Book 3 — FINANCIERS.

William Waldorf Astor.

William Waldorf Astor, the capitalist and author, born in New York city, March 31, 1848 is the son of the noted John Jacob and Charlotte Augusta (Gibbs) Astor. He was educated chiefly by private tutors, among whom was a professor of the University of Marburg. At the age of 23 he was taken into the offices of the Astor estate in order to master the details of each department. Recognizing the need of a thorough legal education, he studied for two years in the Columbia Law School, being admitted to the bar in May, 1875. His father being convinced of the son’s exceptional business ability, subsequently gave him absolute control over all of his property. In 1877 Mr. Astor was elected a member of the New York state legislature from the Eleventh Assembly District, defeating the Tammany Hall and the Independent Democratic candidates. In 1879 he was elected to the state senate and in 1881 was nominated for congress in the district formerly represented by Levi P. Morton, but was defeated by Roswell P. Flower. In August, 1882, President Chester A. Arthur appointed Mr. Astor Minister to Italy. While in Rome he spent much time in studying the early history of the country, and on returning home, in 1885, published his novel, Valentino, which embodies his researches in the mediæval history of Italy. His later novel, Sforza, also deals with Italy in the Middle Ages. Mr. Astor has built the New Netherlands hotel, on Fifth avenue and Fifty-ninth street, New York city, and Hotel Waldorf Astoria, the latter on the site of the old Astor residence. In September, 1890, Mr. Astor moved to London, England, where he has entered upon a notable career in journalism. He now owns the Pall Mall Gazette, and has founded the Pall Mall Magazine. He is and has been a stockholder and director in several American railroads. He has other interests outside of his vast real estate holdings. On June 6, 1878, he was married to Mary Dahlgren, daughter of James W. Paul, of Philadelphia, Pa. Mrs. Astor died in 1894.

Henry Clews.

When the long-sought-for opportunity to become a banker came to the ambitious young man, now the financier, Henry Clews, he did not let his chances pass him. He was born in Staffordshire, England, August 14, 1840, coming of a good old English family. His father, an able business man, intended Henry for the ministry of the Established Church of England. But at the age of fifteen the boy, visiting America with his father, became so interested in the country and its people that he gave up all idea of becoming a clergyman, and, with his parents’ consent, settled in the United States. His first position in this country was as a clerk with an importing firm, in which he rose to a position of responsibility. In 1859 he became a member of the firm of Stout, Clews & Mason, which subsequently became Livermore, Clews & Co. At the outbreak of the Civil War Secretary Chase invited him to become agent for selling government bonds. His unfaltering faith in their worth was shown by his subscribing to the National loan at the rate of five million or ten million dollars per day, even going into debt by borrowing on the bonds. This materially strengthened the public confidence in the government’s course of action. When Mr. Chase was congratulated upon his success in placing the war loans, he said: “I deserve no credit; had it not been for the exertion of Jay Cooke and Henry Clews I could never have succeeded.” Mr. Clews founded and organized the famous “Committee of Seventy” that successfully disposed of the “Tweed Ring.” After the Civil War, besides establishing a distinctive banking business, he became one of the largest negotiators of railroad loans in America or Europe. The present firm of Henry Clews & Co. was established in 1877, its members pledging themselves never to take any speculative risks. Mr. Clews has for many years been treasurer of the “Society for Prevention of Cruelty to Animals,” and is also connected with many city institutions and financial corporations. He married Lucy Madison, of Worthington, Kentucky, a grandniece of ex-President Madison. He is a frequent contributor to newspapers and magazines and the author of Twenty-eight Years in Wall Street.

Mrs. Hetty Green.

America’s richest woman, Mrs. Hetty Green, is like the majority of wealthy persons, not only able to keep, but to increase her riches. Her genius for finance is admittedly equal to that possessed by any of those individuals whose names are identified with vast and progressive wealth. She was born November 21, 1835, in New Bedford, Mass., her maiden name being Hetty Howland Robinson. Not long after her birth her father, Edward Mott Robinson, died, leaving her a large fortune. She was educated at the Mrs. Lowell’s school in Boston. In 1876 she married E. H. Green, of New York City. From thence on she began that financial career which has made her famous. Mrs. Green is said to be interested in nearly every large corporation all over the world. She also has large real estate holdings in a number of cities in this country, and is interested in many enterprises of a general nature. She personally manages her business affairs, and is a familiar figure in Wall Street, and “downtown” New York. Her formula for getting rich is that “Economy is the secret of making money.”

John Pierpont Morgan.

John Pierpont Morgan was born at Hartford, Conn., April 17, 1837. His mother was a daughter of the Rev. John Pierpont, a noted clergyman, poet, author and temperance worker. He was educated at the English high school at Boston and at the University of Gottingen, Germany, from whence he graduated in 1857. On returning to the United States he became associated with the banking house of Duncan, Sherman & Co., of New York city. In 1860 he severed his connection with that firm and began business for himself. In 1864 he formed the firm of Dabney, Morgan & Co. Meantime he had become representative of the house of George Peabody & Co., of London, and during the Civil War he was able, through this connection, to render substantial assistance to the Federal government. In 1871 he organized the firm of Drexel, Morgan & Co., and by the death of Mr. Drexel, in 1893, he became senior partner. In 1895 the firm title was changed to J. P. Morgan & Co. He is also head of the firms of J. P. Morgan & Co., of London; Morgan, Hayes & Co., of Paris, and Drexel & Co., of Philadelphia. Mr. Morgan is generally known as the “King of Trust Magnates,” on account of his having engineered so many mercantile and financial consolidations; in fact, he has been instrumental in forming the majority of the great corporations or trusts. He gives large sums to charity, is a liberal patron of art, and is a member of all the leading clubs of New York and other cities. In 1865 he was married to Frances Louise, daughter of John Tracy. He has one son, John Pierpont Morgan, Jr., and three daughters. Mr. Morgan’s vast operations are not confined to this country. He is an active power in English and Continental financial circles.

John Davison Rockefeller.

The owner of what is believed to be the largest individual income in the world began his business life as a poorly paid clerk in a small provincial firm. John Davison Rockefeller was born at Richford, New York, on July 8th, 1839. He was educated in the local public schools. In 1853 his parents moved to Cleveland, Ohio, where, while still a boy, he obtained a position as clerk in a general commission house. When nineteen he went into business for himself by becoming a partner in the firm of Clark & Rockefeller, general commission merchants. Subsequently the firm admitted another partner, and under the title of Andrews, Clark & Co., engaged in the oil business. Its so doing, so it is said, was due to the sagacity of Mr. Rockefeller, who was one of the few men of the period who recognized the future and gigantic possibilities of the oil industry. Later changes were made in the organization of the firm, and in 1865, under the name of William Rockefeller & Co., it built the Standard Oil Works at Cleveland. In 1870 the works were consolidated with others and were then known as the Standard Oil Company. From time to time other oil interests were acquired, and in 1882 all were merged into the Standard Oil Trust. Ten years later, however, the trust was dissolved, and from that time to the present the various companies of which it was composed are operated separately, with Mr. Rockefeller at the head of the business as a whole.

Charles Tyson Yerkes.

The Yerkes family is of Dutch origin, and Charles Tyson Yerkes was born June 25, 1837, in Philadelphia, Pennsylvania. He was educated at the Friends’ School and the Central High School in his native city, and entered business life as clerk in a flour and grain commission house. He worked without salary, since, in those days, it was counted a privilege to be connected with first-class houses. Because of his close attention to his duties he was presented with fifty dollars at the end of his first year’s service. In 1859 he opened a stock broker’s office in Philadelphia. During the Civil War he dealt heavily in government, state and city bonds. The panic occasioned by the Chicago fire caught him heavily indebted to the city for bonds sold for it. The authorities demanded settlement; but, being unable to pay in full, he made an assignment. In 1873 he commenced the recuperation of his fortune, and with success. In 1880 he made a trip to Chicago, and, becoming convinced of the opportunities the west offered to financiers, he joined an “improvement syndicate,” of which he later became sole owner. Subsequently he sold his interest in it and opened a banking house in Chicago. In 1886 he obtained control of the North Chicago Railway Company. He added other systems, and finally united several corporations under the title of the Chicago Consolidated Traction Company. Mr. Yerkes was a chief factor in getting the Columbian Exposition for Chicago. He is a devoted lover of art, and possesses a unique collection of pictures. His successful efforts to introduce New World street transportation methods into England are a matter of recent record. In 1861 Mr. Yerkes was married to Mary Adelaide Moore, of Philadelphia.