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Updated: May 25, 2025
Vanderbilt's eulogists take great pains to elaborate upon his tremendous energy, sagacity and constructive enterprise, as though these were the exclusive qualities by which he got his fortune. Such a glittering picture, common in all of the usual biographies of rich men, discredits itself and is overthrown by the actual facts.
By this time Drew had come to be looked upon as a stock operator to be both admired and feared, and this incident took its place in Wall Street history as a brilliant coup side by side with Vanderbilt's Harlem Railroad and other celebrated exploits. It was soon followed, however, by much more sensational events.
The young man jumped at that he'd be perfectly satisfied with that pay. And Vanderbilt said that all he got was what he could eat and wear, and offered to give the young man his board and clothes." "I declare" said the long-bearded man. "That's just it. Did you ever see Vanderbilt's house? Neither did I, but I heard he had a vault built in it five feet thick, solid.
The exploitation of labor, however, does not account for his success as a money maker. Many other men did the same, and yet in the vicissitudes of business went bankrupt; the realm of business was full of wrecks. Vanderbilt's success arose from his destructive tactics toward his competitors. He was regarded universally as the buccaneer of the shipping world.
Ostensibly to carry out Vanderbilt's plans he persuaded that magnate to allow him to bring in as directors two men whose pliancy, he said, could be depended upon. These were Jay Gould, demure and ingratiating, and James Fisk, Jr., a portly, tawdry, pompous voluptuary. In early life Fisk had been a peddler in Vermont, and afterwards had managed an itinerant circus.
The young man jumped at that he'd be perfectly satisfied with that pay. And Vanderbilt said that all he got was what he could eat and wear, and offered to give the young man his board and clothes." "I declare" said the long-bearded man. "That's just it. Did you ever see Vanderbilt's house? Neither did I, but I heard he had a vault built in it five feet thick, solid.
With Ford, however, the spirit of service has been the predominating motive. His earnings have been immeasurably greater than Vanderbilt's; his income for two years amounts to nearly Vanderbilt's total fortune at his death; but the piling up of riches has been by no means his exclusive purpose.
At first, they gave every appearance of responding obediently to Vanderbilt's directions. Believing it to his interest to buy as much Erie stock as he could, both as a surer guarantee of control, and to put his own price upon it, Vanderbilt continued purchasing. The trio, however, had quietly banded to mature a plot by which they would wrest away Vanderbilt's control.
For the old doubts as to the wisdom of this deception began to intrude again. Arrived in New York, Ed found his way to Commodore Vanderbilt's business quarters, and was ushered into a large anteroom, where a score of people were patiently awaiting their turn for a two-minute interview with the millionaire in his private office. A servant asked for Ed's card, and got the letter instead.
Profits from the New York Central were far more than eight per cent.; by perjury and frauds the directors retained sums that should have gone to the State. Unenforced as it was, this law was nevertheless an obstacle in the way of Vanderbilt's plans. Likewise was another, a statute prohibiting both the New York Central Railroad and the Hudson River Railroad from increasing their stock.
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