Money-making men; or, how to grow richRitchie, J. Ewing (James Ewing)
General
Money-making men; or, how to grow rich
Ritchie, J. Ewing (James Ewing)
Rich people -- Biography
What did
you come here for if you did not want to sell? If you can get more for
your goods, go and get it.’ Not a moment of time will be lost, not a
cent more be offered; and if the man leaves, with the hope of getting a
better price, and returns to take the first offer, he will probably not
sell the goods at all.”
Turning from steamboats, Mr. Vanderbilt long ago became interested in
railroads. In this line, so great was his success that he could control
the market. “An attempt,” says an American writer, “was made some time
since to break him down by cornering the stock.” He wanted to
consolidate the Harlem Road with the Hudson. Enough of the legislature
was supposed to have been secured to carry the measure. The parties who
had agreed to pass the bill intended to play foul. Besides this, they
thought they would indulge in a little railroad speculation. They sold
Harlem, to be delivered at a future day, right and left. These men let
their friends into the secret, and allowed them to speculate. Clear on
to Chicago, there was hardly a railroad man who was not selling Harlem
short. The expected consolidation ran the stock up; the failure of the
project would, of course, run it down. A few days before the vote was
taken some friends called upon Commodore Vanderbilt, and gave him proof
that a conspiracy existed to ruin him, if possible, in the matter of
consolidation. He took all the funds he could command, and, with the aid
of his friends, bought all the Harlem stock that could be found, and
locked it up safe in his desk. True to the report, the bill was
rejected. The men who had pledged themselves to vote for it, openly and
unblushingly voted against it. They waited anxiously for the next
morning, when they expected their fortunes would be made by the fall of
Harlem. But it did not fall. To the surprise of everybody, the first
day it remained stationary; then it began to rise steadily, to the
consternation and terror of speculators. There was no stock to be had at
any price. Men were ruined on the right hand and on the left. Fortunes
were swept away, and the cry of the wounded was heard up and down the
Central Road. An eminent railway man, near Albany, worth quite a pretty
fortune, who confidently expected to make 50,000 dollars by the
operation, became penniless. One of the sharpest and most successful
operators in New York lost over 200,000 dollars, which he refused to pay
on the ground of conspiracy. His name was immediately stricken from the
Stock board, which brought him to his senses. He subsequently settled,
but thousands were ruined. Vanderbilt, however, made enough money out of
this attempt to ruin him, to pay for all the stock he owned in the Harlem
Road. Not satisfied with his achievements on the land and on the
American rivers, Mr. Vanderbilt resolved to try the ocean. He built a
fine steamer at his own cost, and equipped her completely. The Collins
line was then in its glory. Mr.
Public-domain text, read in full here on John Shaqi.
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