The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-05-04
BREAK BETWEEN THE BELMoNTs.
why oliver II. p. Left the Banking
Business.
From the Philadelphia Times.


ceeded in enlisting Vanderbilt millions in
his behalf must certainly be considered
the most astounding result of his recent
visit to New York. Although this an
nouucement is now made for the first time,
the free silver candidate went out of his
way in the course of a speech at the Chi
cago platform dinner to turn in a dramatic
manner to Oliver Belmont and return
public thanks that one millionaire, at all
events, had Identified himself with the
cause-"oue man who has money to burn"
Afterwards at Buffato, and again in New
York, he has emphasized his apprecia-
ton of this new ally.
The selection of Oliver Belmont by Mr..
Bryan as his speaking and travelling COM
panion, and the long and confidential con-
ferences between them point 10 Oliver Bel
mont as the financial agent of Organism
in the East.
oliver Belmont owns and publishes a
weekly Democratic paper, the Verdict,
which makes a speciality of attacking fe-
rociously the identical sources of the very
income which he and Mr.. Bryan now pro-
pose shall be utilized for the destruction
of plutocracy. 1t is believed this course
on the part of the youngest of the sons
of the late August Belmont, whose ideas
of financial and social honor were nota-
bly, rigid, is due partly 10 a thirst for
revenge for his expulsion from the firm
of August Belmont & Co.
The real reasons for the severance OF
the business relations between August
Belmont and his younger brother, Oliver,
are now of public interest in consequence
of the rapprochement between Oliver Bel
mont and William Jennings Bryan.
When the late August Belmont died, in
1890, he left testamentary directions that
the banking business SO long identified
with his name and with the American
agency of the house of Rothschlld should
be wound up, and that his famous racing
establishment at Babylon, Long Island,
should be sold, horses and all. When the
estate was settled, the second son, Au-
gust, and the third, Oliver, concluded 10
form a new partnership and continue the
banking business.
The tastes of Perry the Oldest, lay
away from business. Both he and his
next younger brother, August stood 10y
ally by Oliver, the youngest in the lat
ters early matrimonial difficulties, re-
sulting in a divorce for his wife now re-
married to Mr.. George L. Rives There
when the attentions of Mr.. Oliver Bel
mont several years later resulted in the
divorce of Mr.. and Mrs William K. Van
derbilt and the remarriage of Mrs. Van
derbilt to Oliver Belmont
The break did come when August Bel
mont, as the senior partner of the reor-
ganized firm of August Belmont & Co
objected to his partner and brothers
bringing into that firm one dollar of the
allowance of 100000 a year which Mr..
Vanderbilt generously made to his di-
yorced wife, now Mrs. Oliver Belmont.
The objection was made that 1t was in
consistent with the reputation of the
banking house that a partner In il should
benefit in any way by money obtained un-
der such circumstances. August Belmont
gave his brother Oliver some fraternal i'd
vice pointing out the impossibility of the
situation and begging him TO be content
to live on his (Oliver's) personal fortune.
This amounted to about $2OO0.OOO and
would realize a yearly income of less than
half the allowance Mr.. Vanderbilt makes
to Mrs. Belmont.
oliver Belmonts reply to his brother
August was of such a character that the
partnership between them, which was suf-
fered to expire by limitation Dec. 81,
1898, was not renewed, and Oliver Bel
mont is no longer member Of August
Belmont & Co. In spite of what his Popu-
list friends claim, however, he was a
member of that firm and participated in
the profits of the Cleveland bond sale.
Perry Belmont, the Oldest brother, presi-
dent of the Democratic Club, former con-
gresham and minister 20 Spain, is not and
never has been a member of the firm OF
August Belmont & Co. He is said to have
approved of his brother Augustus course
in this matter. and as a consequence Mr.
and Mrs. Oliver Belmont are not or
speaking terms with either of his elder
brothers.
And since Perry Belmont's election tc
the presidency of the Democratic Club
and prominence in the Bryan controversy
as the spokesman of the sound money
Democrats of the East, Oliver Belmont
has taken pains in person and in his pa
per to emphasize. not only his willingness
to support Bryan on a 16-to-1-platform
but his intention of going actively fol-
Bryan into the presidential campaign OF
1900-now begun, prematurely, perhaps, al
the three Jeffersonian dinners and by the
public agitation growing out of them
There are some who expect to see the
names of Bryan and Oliver Belmont link.
ed throughout the campaign, and "the
only millionaire in the East" who has
publicly identified himself with Bryanisn
is likely TO find the demands on his purse
increasingly exacting-especially if hi
should conclude to become Bryan.
"Eeastern representative"