Daily press. [volume] (Newport News, Va.) 1896-current, 1910-03-04
YOUNG MAN LAYS ASIDE
BUSINESS ACTIVITIES
Wealthy Heir Retires From the Diree-
tcrate Of the STANDARD oil Company
and Assumes Control OF His Faith.
er's senefactions-No successor on
Board Has Been Named.

NEW YORK, March 3.-Among
charities the New Rockefeller Foun-
cation is to become what the Standard
Oil Company has long been among
corporations. and J. ID. Rockefeller
.lr., as it's head. will in another
sphere perpetuate the domination so
long maintained in the world OF in
dustry by John ID. Rockefeller, ST.,
as president of the Standard.
The younger Rockefeller announced
to-day that he had recently retired
from the directorate of the Standard
&c assume the management OF his
fathers benefactions, of which be
thus becomes almoner in chief. No
successor has been named to fill his
place in the oil company. and from
fifteen the board has been cut to
four.
Meaning to Wall street.
The announcement was taken in
Wall street tosmean two things-that
all past estimates Of young Rockefel-
lers future must now be revised,
and that hereafter the Rockefeller nil
lions viii; no longer be a, market fac
tor.
Instead, it is assumed they will pass
wholly into conservative securities.
srch as II is proper for trust funds.
savings banks and insurance compan-
les to acquire.
John d. Rockefeller, Jr., is now SO
years old Greeted on his graduation
from Brown University some years
ago as in prospects the richest young
man of the world, he now leaves the
field to ]. Pierpont Morsan. Jr., three
years his elder.
Mr.. Morgan, .Sr., and Mr.. Rockefel-
Ter. Sr., are both very nearly OF an
age. The former was 20 last July, and
the latter was 70 some months ago
Roth are in vigorous health.
Not Sporting Man..
Seen In retrospects. young Rock
feller's retirement from the Standard
oil board. which actually took place
on January IL, assumes a deeper con-
s.stency with the gradual narrowing
in recent years OF his financial ac,
t,vities a phenemon not heretofore
taken as he showed no inclination to
play the country gentleman % sport
sng man. as have other sons Of mil
lionaires, such, for instance, as AL
fred Vanderbilt and Foxhall Keene.
He Is stu on the directorate OF the
Delaware. LackawanDa & Western
Railroad Company and of the Ameri-
can Epseed Oil Company. but II is
now known that II is his intention to
Withdraw from these corporations also
IS soon a. practicable His relations
with corporate finance in the future,
IL is understood, will chiefly consist
in conserving the huge fortune
amassed by his father. reinvesting the
income and distributing such part OF
II as may seem wise
II Is not thought likely the lew
foundation fund. as proposed by the
hill introduced in the United states
senate yesterday. will assume set
tied policies for years to come. but
" this connection Frederick T.
Gates. ore OF the incorporators OF the
foundation. said today that two main
points had been missed.
u Not Limited.
In the first place, indicated Mr..
Gates. every other eiemosynary in
ststution has been organized Cor some
specific object. and thus limited in its
sphere Of Eeipfuiness. For instance.
IN cases Of grave disaster. such as the
Paris floods. they, have been power
lfss to aid. This is not so Of the
new foundation.
Another fhing-there are no Sec
tartan boundary lines in the charter
% the new foundation and nothing TO
prevent Il from absorbing the work
~ other organizations which, have
cutIived their usefulness under pres
INT conditions
Merger Of Charities
xF. Gates was understood to mean
Tat there would be a gradual merger
along familiar lines. Of the Rockefel-
Ter charities. Nobody yes ventures 20
name the amount for which the foun-
dalton uf7l be endowed. but the gen
erai understanding smorg .those 81
the confidence o. the family. coiocides
Nth that Of senator GaIIInKer. Who
introduced The biil 20 incorporate the
foundation, rhen he said that he be-
hsved ultimately the bulk Of the
Rockefeller fortune would Be devoted
10 tie vcrk
Iota d. Rccke.elier's influence IN
he stock market vas = potent one
during the 1907 panic. ehen he help.
81 ouf mary financial institutions a.
vel - being heavy buyer Of Sc