Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1910-12-16
How Banker Lost Big Trust

ent system of the Vanderbilt railroads,
HE was very shy, and modest almost
to a fault. He was absolutely loyal
to his friends; was very solicitous OF
the opinion of every one with whom
he was brought in contact, and would
never permit himself to indulge in an
outburst of temper. Yet notwltht
standing these qualities, he was
man of great firmness when once he
was convinced that he was right IN
any matter, though his apparently
gentle method of insisting upon recogT
milton of his prerogatives often led
even persons who knew him fairly
well to misjudge his character IN
this respect The little story l am
going to relate to you is a case In
point
when Mr.. Vanderbilt succeeded
his father as directing authority or
the New York Central system, int1-
mate relations had been maintained
for years between the Vanderbilt FAM
lily and one of the oldest trust inst1-
tutions of New York. This intimacy
dated back to the days Of the Commo-
dore himself, and Cornelius Wander
bilt, as the head of the family, en-
couraged and maintained 1t. lmag'
inc his surprise, therefore, when the
late Edward King, president OF the
institution, said to Mr.. Vanderbilt
one day that he was anxious that a
gentleman OF high financial standing
with whom 1t was generally known
that Mr.. Vanderbilt was not on friend
ly terms, should be elected to I'LL
vacancy In the board of directors or
the trust company. No other name
could have been more distasteful to
Mr.. Vanderbilt; still, in his character
istically gentle manner, he ventured
to protest against the selection OF the
man.
"Tt Is my view he. said, that In
the directorate of an important bank
ing institution such as ours Is there
should be as far as possible complete
cordially and harmony among the
various members. Certainly. there
should not be elected to the director
ate any one with whom another dl'
rector cannot hold personal commu-
ntcation. This man and myself do
not maintain personal relations and IL
would be exceedingly embarrassing to
me. and | am sure it would be to him,
If we were compelled to meet In Oh
rectors' meeting
Now, you would suppose, wouldn't
YOU" continued Mr.. Clarke, that
plea of that kind would have been sur
ficient to cause Mr.. King to change
his mind about wanting the man on
the board of directors? But 1t wasn't;
Mr.. King was 'sot' on having his own
way. The man was elected director,
and because Mr.. Vanderbilt made no
further complaint of any sort, Mr.,
King speedily became convinced that
Mr.. Vanderbilt had become reconclled
to his friends election, to Mr.. Kings
inward satisfaction.
But how gravely mistaken Mr..
King was in his estimate of Mr.. Van
derbiit's character was made plain
to us who knew Cornelius Vanderbilt
and his ways we'll when, following the
reading of his will after his death
in 1899. it was discovered that by
codicil he had transferred a most i'm
portant trust. which he had at first
established with Mr. Kings company,
to the strongest rival of that institu'
ton. There was no comment, no ex-
PLANTATION nor did We who knew
of Mr. Kings disregard Of Mr..
Vanderbilt's gentle protest need any
to tell us why Mr. Kings company
had lost the direction of one of the
most valuable trusts ever created"
Copyright, 1910. by E. j. Edwards. AL
Rights Reserved.)