Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1912-02-24


ven timid. Constructive prorosi-
tions requiring very heavy invest
mcnt OF money are undoubtedly hold
ing back. but this is probably due
quite as much to the uncertainty Of
the promoters OF LARGE undertakings
respecting the course of business as IL
is to any ability to tempt capital in
large amounts. As. for instance, II
the Lake Shore one year notes for
twelve millions dollars which were
negotiated In Paris for the purpose
of taking up notes sold In Paris a
year ago. had been offered in the
United States. the belief is general
that they would have been quickly
snapped up. And since the first OF
the year there has been no difficulty
about marketing large blocks OF Sc
curitles Apparently. there Is less
disposition on the part of business
men TO seek great capital than there
Is unwillingness on the part OF great
capital TO make investment In safe
propositions. The trouble here Is
not With the money market. speak
ing generally, but with that tinidty
OF business men themselves And.
If II be true. as Mr.. Kahn says, that
capital Is one OF the most timid
things in the world IL is also certain
that capital is not the only activity
that finds itself tainted with this
quality of timidlty.
The New Nandcrbilts.
Not the least impressive OF finan-
cial activities now In progress are
those of which some hints are almost
daily coming from the Grand Central
terminal | nthis city. 1t used to be
said by the late Cecil Clarke, who
was long vice president of the New
York Central system In charge of the
financial department, who was the
intimate friend of Commodore Van
derbilt and the confidential associ-
ate of William II. Vanderbilt, that
William II. Vanderbilt was cohvinc-
ed that his son, William X, had In
herited much of the ability mat dis
tinguished the founder of the Van
derbilt family. In that view Mr.
Clarke conceded. He had himself
trained William X Vanderbilt
teaching him the mysteries of rail
road finance. when Vanderbilt was q
Young man. lie discovered In him
sort of lntuitive judgment which
was characteristic of the old com
modore. In that respect William k
Vanderbilt differed from his olde.
brother. Cornelius, who was a man
of great patience. capable Of plod-
ding industry. not wearled with TIN
drudgery of details. but seeming tC
be fond of them. His mind worked
slowly and along conscious reason
Ing lines
william X. Vanderbilt did not TAX.
the active management OF the Van
derbilt property until his brother
Cornelius was incapacitated by I'LL
ness. When William X. made the
agreement with Cornelius by which
he was to take over the management
he insisted as the one condition 10y
which he should attempt the task
that he should have the authority
to reorganize the management from
the president down. He wanted Q
| thoroughly-traincd railroad man WIN
had demonstrated his ability by work
To take the presidency, expecting thai
the staff under the president should
consist of men also we'll trained IN
railway operation and management
This was the beginning OF William
I n NtHuti hllN dAAlNt Nlif'Niul W
the Vanderbilt properties. The me
teoric and dazzling advent of +. II
Hartman into the greater world oi
railway affairs seemed for a time &c
have caused Mr. Vanderbilt TO hav,
delayed the working out of plans h,
had In mind. But with the death ot
MIR Hartman Mr.. Vanderbilt appar
emily has taken up purposes whirl
prior TO 1905 he had formulated
At the present time he is much occu
pied with the perfection of plans fo'
very thorough financial reoranisa
ton OF the entire Vanderbilt system
And IL IL is true. as has recently
been said, that with the exception Of
James j. hin all the leading rail
WAY managers of the United State:
are mere servants OF the men who
nave financial power. that cannot b,
said of William X. Vanderbilt For
with the possible exception Of Mr.
hin and Mr. Morgan Mr. Wander
bits personal financial power /
greater than that of any other au
thority now engaged In railway oper
alton
BIOCkADED.