The Providence news. (Providence [R.I.]) 1891-1906, 1902-09-12
Clarence Mackay Foregoes So
clety for Business Affairs.
he WILL MANAGE MILLIONS
Upon Him Dsvohs The Duties In Great
Corporations Laid Ouwa BY Deceased
FathoL

New York. Sept. H.--when the Gun
arder Teutonic. which arrived late Wed
nesday night. docked yesterday morning.
a clean-cut young man with a blond mus
tache, rosy features and blue eyes oame
down the gang plank in deep mourning
and alone. Save for his sarb he looked
no different from the average young
man of thirty who has always been In
comfortable circumstances.
Yet this young man comes back from
London TO take a hand In directing in
terests approximating half a billion of
dollars. His name is Clarence III. Mackay.
and he IL the only son of the late John
w. Mackay. who died In London on July
20 last. He comes home to take his
fathers place In the great companies.
whose total interest foot up TO s%ss 900. 600.
OF course, Mr.. Mackay does not own
even a tithe OF this great sum. Conser-
vative estimates place his fathers for
tune at sc. .0oo. 900. which the son shares
equally with his mother. But the Macka =
interests in all the great companies are
so vast that the young mamie Is barely
over 3o-has been called to take his fa-
ther's place wherever his father was in
terested.
WAS DEVOTED TO PLEASURE.
Ever since he has attained his ma
jority young Mackay has been more In
terestsd In horses, dogs. automobiles,
yachts. dinners and dances than in stocks
bonds, real estate and telegraph lines.
At Newport he and his wife. who was
Miss Kitty Duer, were easily among the
leaders. Their position down on Long
island. where they have a superb coun-
try estate at Roslyn. is equally unQues-
toned. Their New York entertainments
during the season have been pr1noely.
Yet in the twtnkling of an eye this
young man. called to the management
of millions. has cast aside all his social
plans and will spend the time In his
office directing great business interests.
First of all, Clarence Mackay becomse
president of the great Commercial Gable
company. which started competition In
rates acrosss the Atlantic and doubled
his fathers fortune. He will also control
the Postal Telegraph company now
owned by the Commercial Cable COM
pany. another great enterprise OF his
fathers.
The q, ooo. 900 Commercial Cable building
built by his father IN Broad street. close
to the Stock Exchange will also receive
his attention. He is TO be president Of
the company which built IL. The Electric
Building and Loan association. where
the capital OF many OF MS employees II
invested. will also be among his cares.
He is a director In the company.
DIRECTOR OF GREAT RAILROADS.
Last OF all. but not least, he becomes
director In the Southern Pacific and
Canadian Pacific railways Beth-eem-
panies are capitalized at more than $780,
900. 900 each
But there Is a greater work than all
a. r. r....x "a 49, N IN
the Commercial Gable company. II Is to
run from San Francisco to the Hawaiian
Islands. and thence. by way Of the Philip
pines, to the Asietic coast.
II intend TO follow all the policies laid
down by my father" Is all that Mr..
Mackay, Jr., will say about his plans.
AS an earnest that he has deserted the
society for the business world, the young
millionaire has sold out his extensive
racing stable. For two years, at least,
he will devote himself solely 10 bust
ness.