The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-08-21


Astor. the possesoor Of between
s75.oo0,Oo and S100. 000, eco, spends much
Of his time studying and experiment
ing in electrical science. A practical
and watchful man o. business. lie
negleets no part Of his duty in the
management Of his vast properties, but
his mind has a scientific bent. and It IS
recrea ton for MIN 10 soaVe complex
problems. After spending several
hours perhaps with his agents and
managers discussing real estate invest
ments or the details of hotel conStruc-
ton, he Win retire 20 his workshop"
and revel in the ideas with. which MS
brain teens.
Colonel Astor is one of the progress
I've young men of the present day who
are heiplng to correct a too common
impression that rich mems sons are all
useless idie-S. As an active director IN
railroads, banks. insurance companies
ana inoustr- al enter Of lses, he has Won
the esteem and confidence OF tn most
e-sf'S. $500 -s..u l..aa -ncaded business
men, Young AstOr IS one of my most
useful directors, was the frequent Ut
teranfe of the late Henry Is. hyde,
founder and president of the Equitable
Life Assurance society. Besides giving
intelligent attention TO every business
interest with which he is connected
Colonel Astor has found time to de-
Felop system of marine turbines
which old engineers say are of prac-
teal value The series of patents which
Mr. Astor has secured IN this field en-
title him to a seventeen years monOp-
oily of his invention Only few months
ago, however, he publicly declared that
all the benefits of his discoveries were
TO be freely given to TIE world. In the
meantime he is taking steps to demon
strate, at his own expense, the practi-
cal scope and usefulness of his tur
bines.
self-reliant young Cornelius Wander
Dit is carving out a career for him
self IN which the family millions play
only an incidental part. Up to the
time that he was stricken with typhoid
fever little more than year ago he
had shown qualities that caused the
graybeards of finance to exelaim: That
boy has got the original Vanderbilt
grit in him. He is made of the same
stuff as the old commodore" There
Is no more unassuming person in the
metropolis than Cornelius Vanderbilt,
but his determination knows no limit.
After his fathers death he found him
self practically a family outcast. He
was snubbed right and left by even the
subordinate officers of the Vanderbilt
railroads. He had previously, in me-
chanic's garb, learned the trade of 10
comotive building His course Of en-
cheering and mechanics in Yale college
was of great help to him. and during
his fathers lifetime this ambitious
young man established headquarters
in the Grand Central station and de-
signed a locomotive. When it became
knownsthat the eldest son of the head
of the house of Vanderbilts had been
off ~
younger brother received $4,000, GOO, the
bulk of the fortune of this branch of
the family, there was much wonder
ment as to what Nicely would do.
Mr.. Depew, I viii not abide by the
terms of the will" said Cornelius calm
" a day or two after his fathers fun
eral "Of course, know that my mar
riage displeased my father. but I have
done no wrong, and my duty to my wife
and child compels me TO insist upon my
right to share in my fathers estate"
What do you want?' asked Mr.. De
pew, kindly, for. he had always liked
-'Neely.'
Alfred is welcome to the larger
share and to the headship of the fam
lily" replied Cornelius. But I want
at least as much as the portions allot-
ted TO the younger children. 1 feel that
am entitled TO such recognition.
1t is a matter of public information
that Mr.. Depew. acting for the eX-
eeutors of Cornelius Vanderbilt, de-
ceased, at once summoned Alfred home
from a half finished trip around the
world Without any public discussion
or scandal young Cornelius wishes
were complied with, and he received
from Alfred enough to make his share
of his fathers estate about $s.5000 900.
Then the modest mechanic and designer
went back TO his draughting board,
only to be told that the office space oc-
cupied by his table and chair was
needed for other purposes He moved
from one Office to another under con-
slant prodding. and finally in sheer dis
gust retired from the Grand Central
station and established an independent
Office in lower Broadway. His patents
for a firebOx, which practically revOlu-
tionized the freight locomotive. were
commented on favorably by experts.
but the New York Central directors
gave the cold shoulder to the young in
Fentor for nearly year. 1t was not
until young Cornelius announced his
intention Of building a locomotive at
his own expense that the board ordered
the construction of a trial machine in
tue company's shops. Now seven or
eight of the principal railroad systems
IN this country are using the Vanderbilt
locomotives.
J. Pierpont Morgan, jr., the only son
OF the great financier and trust organ
izer, is another young man who wastes
no time in frivolity. Naturally serious
minded, he has imbibed much of his
distinguished fathers energy and pow
er OF concentration, and business is sec
ono nature to him. Prior TO his aduis-
Frsf .
Co. (now j. p. Morgan & Coz ten wears
ago, Jack Morgan spent three or four
years as a clerk in the different de-
partments of the great banking bouse
The senior Morgan next took his son
into his own private Office and taught
him the elements of higher finance
When Sir Clinton Dawkins, the London
head Of the Morgan firm, asked for
assistance, J. Pierpont, jr., was sent
over TO become resident partner. That
was about four years ago, and the
young man has proved himself to be
worthy to bear the name of Morgan
in the business world.
George J. GouId's achievements are
widely known. He has not only dou-
bled the value of the property left by
his father, but has developed a degree
of sturdy maniiness that makes him a
good type of American to copy after.
George, look after your brothers and
sisters" was Jay Gould's dying injunc-
ton to his eldest son. Faithfully and
patiently George has complied with
this injunction Fortunately the trust
deed drawn by Jay Gould gave George
absolute control over the financial at
fairs Of the family, 50 that he was en-
abled TO protect his younger sister
Anna the Countess de CasfelIara Fr,-a