In 1896 President William McKinley appointed him the collector of Internal Revenue for the Wall Street District, Elihu Root and Cornelius N. Bliss being his sponsors.
They had three children: Edith (who married Ulysses S. Grant III), Elihu, Jr. (who became a lawyer), and Edward Wales Root (who became Professor of Art at Hamilton College).
In 1905, it was sold to Elihu Root, a native of nearby Clinton and Secretary of State for President Theodore Roosevelt.
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It appears that this series of events ended with the libel suite against Joseph Pulitzer, Caleb Van Hamm and Robert Hunt Lyman of the New York World as well as the World itself, and the Press Publishing Company for libel against William Nelson Cromwell, J.P. Morgan, Douglas Robinson, Charles P. Taft, Elihu Root, and Theodore Roosevelt.
He proposed a number of possible members, including Joseph Hodges Choate, Elihu Root, Charles William Eliot, and Andrew Dickson White.