OCR Text |
Show I Rich Men's Sons Seeking Real Work Instead of Pleasure I I Wall Street's Rising Young Financier amplify am-plify New Type in Sharp Contrast to Idlers and Roisterers of a Generation Ago I tt r HAT has become of the old fash- A toned rich man's eon. who was s-crlously engaged in scattering to the four winds rjs many of the family's golden doubloons as be could wheedle from Hl the Pater, or th executor of the rater's will' Have times no changed that the rich Hj man's son no longer has that "Ho. for the U Riviera" feeling that whipping a waiter or so H and getting himself locked up by a gruff W policeman find Its accompanying column In Hi the morning papc-rs no longer has a sportlns appeal'' I"id he submerge completely with the Eighteenth Amendment? M The answer to tills questionnaire singly ami collectives- is "Ves." The rich mans t'i of t rv 1 1 1 y or even ten years ago. who lncd to frolic with father's money and the police, whose most extensive exercise was rolling his own i-igarMie .inj who roiild he round nightly smothered In blossoms, at the s'age door. Is as extinct a the whangdoodle m There Is no supr animal. Possibly there never was. He may have merely existed in th- minds of jpkeeters, earn-on. sts and the in' n who write musical comedy The Type of To-dn m At any rate a persistent search for Bona cf rfeh men In tl. P native haunt, which Is below Hie PUItOD srree' dead line and near to Hioad end vV street, has brought forth the names of sp number of lhem. more or less promlni-i' al burn -with th" proverbial silver spoon n ttelr mouths and now the possessor of fortunes ranging from one to halrn hundred ml! ions and not a -mcle one M nt tlp?m. .so rhei- friends h.v is making a M fcol of him.-v li ir the coutrarv. practical I even rne of ihei liter. illy In his fo.u off, his, nose re ihc rid grindstone and is en-gaged en-gaged in t hand to hand scrap with the M World the Itefch :Pri tlx- devil, in which si moit of them u lai "eporla. wr doing Host of the young men now engaged In bpldlng on i t a lamenting their fortunes, rtewn'.own never ere roisterers in the ;..ne tbat the wor'd looks on the avcraci r h man s sou. Most of thn ere f.niei. studious chaps, who liar ulna i'oiu in aehon with the rest o' them, and Who hail nutlve sense 9 enough noi to lei the poaai salon "f few mllllorie, mo'-e or !eai. turn thalr heaJs. Some o: them, too. were tro'jy-ht up in a strict school of discipline conducted by tho Old Man himself, in which the Old Man. generally pretty strong minded, m He It rather tough on ny offspring of his who, disobeyed the parent j1 mandates. Changed by War and Marriage. Two other factors have entered into the lles of these young tellows to militate against cases of swelled head and eoltlsh-ness eoltlsh-ness In general. One of them was the war. In "hlch virtually every rirh man's son. as well as nearly every poor man's on. ail more or less engaged. War, the great leveller, gave moat of them a new viewpoint and probably a real affection for the man in t lie st i i The other faetor I thai m-'st of the rich men's sons in Wail Street have married and settled down. a.nd no' a few of them have passed the family name or to tin? 'bird generation. ft might be an InJerestln? showdown between be-tween yopnk 'v Averell Harriman. sqn or flic late Edward IT Harriman; n ril junta Spencer Morgan, son bf J. Pierpi -it Morgan, as t.i whTch payr- the largest Income1 tax but for the .'act thai hoth of them rre so iiiiv engaged In work In r.ugmentlna th.lr Uank rolls, that I Ivy !iiie no time for uny-thlng uny-thlng hut cold pasineaa. Voyti' organ Shews Hi? Mettlr The tno yniijtg tn-M, Harrlmnn and Morgan. Mor-gan. ? r" ptphamy O'pltvil of rlie rli 1: mans ' i tanled i( In the machinery of mdtl'Vrn ItldUMty ml! rllCtnC: loeh ee te.ell) on nil important oi. hie pluhfeed Into i!e irn iaul of b! I.. idir. s The ;itne m.iy ne katil of the eons of a dozcrn or so his men f the Street They have Mlpped Into U rectoiatea, prcJdenci a himJ ricr-president;! b and re noi o:il watching; th tvheels Kp arotfpd hut tben;f i is supplying taume of the ir.otiv iiower J. P. Morgtin .V "o Junius 8ptiicej Morgan aided In takiug r mmnnd ofTaTnlrst when kn cxpioafon recently locked Wall street ju.t OUtaldl of the IjailklOK house, tie wan C bi (lecH wiicii 'hi a9loa)oi) ocourad and vnn lilfhlly OUI by falllna rMf The aloi y lc told about tho Street that on the dny of tho explosion, whhh ocourrod at IS o!l..'J. ho had ji businoa cngsffoment for luncheon at 12:30 to dlscuaa a ploco of In-ihietrlo! In-ihietrlo! financing with tho directors of a huge corporation. Scon after tho explosion or.d while all was ch&oa in Wall atrvet one of thcit dlroctora who had an engagement with young Morgan rang him up to inquire If any one within tho building had been Injured In-jured and naturally to cancel the luncheon engagement "I'll bb thore at 12:30." was Junius Spencer Spen-cer Morgan's answer to the director who ; ad suggested postponing tho engagement. He was. Harriman Stir Shipping lntereU. w. Averell Harriman, the modeat youn-man youn-man who with his three sisters shared In the $73,000,000 estate left by Edward H. Harrjman, J'it now Is head over hod; ... a lively shipping 8cnu which is commanding jim mueh Attention as did any of the railroad battle ln illustrio'is father staged with thu equally (Huatriotla nnd powerful James J, Hill , Jc: I f ' y i; KERM1T ROOSEVELT U to tho dctermli.ntlon of this quiet, ae- rlous faced youn millionaire, still known tci h!a (lost f: .'endo as ' Bill " to maintain J' Amorlcar. IhlpplttK corporation which will provldo ahlti.v.TS with ocean facilities R nil parts o. tho world. It might be added thai !n this venture he has the backing of tho United States Shipping Board, and Is ra'nfldent that the corporation of which he las become- the head and shoulders, as well as '.h main spring and running gears, will .e to ocean shippers what his father's railroads rail-roads were to land transportation. Strangely enough, railroads, on which young Harriman litentllr arm nourished J k JUNIUS S. MORGAN von boyhood up. do not Interest him as do kteamanlps M tried the railroad game for a while, just aftr.r leaving college, and. of pcurse. still m;ii!.tiln; dlreetor.-h .ps an.1 irge lmierltNl holdings Ic the so-called Knrrimnn roads, but h:s lively interest hi ; . ee:i '.-Jiisfi-red i,. tin .-teams!i'i huslness p.rtleulorly since the formation of the cor-rate't, cor-rate't, of which he now t the bead, and .;- arhlch place he succeeded Gen. George V Goethalflt Oddlv enopgh, llpcd u on the other side : the Hteamshlp liht Is Kermi; Roosevelt. n of the former President, and. although ;ie (. c. hardl) lw classed as a rich n tin's ioh. In hp sense that young Morgan atid Harriniun r: r men's senk vet be i ald to '.ave tujlt p n snug fortune on bis W. AVERELL HARRIMAN wn account In Uie lust two years. He is an official of the Kerr Steamshl; Company. Two trf the jounitcr Guggenheim generation, genera-tion, m. Robert Guggenheim and Edmund fJuggetihelm. have plunged into the mining business Which brought fame and fortune lo the seven Guggenheim brothers. Both ate officials of Guggenheim companies and spend most of the daylight hours in the corporation's offices on Ihwer Broadway; Guggenheim Cling lo Mining The story is loid In the Street of M. I'.ober Guggenheim that when he had finished school his father, DanleJ fiugenheim. chairman chair-man of the American Smelting and Reflninn hoard, suggested to bis son that it would he a flue thing for him to take a run down to the Works al Penh Amboy and get a little 1'ist hand kr.owieJse of the smeltnig husl-neha husl-neha on which the family fortune wa loui.dod. Accordingly the kindly Daniel dic-tatad dic-tatad a note to ti:e manager of the Perth Amboy works asking that son Robert be given a 'Job. Somewhere between Jcw York and Perth Amboy, SQ the story In Wall Street goes, young Guggenheim diaconhected lilmse if from the filial letter of recommendation, ami si tndlng "ii hlq of. n two feet applied for ami got a lowly Joh in his father's plant. The niipi rlntendent of the plant paid little atten. lion to the new hand and was surprised and shocked w hen 'be received a request a fetv War, Marriage and the 'Old Man' Share Credit for Directing Energies Toward Building Up Rather Than Squandering Family Fortunes I wecki ! ter from the chairman of the board H for a report on how the chairman's son was M setting along In the smelting and refining business. Evidently he got along all right, for he has been i limbing steadily since, and a great number Of the details of the expansion of the powerful firm have been turned over by the partners to the younger generation. A number of the young men have been In-dn. In-dn. ted Into the mysteries of Wall Street through the ownership by their families of partnerships in brokerage and Investment houses, and from 10 to 3 o'clock are engaged In following the trend of the stock and bond markets. Among these are W Thome Ki-vel. Ki-vel. Olh er i.'arley Harriman. Grafton H. Ine. M. Taylor Pyne. Jr., and Robert B. In the .'.eftlm of Stick and Bond. "ne of them, who because of modesty will not permit his name to be mentioned has developed Into a crackerjack bond salesman and holds the record for his firm, haying -:-on.,,,- old mote :h(l., JC, 000. 000 worth of Investment bonds during the last two W alm 'in- 4 ilgl t Include Vincent Astor. jm 01 the -tor millions and now ore of f aH 'he shrewdest real estate operators and au- Ldi 01 Mm orneliua Vanderbilt, .it. n ho via the news- fl paper route, is dcxelopin? into a writer. It might include all of a half hundred or so oung men who are not letting the fact that fuiiers or grandfathers were lucky enoush fortune keep them from digging Wt In, on their own. and seeing for themselves fuel what makes this thing called business mm Moo; of the young men who bear names ' of course By no means are young Morgan mmm oun? Harriman or the younger Gug-ft Gug-ft en helms or the Roosevelts real powers ia Wall Street yet But they are coming slonr. Hl Their noses are to the grlndstono and their collars are off and their sleeves rolled up and each young'unla certainly Irj Ing his H uurndet. And any one who thinks he can H trad.- horses with any one of them and get H the better horse will probably find that the chip off the old block sometimes Is as tough. H in a business deal, as the old block itself. Hlj |