The Press. THURSDAY, APRIL 11, 1912. A MIILLIONAIRE AND HIS MONEY.

Press, Volume LXVIII, Issue 14326, 11 April 1912, Page 6

The Press. THURSDAY, APRIL 11, 1912. A MIILLIONAIRE AND HIS MONEY.

The Americans say that only two or threo generations are required to complete the cycle of- the millionaire from shirt-sleeves through great wealth back to shirt-sleeves. AYe are reminded of this by a most interesting article in' "McClu.roV on the Gould family. .Not that thero is any'immediate probability of the Goulds becoming poor, though, it is quite possible that in a generation or two the flaunting display that marks, so many of their doings may have quite vanished, and they may be obscure bread-winners. AVhat makes tho articlo so-interesting is tho picture it presents of power, and to a certain degree wealth, passing away from a houso when the brain that built them up is no more. -Tay Gould left his fnpiily a- ] railway .empire extending from Detroit to Ogden, from Chicago to NewOrleans and El Pasco—l9,ooo miles of flourishing system, the greatest mileage, ever controlled by one authority. Two of the sons have given themselves up almost entirely to pleasure, and their matrimonial troubles have furnished the American Press with miles of copy. Anna Gould married a French fortune-hunter, who, after having his courtship financed by Parisian moneylenders, spent'many of his wife's millions in riotous and extravagant living, aud was finally divorced by her for infidelity. Edwin'Gould, the second son, is described as steady and industrious, but. either from lack of opportunity or lack of will, he does not seem to have made a name for himself in business. Helen Gould, who is distinguished for philanthropy nnd patriotism, is the only one of the family who has won the esteem of the public. George Gould, the eldest son, on whom the burden of the management of the vast r family estate mainly fell, has, according to "McClttre's," been a failure. Ho had, it appears, excellent business abilities, and for a : time managed his railway system well, but for years now he has been trying to combine the impossible dual role of society leader and manager of a gigantic business. The result is that tho family's properties have . deteriorated and are passing away from the family. "AlcCiure's," which is an unsensational and reliable magazine, is not led to go into this rather sordid history front any love of scandal, but simply because •it is of great public interest. The G'oulds." as proprietors of a great railway system, a licet the daily lives of millions of -Americans, and they are for that reason public, and not private, personages. "*lf what "AlcCiure's" says is true., the Gould lines have been rack-rented.! starved, and bled for years to provide* various members of the family with millions to squander on Iheir pleasure. For a long time the Could management of the elevated lines in Now York was a scandal, money that should have been spent on -improvements being diverted into the Gould pockets. The whole Gould railway system is described as a great neglected estate. "Thin, used-up rails.

" rotten ties, dirty stations, passenger " and freight ears in disrepair—theso " things arc found so commonly on "nearly all of the Gould lines as to be " fairly characteristic." AVhiL* the Goulds squeezed every penny possible from the estate, great interest*, developed alongside them. While George Could played polo. Harrimnn was mastering every detail of railway management, and steadily extending his power. The two men fought a bitter war for some years, and Hnrriman won. Several of Gould's lines passed into the ■receivers' hands, and, short of money and unpopular ... in financial circles, he had to call in Harrimau to help him. Harriman and the interests

working with him proceeded to oust the Goulds from management, and today the power of the latter is only a shadow of what, it once was. Of the dozen lines making up the system only one is paying dividends. • It i.s a melancholy and instructive story. A great business man makes a vast business for himself, and hands it on to his family, full of hope that they will maintain and extend it. but the family make a god of pleasure, and nil but wreck the business in their desire to gratify their vulgar ambitions. Tbere is a potent sermon here, for those who read intelligently, on the futility of amassing great wealth for private ends. The children of American millionaires are not su fortunate as people might think. Brought up in luxury, they start life handicapped, i.iul thero ii- no tradition r>f public service, such as exists in England, to help them to lead useful lives. Surely a irrcat epic novel could be written of this cycle of wealth—of a great man .spending the bor-t years of his life making money that his grandchildren's birthdays may be celebrated by tin* ransacking of continents for rare (lowers, and that the fabric of his making may pass, bit by bit. into other hands.