The Savannah morning news., 1903-07-27
KEEPING WEALTH IN THE FAMILY.

est Son.
New York Letter in Indiana polls News.
Andrew Carnegie recently said in a
speech in England that I'm no country
is it so true that there are only three
generations between shirt sleeves and
shirt sleeves. We have no laws of
primogeniture to keep the fortune in
the family name"
The fact, however, is substantiated
by thorough investigation that not one
of the big millionaire families of New
York or America has returned to the
shirt sleeves stage.
Chauncey NJ. Depew has seen five
generations of Vanderbilts-"the COM
modore," William H., Cornelius, AL
fred Gwynne and the baby. While
there are no laws by which a multi
millionaire must hand his fortune
down to his Oldest son, there are no
laws against his so doing.
Primogeniture is recognized more to-
day than heretofore, and the very fear
of the dissipation of the family for
tune among lot of heirs is causing
the extremely wealthy man to will his
great estate to the eldest son, practi-
cally cutting off the other children with
a beggarly million.
The only exception which proves the
rule was in the case of the late Cor
nelius Vanderbilt, who gave the bulk
of his $72, 100000 estate to Alfred
Gwynne his second son. Everybody
knows that this was because Cornelius,
the eldest son, had disobeyed his father
in his marriage
John ID. Rockefeller Estate.
At the present rate of the concen-
tration of wealth, in fifty years fifty
families will own the value of fully
one-half of the United States, and the
Millionaire will have arrived long be-
fore the passage of that period.
In the race for ten figures the Rookie
fellers have a long lead, and if John
d. Rockefeller, Jr., lives and carries
out the plans of his father he will prob
ably win the race
The Rockefeller wealth is now esti-
mated at $400,00O,000. The only rival
to the oil king was the steel king, An
drew Carnegie, who took off his crown
at 5000, 100000, of which amount he
has given away One-third. But An
drew Carnegie has no son, one little
daughter only having been born TO
him. His close friends says ne would
have acted different had a son been
born to carry on the name of which the
steel king is so proud.
John ID. Rockefeller, Jr, is being
trained by his father to rule the Stand
ard Oil trust so that there may be no
break in the management at the time
of the parents death. While the
Rockefeller girls will not be forgotten,
they will receive only a few millions
apiece. They have married well, are
proud of their father and acquiesce
in his plan to make his namesake his
chief heir.
John d. Rockefeller, Jr., has never
been pampered by his father. In col
lege days he spent no more than the
son of one of his fathers clerks, and
he became a clerk himself Until he
showed that he was his fathers own
boy in the way of finance, he was kept
on a small monthly allowance. 70
show what a good boy he was he kept
within the appropriation.
Aston Estate.
The Astors represent the oldest of
American families of wealth, and the
idea of primogemture has been car
ried through the many years since the
first John Jacob Astor covered up his
shirt sleeves. At present there is no
indication that any member of the
family is about to take off his coat.
The heads of the two branches of
Jacob-have pooled their issues at
times, notably i'm the case of the Wal
dorf- Astoria Hotel. William Waldorf,
the Englishman, is rated at $150000,
OOO John Jacob at $125, 000 000-all in
New York realty.
The heir of William Waldorf Astor
bears the name of his father. He is
"a years old. Next to him comes Paul
line and then John Jacob. On the
a. - 40
cob has one son only-William Vincent
Aston. now IL years old. There are
two little girls, but the coming Astors
are William w. and William ", and
together they will represent $275,O00, 900
of land wealth.
Gould Estate.
Jaw Gould had one central idea in
making his will, and that was to keep
the money in the family and make his
eldest son, George j. Gould, the man.
a ger of the estate. This has been done,
and could the shade of the founder of
the Gould family revisit the earth IT
would see that the plan has worked
admirably, in the main.
William G. Whitney has not waited
for dissolution to pass along his $4O,-
600 900 to Harry Payne Whitney, but
has given their management to him
while he could direct him as to the best
uses to which that fortune could be
put.
When Mr.. Whitney announced that
he would retire from business he added
that his son would be his successor.
one by one the fathers directorships
have been transferred to the son. AL
though William G. Whitney keeps
sharp eye on things his son is virtually
i'm charge OF the Whitney interests.
j. y. Morgan Estate.
The most elusive of all the Million
aires is John Pierpont Morgan. 1t
is impossible to give any estimate OF
his wealth. because, for one reason. he
does not pile II up, but keeps it, NOV
ing. His great power Is his control