 Sails his Boat on the Bay—Fare, Eighteen Cents—Makes ' $1,000 a Year— Sturdy, Abrupt, and Honest—In War Times— Beats Van Duzen—Marries at Nineteen. CHAPTER IV. Steamboat and Tavern 27 Abandons Sails for Steam—New York to New Brunswick Fight with a Monopoly—Dodging the Sheriff—Making his Point—Large Profits—Pluck and Enterprise. CHAPTER V. Home and Children 37 His Return to New York Harbor—Residence in the City A New House on Staten Island—His Three Sons—Stern Management—William H."s Exile to New Dorp. — viii CONTENTS. PAGE CHAPTER VI. From Steamboats to Steamships 43 Running Steamboats in all Directions—To California via the Isthmus—Worth Ten Million Dollars—A Yachting Cruise to Europe—A Line Across the Atlantic —The Mails —Lending a Vessel to the Government. CHAPTER VII. Twenty Years a Farmer 57 William at New Dorp, Staten Island—The Farm—Energy and Economy—The Seat on the Fence—A Mortgage and Consequent Wrath — " Four Dollars a Load" — A Spurt on the Road—A New House —The Farm Pays. CHAPTER VIII. William's Apprenticeship G6 The Staten Island Railroad—Its Ruin and Regeneration Death of Captain George — An Obedient Son — New Schemes. CHAPTER IX. The Harlem Corner 71 Into Railroads —Harlem at 3 —Buying to Keep—Public Sym- pathy—Aldermen Set a Trap—Get Caught— Six Rules of Management—The Legislature in Trouble— Harlem at 285! —Fights and Conquers the Central—No Sympathy Needed. CHAPTER X. The Erie War 86 The Commodore Covets Erie —Daniel Drew"s Little Game —The Vanderbilt Party Buys—Drew and Gould Sell Short —Drew's Duplicity—Fisk Tlirows 100,000 Bogus Shares upon the Market— Dodging the Sheriff—Flight to Jersey —Surrender and Restitution. CHAPTER XI. Trophies op Victory 98 Twenty-five Million Dollars in Five Years—William's Way Consolidation Succeeds—Freight Depot on St. John's Park —Dedication of the Commodore's Monument, the Bronzes —Watering Stock—What is It, and Whom does it Rob ? CONTENTS. IX PAGK CHAPTER XII. Habits and Charactek 106 Methods of Work—Location in Various Years—Keeping Ac- counts in His Head—Punctuality—Close at a Bargain- Whist after Dinner— Tells a Story of His Mother—Death of His Wife. CHAPTER XIII. Family Matters 114 His Grandchildren —Cornelius, Jr., and William K. at Work —The Thorn in the Flesh-Horace Greeley— " Cornele's Wife"—The Commodore Marries at Eighty—His Wife's Influence. CHAPTER XIV. Father and Son 123 Buying New Roads Westward—Building the Grand Central Depot—William H.'s Office Habits—Overwork—A Glance at His Mail—A Good-natured Pessimist—The Complacent Commodore. CHAPTER XV. The Commodore's Charities 131 His Opinion of Beggars—The Way He Gave—Careful about Money—Meets Drr Deems—Gives the Church of the Strangers —The Tennessee University. CHAPTER XVI. Death of the Commodore 143 Taken 111 at Eighty-two—Great Public Interest —The Vigi- lant Newspapers—Reporters Besiege the Invalid—Death after Eight Months—A Simple Funeral—The Will.

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