One hundred years ago
The wealth of the late Mr Vanderbilt proved to be even greater than we had anticipated. We suggested thirty-five millions sterling; but it appears that in the eight years which have elapsed since his father's death Mr Vanderbilt made more than twenty-one millions, and he died worth more than thirty-seven. He did not, however, make an eldest son his heir; but bequeathed twelve millions to each of his two elder sons, and two millions to each of the remaining six children, the odd million or so going to his wife and a few to legatees. Some ten millions of the whole is invested in United States Bonds, and the remain- der in railway stock, which the family agrees to hold and deal with as a council. That arrangement, frequent in the East, and not uncommon among Jews, is unusual in Europe and Amer- ica, and we shall be curious to see how it works. If it succeeds, the Vanderbilts may heap up wealth for a century; but it probably will not succeed. The Council will be in the position of trustees; and trustees never have the nerve for such huge operations as those of the de- ceased millionaire. Much surprise is expressed in New York that Mr Van- derbilt left nothing either to the State or the community; but it is misplaced. A scorn of philanthropy was in the very nature of the man, who would have asked to full sincerity why he should do anything for posterity, when posterity had done nothing for him?
Spectator, 19 December 1885
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