Evening star., 1934-06-02
COST At ONE T|MH
WAS MERE DETA1
Bankers Not So Promine
as Formerly in Racing
for Americas Cup.
BY LAWRENCE PERRY.

l /
" racing does not come
a easily as it used to cor
With the total cost of buil
ing, sailing and maintaining 1
new cup defenSe candida
Rainbow, set at 100000,
subscriptions at $4,000 ed
were allotted. 1t was found
be too much; much too mu|
The building of the sloop had I'd
underwritten by a few New u
Yacht Club members and the shd
were cut 20 ways instead of 10.
even $4,000 subscriptions proved
stiff and the shares were cut aga
So, eventually, the new single -stic|
was financed.
Times have changed. In the
days, you simply went up to the N
York Yacht Club when a challej
had been received and, nodding a
man, would say, you're in"
that would be that. The sum
volved, running from S35O,000 to j
a million, was just a detail.
In the past, had it not been for
bankers, probably there would III
been no Americas Cup racing. but
day it is interesting to note Il
bankers do not form the usual oyI
whelming majority in the group 4
has agreed to pay for Rainbow.
OF the present syndicate, Wal
Chrysler. Alfred P. Sloan and Ge1|
B. Lambert are manufacturers. JosI
P. Day is a real estate operator |
auctioneer, Ogden L. Mills is a d
licist and Henry H Rogers an
man.
Four vanderbilts 1t.
THE banking element is rel
sented by the four Vanderh|
Harold S.. Frederick w, All
G. and William X, and by Ged
E. Roosevelt. Edward S. Harkr|
George F. Baker. Charles Hay{
Marshall Field, w. G. McColloI
and j. P Morgan.
Inevitably, the name Of J.I
Morgan is associated with the 1
dicate-inevitably, because he andl
father, the late J. Pierpont Mora
have been in the forefront of finan|
| operations relating to the defens4
the famous trophy since 1892, vi
Lord Dunraven challenged with
Valkyrie, with the single exception
the year 1895.
Forty-two years ago, the eI
Morgan was associated with Archil
Rogers, Frederick W. Vanderbilt. 4
liam K. Vanderbilt, F. AuguI
Schermerhorn and John E. Brook
the construction of Colonia. a
sloop designed and built by the d
reshoffs.
Another syndicate. headed by.
| Oliver 1selin, including among otl
August Belmont, Oliver H. P. Belm|
Cornelius Vanderbilt, father of
present Gen. Cornelius Vandert
Charles R. Flint, Chester Chaplin
E. M. Fulton, jr, also ordered a sI|
Vigilant. from the Herreshoffs.
In addition, two Boston syndid|
built Pilgrim and Jubilee. Cup
tenders then cost not much lesl
construct and operate than then
today, but those were spacious til
Vigilant won the right to del
the trophy and, as We all know,
feated the Dunraven challenger.
Morgan Big Shot.
IN RR MORGAN did not 6o,r
! N the small syndicate, consis
of William K. Vande
father of the present w. K. VanI
bilt; E. D. Morgan and C. Oliver
lin, that built Defender in 1895.
he was chairman of the New i
| Yacht CLUB Committee appointed
investigate Lord Dunraven's cha
Of illegal tactics in the handlinI
Defender.
When Columbia was built to |
Shamrock I in 1899, j. PierI
Morgan shared the main expens4
Oliver Iselin figuring in a nd
share, and, in addition, the 4
hnancier paid for the PRACTICAL
building of the sloop defender
trial horse.
Constitution was built In 1901
meet Shamrock I by a syndj
headed by the late August BelnI
But she failed to prove her sui
ority over the 1899 defender, Col
bia, in which Mr.. Morgan still oJ
a major interest. So Columbia
Tended the cup. Mr.. Morgan wal
important member of the syndi
that built Reliance, Shamrock
successful rival in 1908.
In 1914, the year after his fat1
death, the present j. P. Morgan
a member of the Resolute Syndil
and, in plans for the defense of
cup in 1880. he headed the syndj
that built Weetamoe.
Enough men were found that
to build four defense candidates.
fact that the necessity for more \
one defender is not so vital this
is by no means the sole reason
more than one are not being BULL