August Belmont, builder of the New York City subway, began his career with the handicap of great wealth. His father, August Belmont, senior, was one of the richest and best known American bankers. His son August was graduated from Harvard University in 1875, and for a time gave himself up in large measure to the usual occupations of the youth of fortune. But as he grew older he interested himself more and more in the great banking business established by his father. In the course of a few years he became, on his own account, a power in the financial world. He is now an officer or director in many banking, railway, manufacturing and other corporations. In addition to these he has been a strong supporter of the best art, literary, patriotic and other American activities, being a member of numerous associations devoted to such movements. He has taken an active part in politics, and is much interested in the breeding of thoroughbred race-horses. His most conspicuous activity, however, has been the building of the subway, which has added so greatly to the transportation facilities of the metropolis. ALEXANDER JOHNSTON CASSATT. Another railroad man who has risen from a place of obscurity to a position of prominence is Alexander Johnston Cassatt, who has been president of the Pennsylvania railroad company since June, 1899. Like George H. Daniels, of the New York Central railroad, he started life as a rodman, in 1861, in the employ of the corporation of which he is now the head. Mr. Cassatt preferred to begin at the foot of the ladder for the sake of the knowledge of the primary details of the business which his so doing gave him, instead of making use of the influence as he probably could have obtained in order to assure him a less humble position. He was born in Pittsburg, December 8, 1839, and was educated at the University of Heidelberg and the Rensselaer Polytechnique institute. After his experiences as rodman, by force of sheer industry and integrity, he rose from place to place until, in 1871, he was made general superintendent of the Pennsylvania system and general manager of the lines east of Pittsburg. Between 1874 and 1882 he held the offices of third vice-president and second vice-president, was elected director in 1883 and was made president of the road in 1899. “Thoroughly ground yourself in the elementaries of your chosen business, and then stick to it,” is Mr. Cassatt’s advice to young men. He is a thorough believer in the old axiom that “a rolling stone gathers no moss.” GEORGE HENRY DANIELS.