The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-05-14
NEW YORK'S RICH
TUNNEL BONDSMAN.
August Belmont, Head of the House
of That Name, Comes Forward
Again Into Notice.

The fact that the firm of August Bel
mont & Company, of which August Bel
mont is the senior partner and the head,
recently signed its check for one million
dollars guaranteeing for fifty years the
continuing bond of John Mcdonald, the
man who is to build New York's rapid
transit tunnel, brings prominently into
notice a family which has been before
the American public for the last hun
bred years.
1t was nearly a century since August
Belmont, the elder, became a wealthy
man. The fathers of the present gen
Grafton of business men first remember
hearing of August Belmont when that
gentleman was appointed Minister to
Austria Later they heard of him as
the American representative of the
Rothschilds. Within forty years from
the time he served as an Office boy in
brokers' Office in New York City
august Belmont the elder was a leader
OF New York society, a man of great
wealth, a politician of undoubted in
tegr1ty, literary man and q man of
widespread influence which extended
through all circles. educational and
financial.
OF such father and in such a home
august Belmont, Jr., the subject of
! the present sketch, was born. Soon he
was joined by two brothers, o. H. P
Belmont, very we'll known in society
and Perry, prominent in politics.
August Belmont, Jr., went to Har-
ward and after graduation took the
age of twenty-five he began to mingle
in New York's life, entering the bank
ing house of his father and at the same
! time taking up politics.
A GOOD START.
Born in 1851, when the country was
matured and when a man, to be great
man, must lay a cornerstone of educa-
ton. he fully realized the necessity of
| equipping himself for his chosen field,
| and so, at the age of twenty-five, after
| ,1477+ Iorx CSoI.
| bia, he continued his studies, and not
until he was thirty years old did he add
the last of his sheepskins to his col
| lection and start out upon an indepen-
| dent career without a guide.
The Belmont family at that time in
| habited the historic old mansion on
| Fifth Avenue, corner of Eighteenth
! Street, since given up to business. The
| dwelling was maintained during the
lifetime of the elder Belmont, and ii
| was only with reluctance a few years
ago that the sons relinquished it and
| joined the march uptown.
| Until 1881 young August Belmont
| practised law. In 1880 he was elected
/ to Congress and served for several
years. During that time he was Chair
| man of the Committee on Foreign At
fairs and so was admirably equipped
for the appointment of Minister tc
Spain which he accepted in 1887 under
the appointment of President Cleveland
IJpon his return from Spain Mr.. Bel
mont took charge of the banking house
and has for several years devoted him
self to its interests. To-day he can be
found hard at work during greater
portion of his time in a dingy Office not
for from the Wall Street front-in strik.
ing contrast to the home just across the
East River, almost in sight of Wal
Street, which he occupies during the
summer months
The death of the elder Belmont II
1891 threw the affairs which had now
grown into immense interests into tbs
hands of the sons, and by common con.
sent it was agreed that August should
take charge of the estate, as his ten.
denotes were more toward banking thar
those of the other brothers, who were
each pursuing special and strong line.
of work.
AS A SPORT
| In 1892, requiring some relaxation
Mr.. Belmont startled the sporting com
munity by largely increasing the Bel
mont stables and becoming the owne
of some of the finest horsefiesh on tn,
turf.
To-day he is known as one Of tn,
leading horsemen of America, his ain
being the perfecting of the noble ami
NAL and the development of real en-
ioyment rather than the mere maxim;
Of money. 1t is said that August Bel
; mont has never earned a cent upon hi
sta bles and that in his way he cal
be compared to the late Duke of West
! minister, who. while he won enormousl,
| on certain races, was noted for invest