Who could replace Walter Matthau in Hello, Dolly?
Nobody.
Oh sure, SOMEBODY else could have taken the role, but he was the right star at exactly the right time in his career...and well-matched with Streisand despite their difference in ages.
Walter Matthau had strugggled through the end of the fifties as a character actor climbing the ladder; spent the first half of the sixties as a "movie-stealing" character man who stole movies from Kirk Douglas(Lonely Are the Brave), Cary Grant(Charade), and Gregory Peck(Mirage) -- well, Matthau didn't steal them as so much as show "co-equal star quality."
"The Fortune Cookie" in 1966 brought him a Best Supporting Actor Oscar(for what was really a leading role, Matthau noted) and full stardom, but in minor Fox films like "A Guide for the Married Man" and "The Secret Life of an American Wife" before "The Odd Couple" in 1968 made him a Real Major Movie Star(Jack Lemmon was paid more than Matthau, but Matthau would now be on the way up as Lemmon headed down...not to obscurity, but to a lower star power than Matthau.)
Thus, as "Hello, Dolly!" came along, Walter Matthau was Fully Prepped for Stardom and he charged Fox One Million Dollars for his services(a big deal for Walter Matthau.)
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Given How Hollywood Works, when Hello, Dolly came out, Walter Matthau(in his late FORTIES) was a hotter and more contemporary star than guys like Rock Hudson and Rod Taylor(now on the fade from their superstar and second tier careers,respectively.)
With the exception of his "special" recreation of his lead in the movie of The Music Man(1962), Robert Preston had not been a real movie star since the forties, and he certainly wasn't one in 1969.
Perhaps Matthau's only competition for Horace Vandergelder in '69, ironically enough, might have been...Jack Lemmon. But of course Lemmon would have played Vandergelder more neurotic and with less curmdudgeon flair than Matthau.
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Yes, Matthau and Streisand hated each other and yes, they don't have much romantic(or sexual) spark in "Hello, Dolly."
But they don't have to. Matthau and Streisand ARE wonderfully matched as "hot new stars of 1969"(his took over a decade to reach, hers, one movie: Funny Girl.) They are wonderfully matched as fast-talking comics(see: their dinner scene together just after the "Hello, Dolly" dance number, or even the musical number "So Long Dearie," in which Babs sings comically and Walter just reacts in dismay.) And they are PROPERLY matched as...New York Jewish Personalities. Doris Day and Matthau wouldn't have worked as well; Streisand and Rock Hudson wouldn't have worked as well.
As Charlie Matthau(Walter's son) said of the "Hello, Dolly" conflicts between Streisand and Matthau: "They clashed because they were too much alike."
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The idea of a leading man heartthrob type like Rock Hudson or Rod Taylor as Vandergelder doesn't "track" for me because in the movie The Matchmaker, Vandergelder was played by...Paul Ford(the mayor in "The Music Man" movie), and thus I never really saw Horace as much of a heartthrob.
Though, in his own way in 1969, Walter Matthau WAS a heartthrob. The same Xmas of 1969 that he romanced Streisand in "Hello, Dolly," he romanced Ingrid "Notorious" Bergman in "Cactus Flower." Of course, Bergman was now handsome and matronly rather than "Notorious" sexy, but she and Matthau made sparks -- and Goldie Hawn played Matthau's younger girlfriend. ("Cactus Flower" was recently remade as "Just Go With It" with Adam Sandler, Jennifer Aniston, and some bikini blondeshell in for Matthau, Bergman, and Hawn.)
In an early seventies poll of women, Walter Matthau made the Top Five of Sexiest Male Stars, right below Newman, Redford, and McQueen. Women were comfortable with the tall, amiable Joe Sixpack kind of star Matthau was.
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Perhaps by final way of comparison, Matthau and Streisand picked up where Tracy and Hepburn left off: a purely cerebral-comfortable kind of mature romance. Streisand was very young when she made "Dolly" but she PLAYED older.. .and reached Matthau's age-maturity.
For his part, Walter Matthau found later Tracy-and-Hepburn romantic pairings with such unglamourous female leads as Carol Burnett("Pete n' Tille") and, most famously, Glenda Jackson(in the hit "House Calls" and the lesser known "Hopscotch.")
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