The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-12-18
SPENCER, PERHAPS.
The Georgian VIII Probably Sooa
Succeed Chnunccy Dcpcw.
Atlanta Constitution.

|
MIR. J. Pierpont Morgan has crowded the
vanderbilts out OF their place in the rail-
way management and the talk in New York
is that MIR. Samuel Spencer is to succeed
Chauncey Depew.
| That the Nanderttlts are practically out
of 1t is certain. Cornelius has n blood
| cot on his brain and can hardly write his
name. William X. Vanderbilt. his brother,
! has not the business training for a great
financier and railway manager. Mr. Nor
gan has been tho family counsellor for two
generations and they confess that he has
been invaluable to them. The old commo-
dore could take care of himself all right
and the Drexel, Morgan company was
| merely a banking house for him. Then
| came William H., who had his father
ability. and he could attend TO the great
| interests OF the family. and he Increased
| them wonderfully. But In 1886 he died
suddenly while talking with Robert Gar
ret, president OF the Baltimore and ONO,
In his own home in New York.
Then came the third generation and Cor
nelius stepped into his fathers shoes. Cor
nelius had been trained from the ground
up In finance and railway management
He had been clerk down at the bottom
and had fitted himself for promotion
which came rapidly, Of course. But Cor
neius is the last of tho great Nandcrbilts
George has his fads and spends millions
in promoting them, William X, as re-
marked above. is not regarded as the man
to be placed In charge OF the great prop
erty. When his nephew insisted on mar
rying Miss Grace Wilson a scene ensued
between the lover and the father and Cor
p.Itnc lpranln N pnr pnl nj N % nj
bornness that he had stroke Of paralysis
and came near dying.
Cornelius has never recovered and II
seems now that he never will The papers
recently told how he was trying to learn
to write with his left hand so that he
could sign checks and important papers.
He has succeeded in learning TO write well
enough in that way to draw checks, but
he can not pretend to keep up with the
earnings. expenses, improvements and in.
terest charges Of the Vanderbilt railroads,
of which there are many. There must be a
head and j. r. Morgan Is the man who has
stepped into the empty shoes For years
he has had one foot in them because he
represented millions vf dollars invested by
the English people in the Vanderbit,roads.
Back In 1880 the Vanderblts sold $50 .000-
600 OF New York Central and Hudson ltiv-
cr stock to the English. Mr.. Morgan did
not 90 on the Central's board himself. bu,
nominated Cyrus Field. who represented
his banking house Mr.. Morgan was a
gicat upholder OF the credit Of the Van
dorbilt properties. and he was closely idei-
titled with the management of the System.
More and more the Van 1erbilt family relied
on him, and their relations grew closer
and closer He lad access to the books OF
the railroads and II Is said that nc verified
the figures In The reports by statements
from confidential experts who went
through the books from time TO time.
Now that the last financier OF the
wealthy family has become incapactatcd
II is absolutely necessary to put at the
head of the system some strong man in
whom the home. as Well as foreign soour-
ity holders will have confidence.
Mr.. Chauncey Depew is popular.
and IA valuable man TO have
when It comes to diplomatic work I
He is a great jollier and was one Of the
albany or any other capital 2ut he is not
Mr., Morgans sort OF man for the head uf
the vast Interests. Besides he has always
been identified with the Vanderblts
Mir. Morgan wants man from his own
firm at the heal and the most conspicuous
railway manager and financier associated
with him Is Samuel Spencer, president Of
the Southern railway. Mr.. Stetson is AN
able lawyer. Mr.. Coster Is fine iinan-
cier Erd reorganizer. Mr.. Spencer Is a
great railway manager and Mr.. Spencer
seems to be the man who viii become The
actual head OF the properties. He Is one
OF the most remarkable men Of this coun
try. He is a director In railroads from
the Atlantic to the Pacific aud he Is thor
Cughly familiar with the affairs of every
one Of them. Whether he Will resign the
presidency of the Southern is not known
but II is the belief In New York that he
will take Cornelius Vanderbilt's place In
the New York Central.
This talk Of a change In the Central is
no new thing. Weeks ago the Constitution
mentioned the fact that there had been
talk Of Mr.. W. II. Baldwin, Jr., going over
to the New York Central. However. he is