Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-08-13
the neighboring states of New Jersey and
Pennsylvania these many years.
Belmont to the Rescue.

the neighboring states of New Jersey and
Pennsylvania these many years.
Belmont to the Rescue.
Horse racing in the empire state Is con-
Quoted under what is known the Gray
bill, passed by the assembly when Levi p.
Morton was governor Mr.. Morton. it was
known, was averse to signing the bill, fear
ing that 1t would lead to betting scandals
that would smell to heaven. When things
were looking particularly dark for racing.
Mr. Belmont made a trip to Albany, sought
interview with the governor, and as
sured the latter that if the bill were sign
ed he would give his personal word of
honor that there would be no betting scan
dals. On the strength of this assurance
the DILL was signed. and there has practi-
cally been no scandal of the nature feared
IN recent years on the New York race
tracks
This was In 1885, five years later Mr..
Belmont came to the rescue of rapid tran
sit in New York, and by backing John b.
Macdonald the contractor successfully
bidding made possible the digging of the
system of subways that has kept the city
torn up for four years and that has cost
fifty millions of dollars. Since then the
elevated railroads of Manhattan have come
under Mr.. BelmontS control and the Bel
mont interests in rapid transit are con-
Stantly widening.
A high financial authority of New York,
explaining why Mr.. Belmont has taken to
years, said about a year ago:
A Severe Setback.
'He saw an opportunity to regain some Of
the prestige which inevitably injured
when John w. Gates hammered a breach
into the lines of the Louisville and Nash
Vile railroad by means of which he took
possession of the property. Mr.. Belmont
was grfevously wounded by the exploit.
not merely because the loss of the control
OF the Louisville and Nashville meant also
the loss of an important client or customer
for Mr.. Belmont banking house, but also
doubtless involved explanations that were
not pleasant to make to the great European
bankers whom Mr.. Belmont represents. and
also hurt seriously his very proper bust
ness pride.
The loss of the Louisville and Nashville.
which was handed down to him by his
father. and which he extensively improved.
has been the one severe setback Mr. Bel
mont has received in his financial career
Still, he has more than retrieved his for
tunes in rapid transit, and his methods in
financing the great subway undertaking
have been the cause of universal admlra-
ton.
MIR. Belmont has given his rapid transit
interests the personal supervision that
characterizes him in all his activities.
When he had leased the Manhattan elc-
waited system from the Goulds he ask
ed whether he would become its president.
when 1 lease a railroad l, of course.
expect to assume the management, was
his reply.
Shortly after he took to riding up and
down the railroad. getting caught in
crushes and hanging on to the straps like
the humblest of his passengers. All the
time he was studying the system, and be-
fore long he inaugurated reforms that per-
ceptibly relieved the congestion and caused
long suffering New Workers to gasp in
pleased wonder.
Secret of His Success.
Perhaps the secret of his success along
so many lines lies in this trait of personal
supervision. With a stop watch in one
hand camera in the other. and with his
coat and waistcoat off, he watches his
horses worked, and his trips of inspection
to his Kentucky stud and stables are not