SAGE QFGlBRftLTER,
A Talk With the Famous
Financier, Jay Cooke, at
His Home in Lake Erie.
HIS FIGHT TOE SHERMAft
The Trouble With Him Is He Got
His Experience From Books.
CHASE HAD THE SAME FAILING.
Demonetization of Silver Denounced as a
Legislative Crime.
FISHKG AXD DELIGHTS OF TIIE LAKE
rCOKEtsPOKaiNCI OF THE DISPATCH.
Put is Bat, Oct. 23. "Despite John
Sherman's protest Jay Oooke's advertise
ments of the National loan was the basis of
settlement with our National creditors. I
wrs not particularly Interested in the con
test more than to prove how true this Gov
ernment wes to its obligations. "When Mr.
Sherman proposed to pay" the United States
bonds in greenbacks, I protested and the
result s'isws that it had somo effect My
understanding of the law was when I placed
the loan that the redemption was to be in
coin, and I so stated. Mr. Sherman took
ihe other view and was beaten."
Jay Cook was in an exceedingly interest
ing mood to-night as I met him at his island
home "Gibralter," in Lake Erie, just oppo
site Put in Bay. He had Just come in from
a good day's fUninc, and dined oft some of
tne two-pound black bass which he had
landed during the day's sport.
6HEEMAS ONLY A THEOBIST.
'Mr. Sherman and I," he continued,
"are personal friends, but what practical ex
perience has he ever had in finance? These
theorists upon any question are not often
found. What I would say of John Sherman
as a financial idol, I would say of Salmon P.
Chase, Hugh McCullough and others. Mr.
Chase was a man whom all the nations
should revere, so is Mr. Sherman an able
man, whose words upon many subjects are
rorthy of serious consideration; but what
dees a lawyer know about finance, except
what he learns ont of the books."
"In the recently published letter which I
hare seen f rem Mr. Sherman, in which he
refers to my advertisements of the national
loan. It appears that he did not like their
wording. That is because he wanted to pay
in greenbacks what the Government had
agreed to pay in coin. I naturall v objected,
for I had funded the loan, and
mv promise was out to the peo
ple. Therefore, we mads a fight, and
the Government stood by its agreement
and mine. These theoretical financiers
make me very sorry that I ever knew any
thing about the banking business. My im
pression ib that Charlie Foster has more
practical knowledge than any of them;
because he has learned his lessons of values
In real business transactions, The fact U
that we lack men of broad ideas, and the
only one n ho seems to give us inspirations
k James G. Blaine. He is a thorough
American, and don't have any nonsense
about either our foreign or domestio rela
tions. DEMOSETIZATIOS OF SILVER A. CBTME.
"I do not care to go into the discussion of
the silver question, more than to say that
Senator Sherman' attitude upon this sub
jeot is not in keeping with the spirit of the
age It is against the history of finance the
world over, and leaves us In a position to be
yreyed upon by England whenever they
care to levy contributions upon us. If
there were ever a crime in legislation it was
tae demonetization of silver, which was
smsccled through Congress with few of
those who voted for or against it knowing
what It meant I regard it as most unfor
tunate that we ere placed in the position
toward the currency of the world, that
siakes us pay tribute to the old country
Whenever they ehose to levy upon us. But
it all coines from the fact that men are se
lected to deal with financial questions who
know nothing about them practically."
"How leng have you been a banker?"
"Fifty-four years," was the response.
The other day while I was in Tacoma, the
jrablic spirited people who have money
speke rather timidly of the future, and in
feasted that they were on tha verge of a
' panic My reply was: 'I have been 61
years a banker, and I have been in E4
tk&nics. It won't be but a short time before
the pressure is taken off, and you will be
eav The movement of cereals just now
Bakes money tight; but it will come back
again, like new blood to an enervated sys
tem. What is true of the West Is equally
true of the East, only perhaps in a broader
sense."
CHASE WAS LACKING IS EXVEEIENCE.
"I began.life in Philadelphia with B. W.
Clark one of the strongest of all the finan
cial characters of that conservative city, and
after va ions experiences became associated
with William G. Morehead, as the firm of
Jay Cooke & Co. My brother Henry, who
WE the editor of the Sandusky Register, and
atterwsxd of the Columbus Journal, was the
intimate friend of Salmon P. Chase, and
It was through him that I became
familiar with the great Chief Justice.
He was a wonderful man; had good judg
EJert about the men whom he called around
him and I would not detract a jot or title
from his name; but about financial matters,
he was struggling with a problem which
needs practical experience to solve. This
he had never had. That is exactly the
trouble with Mr. Sherman's finance. It
has been learned by study, rather than by
experience which is the best of teachers.
"What this countrv needs is not a contribu
tion to the barons of Europe by demanding
the single standard of gold, but a contri
b' tioa to the practical experience of man
kind by accepting the true metals as oo
equa) in value."
"How long did your operations with the
Government last?'
' From the beginning to the end of the
var oi see I had considerable experi
ence in placing bonds, not only during the
vi isj War, but afterwards for railroads
ther enterprises. I assumed that I
ji to do it; but the commission
ei ty the Government was exceedingly
1
NO MONET IS PLACING BONDS.
1 i aced tiie first loan at one-half per
b t all the balance at three-eighths of
r.er cent, whiie the English Govern-
a 'ows tv,o per cent to the great
i -. ho negotiate their loans. I had
-d - oi Government loans very much
1 wanted to establish confidence
"a" amoug out own people. It was
- e?utial that the credit of the
- - pi should be maintained as it was
usulca. Capital, you know, is
. ij..J i,i emergencies such as we had
i sod it nad to be coaxed. Tint was
' wi.ichl applied all the .talents
. ci-nmnd.
r, ire coi of plucine the national
i. r.uoing the printing of bonds, ad-
i-ut -tc., wa6 less tlian one day'sex-
. "i :he war during the last year of its
m No nation e er placed its securi-
ts .tn so little expense as the United
,:ctes J.nr,p the four years of the Re-
w cr home day I hope to be able to
r e In es-unng form the entire financial
litory of tee Goicrament during the late
ar Most of the great generals have
nttcn t.ncr books upon the operations in
ic fkli out the story o"hov.' the Govern-
unt was cuahlad to Juxuisb. the material
aid to carry on the conflict has never been
written."
'How many bonds did you place?"
osly 5200,000 of mahouts.
"We handled $3,000,000,000, and it may
surprise the country when I say that tha
profit and loss side of the ledger shows not
more than $200,000, either loss or gain, and
for the life of me. I oonld not tell whether
we lost or made the 5200,000. It was a com
mon saving among the newspapers ana rival
bankers that we made millions out of the
Government; but the fact is, that after five
vears of business dealings, it was a question
with ns whether we had made or lost ?200,-
000. Bear in mind that out of the of
1 per cent allowed us, we were obliged to
pay for all advertls ments, commissions to
other bankers, express charges and other
expenses.
We had to resort to many expedients.
There was a very deep seated prejudice
against the war by men of means, and it
took a deal of advertising and persuasion to
induce people to purchase. Therefore, It
was necessary for us to spend money. Mr.
Chase could not understand the reason why,
and therefore, allowed us practically noth
ing for expenses. While we made little or
nothing out of the Government, nurrela
fion with it biought us business, and we
made a great deal of money through it.
That was where our profits came in. Bus
the placing of the Government loam
brought us little or no return."
KEOALL3 PKEBT'S FAMOUS VTCIOET.
The lights were shining brightly through
the halt-turreted walls of "Gibralter,"
while th'.s conversation with one of the
greatest financiers of the world was going
on. The bluff just beyond the stone castle
holds a monument which marks the spot
when Oonmodore Perry watched the ap
proash of the British fleet for the memor
able battle on Lake Erie when he met the
foe, and at the end sent that memorable
dispatch to the Government: "We have
met the enemy, and they are ours," a coun
terpart of that announcement that Paul
Jones made many years before, when he
whipped the Britishers on the high seas.
Mr. Cooke locates the Perry spot with a
monument worthy of the historical event,
and a mile distant from the sighting point
under the canopy of a willow tree is the
burial place of the men who fell in that
fateful hour. In tin halli of "Gibralter"
are threi famous pictures of this battle
about the speck in the Lake. They repre
sent the diflerent phases of the fight, the
most dramatio of which is Perry leaving
his sinking flag ship in an open boat and
going to the Lawrence, which, by the way,
after all these years, rs to be redeemed from
the waves of Lake Erie and exhibited at
Chicago during the Columbian exhibition.
What memories will cluster about that old
ship, which is now sunken just this side ot
Buffalo!
HE LOVES HIS LITTLE ISLAND,
"Gibralter has been a very dear place to
me," said Mr. Cooke. "You know I was
born up l ero at Sandusky, two hours' sail
away. This locality has more natural ad
vantages than any other I know of. There
is more fruit, such as grapes, peaches and
plums raised on these islands than in any
equal amount of territory I have ever seen.
And, besides, there is more pleasure here
than spy where else in the world. The finest
fishing is found in these waters, and there is
good hunting all over the islands. Fish
ing and hunting 'are my dissipations. I
come here a month or two every fall and
spring and never do anything else but fish
and hunt I love to catch the black bass,
which is the gamest and most intellectual
fish that swims. Then there are English
plover, quail, duck and woodcock here for
wing shooting, and I go over to Green Isl
and for rabbits. I have killed as high as
CO in a day.
"I built 'Gibralter 28 years ago because
I wanted a home where my boyhood had
been spent If anyone has ever had any
more oomfort out of a place than I have
found here I should like to know it It is
rightfully named 'Gibralter.' It stands
alone in the water. It is a rock-ribbed
cliff filled with giant trees, and all the rug-.
fed conditions that make a place handsome,
never oome here without pleasure, and
never leave it without regret
A DINNE3 FEOM HIS OATCSC
"Yes, I have been fishing to-dar, and
have landed nine beauties. Come and have
one with me. Before we go to supper let
us look at the steamer coming down the
lake. That is the Kirby on its way to De
troit Look at the lights burning on her
and what mystical shapes they cut in the
water. I get a great deal of comfort in the
evening time watching the steamers coming
in and going out This steamer Kirby is
the swiftest ou the lake."
The bass is cooked, and Mrs. McMeens
and her daughter welcome us to thp tablet
She has been the custadian of "Gibralter"
for 28 years, and has dispensed its hospi
tality with a free hand whether Mr. Cooke
was there or absent Years ago the master
of this Island used to make it the home
every summer of the clergymen of the dif
ferent denominations. There was no dis
tinction except that the hard shelled Bap
tists were barred. Mr. Cooke took the
ground that any denomination which would
deny communion to another fellow Chris
tian was too exclusive to enjoy the delights
of "Gibralter." The world agreed with
him. But he now takes "Gibralter" for his
summer home, and the preachers who once
came there for their summer reoreation go
elsewhere.
Did 1 say the bass were good? Yes, they
were fresh from the water and cooked to a
turn. Why should they not be delicious?
And the couversation was delightful, Mr.
Cooke speaking most entertainingly of the
Northern Pacifio Bailroad. "I have just
returned from a trip over it," he said. "I
have had many requests by the board of di
rectors and people along the lines to make
the trip, but I wanted to see the work com
pleted, asl had mapped it out before I looked
upon it It is now practically finished
from Chicago clear through to Tacoma, and
I went over it to discover how little I really
knew about the property I placed 20 years
ago. People who then thought that I was
painting rainbows discover that I was right
It is the richest railroad in the world."
Frank A. Bues.
An Excellent Stock of Gustom-Slade Cloth
ing to Be Sold at Halt Values.
Thursday, October 15, the P. C. a a Co.
bought at the peremptory auction sale of
the entire fall and winter stock of fine
clothing of the well-known firm of Messrs.
Fechheimer, Goodkind & Co., of 748 and
750 Broadway, New York City, through the
auction firm 'of Messrs. Wilmerding, Morris
& Mitchell, at 64 and 68 White street, New
York City, 550.000 worth of the finest grades
of clothing. We did not need these goods,
but they were so ridiculouslv cheap, and of
such fine quality and excellent make, wc
could not resist the opportunity. We
bought for net cash, and only paid about
one-quarter manufacturing cost ot the goods.
Is was a forced talc, and we have them now
ready for oar patrons, for whose Denefit we
arrange this special three days' sale, Mon
day, Tuesday and Wednesday, that they
ii ay have the benefit of our fortunate pur
chase. These garments are well worth $40
and S45 of any man's money. The overcoats
in this bargain array are the finest shown
in the city. They are trimmed with silk,
satin and serge, and their texture is the
finest and swellest that could be securod
from foreign markets. These suits are the
finest grade of cassimeres, meltons and
cheviots. Imported chinchilla overcoats,
silk or satin lined; manufacturers' prices,
?22, $25 and $28, during these three days,
$12, English kersey overcoats, silk, satin
orcassimcre lined; manufacturers' prices,
t23, J23 and 130, during these three days'
sale at 515. Men's imported cassimere and
cheviot suits; manufacturers' prices, 520
and 525, during these three days at $12.
Men's imported corkscrew and wbrsted
suits: manufacturers' prices, 522, 525 and
$28, during this sale at 515. Men's elegant
dress suits, cassimeras and worsteds; manu
facturers' price, $32, $35 and 538, during
this sale at 520. This offer continues for
Monday, Tuesday and Wednesday onlv, &s
in that time our stock will be equalized and
a most effective advertisement eecured.
P. O. CL C. Pittsburg Combination
Clothing Company, corner Grant and Dia-
inond streets.
THE
PROGRESS IS AFRICA.
Tucker Has Established a Mission
"Where HauningtoiyWas Slain.
MONET VALUE OP YALLEI FOBGE.
Prince Tummy Hm Plenty of Precedent In
the Matter of Debt.
PHENOMENA OF THE CASPIAN SEA
rwwTTJN for the dispatch, i
Early in the present year I had occasion
to mention Bishop Tucker as an English
dlvine.whoatthat
period had just de
parted for the in
terior of Africa,
to take the place
of a predecessor,
cruelly butchered
by the natives. It
was then freely
prophesied that
Bishop Tucker
would meet in
Bishop Hannington. turn the fate of
the unfortunate" Bishop Hannington, and in
accepting the perilous mission wis virtually
drawing up his own death warrant How
ever, the brave man did not share these
views. Caution would save him, he said,
arguing in proof that Bishop Hannington's
terrible death was directly attributable to
his foolhardiness in taking a new and un
tried path and trusting too much in the
savages.
Tucker's idea seems to have been correct
His methods of dealing with the Africans
have been found entirely safe and so effect
ual that on the very spot, in the depths of
the wilderness bordering Lake Victoria,
where Hannington and all his followers
perished two years ago, now stands a mis
sion station", which is looked upon with re
spect and reverence by the natives of
the surrounding parts, who are as
ready to aid the present missionary as
they were to kill his prototype such a short
time ago.
The Prince of Wales' Debts.
If there is anything calculated to make
one weary, It is to have the Prince of
Wales' financial difficulties dinned lu the
ears, as it such a thing had never occurred
before In England or any other country, or
was liable to occur again. I really believe
that European correspondents of. American
journals have devoted more time to looking
up Albert isawara s aeois man tney wouiu
give to an item covering a battle, in which
all of the important nations of Europe had
taken part Now, the fact of the matter is
that the present heir of the English throne
is not nearly so bad in this respect as were
some of his illustrious predecessors; to tell
the truth, Victoria is about the only En
glish monarch of the last two centuries that
has not been compelled to ask the Commons
for assistance. Some will say that being a
woman is the explanation in her case; but,
according to general belief, Queen Anne
was a female, and she, in spite of an annual
income of f3,500,000, was at her death found
to be in debt to the extent of $5,000,000,
which had to be satisfied by the Govern
ment through a loan.
George L had the same income, but man
aged to pile up pecuniary obligations
amounting to $5,000,000, while his son ac
cumulated about half the same amount
And then in his turn George IIL was not
slow. Cdrious as it may seem his was not a
case of recklessness or extravagance, but of
extreme parsimony. As Burke put it, the
King's financial habits appeared to him as
"the operations of parsimony, attended
with all the consequences of profusion."
This was the King, w. ho, asking for a half
million pounds, invited his Prime Minister,
Addington, to dinner and disgusted that
worthy by feeding him on "mutton chops
and pudding." Whatever he may have
done with his money George IIL was not
on the throne ten years before his debts ex
ceeded 2,500,000, and, this notwithstanding
the fact that $500,000 was added to his
yearly income. Eight years later the Com
mons had to come to his rescu3 again with
53,000,000. When George IV. came of age
he was made the recipient of $300,000, a
lordly residence at Carlton House and
granted an annuity of ?250,000. Neverthe
less, within four years after Parliament was
petitioned for $800,000 to liquidate the
debts of this poverty-stricken Crown Prince.
The Albert Edward of our day has often
been compared with, his great uncle, George
IV.; but to say that he is any worse than
he or a number of his relatives, is simply
saying what is not true.
A Convert toTheosopny.
The "wild western boomers" are not to
he compared for an instant with the crowd
that is engineering
the cause of Theoso
phy. For a time
the followers of that
belief received some
what of a set-hack
through the death of
their great high
priestess, Madame
Blavatsky; but once
again it flourishes
"undf r the enthusias-
Pere Hyacinths.
tio leadership of Colonel Olcutt in this
country and Mrs. Annie Besant on the
other side of the water. Both are making
converts, by playing largely on the cred
ulity of their audiences, the first named
telling of mysteriously received letters and
the latter claiming direct communication
with a Thibetan mahatma of great powers.
But by far the most important incident
of cotemporary tbeosophio history is the
conversion of the famous Pere Hyaclnthe to
the belief. I have no doubt many will
remember the previous history of this
individual. Born more than 64 years ago,
he early in life attracted attention by his
preaching powers as a priest of the Roman
Cathoho Cnurch,but eventually became so
liberal in bis opinions that he was excom
municated. He argued that marriage of
priests was entirely proper and carried out
his theory by marrying an English lady.
Although rejecting some of the most im
portant of Catholic laws and losing his
standing through his beliefs he has never
theless continued to fight the cauio of what
he terms a "Liberal Catholicism," which
adheres to the fundamental principles of
his early faith, with the exceptions noted.
Under the circumstances his conversion to
the theories of Olcott and Besant is some
thing of a surprise and really a big card for
that faith.
England'! Policy or SUtvlene.
On his way from Jerusalem to Corinth,
the Apostle Paul landed on a beautiful isl
and in the i&rean Sea, to the people of
which he preached the gospel of Christian
ity. To the same place had come, many
hundreds of years before, a colony of Pelas
gians and following them and two genera
tions preceding the celebrated Trojan1 War,
on Ionian colony. About 150 years after
ward, the island was recolonized by
jEolians, who founded what they called a
Hexapolis, consisting of six cities and the
school of lyric poetry that bears their name.
This island was the birthplace of
the musician and poet Terpandes
and of the lyrio poets Alcffius
and Sappho and of Arion. During the same
period flourished the statesman Pittacus,the
philosophers Theophrastus and Phanias and
the historians Theophanes and Hellanicus.
I"or many .years the people, who were in
dependent, were ruled and nearly ruined by
tvrants. until the wise Pittacus took the
government in hand and elevated the little
, jsland to prominenco as
a naval power I
.-
"iW)
'PITTSBURG DISPATCH,
which 2,600 years ago waged war against
the Athenians for possession of Slgeum at
the mouth of the Hellespont Afterward
It was. an ally of Xerxes against Greece,
but subsequently fell into the hands of
Mlthridates, and passed from him to the
Romans. In later times It was taken pos
session of by Mohammed TL, and then be
trayed into the power of tile Sultan, who
inflicted death on the traitor.
I have no doubt that many will guess the
name of the famous little isle whereof I
speak. Perhaps the majority will know it
best as Lesbos, Its ancientname, the home
of men renowned in philosophy, poetry,
musio and history, but not afew will recog
nize it as Mitylene, at present the obiect of
much interest to the world generally and
Europe in particular, and If England per
sists in her determination to occupy and use
it as a point of vantage to watoh the Dar
danelles, will without doubt add another
interesting chapter to its already remark
able history. There are those who say
England is only "bluffing." But wait)
Mitylene is an important place, the advan
tages of which the ancie .ts discovered long
ago, and "John Bull" is not acting aim
lessly in the matter, as scoffers will learn ii
they live long enough.
Speculating on Valley Forge.
An Eastern newspaper contained an item
underthe date of October 17, stating that
the original site of the famous Valley
Forge, consisting of a tract of land embrac
ing 51 acres, had just been sold to a certain
John Dunn. The sale was peremptory and
the place went for 510 an acre, or 8510 for
the whole. Three days later The Dis
patch mounced through its telegraphio
columns a meeting of the Illinois Chapter
of the Daughters of '76, held in Chicago,
at which it was decided to purchase the
field of Valley Forge? the statement that
$55,000 would be required for that obiect,
accompanying the report Now, the first
item does not state that the tract purchased
by John Dunn was the same as that wanted
by the society mentioned, but the probabil
ities are that it is. If this be the case and
the Daughters aforesaid pay such an
amount for it, John Dunn wlil reap a rich
harvest od his half-a-thousand investment.
The forge which begot the place its name,
was really not In existence at the time the
patriots occupied the vicinity as a winter
camping ground, it having been destroyed
by tne British, a short time before Wash
ington established his headquarters thero,
but it was rebuilt in 177a
Sinking of the Caspian Scat.
For many years the Caspian Sea, with
its water level away below that of its
neighbor the Black Sea, has been a wonder
to scientists. A number have made It 84
feet below the other and a few as much as
848 feet Besides it was generally conceded
that the level was slowly but surely lower
ing.in fact,itwas believed the sea was drying
up. Now the curious discovery is made
that the depths of the water remain the
same and if the level is lowering, the bottom
of the vast sea must be sinking. As it is,
the Caspian Sea is the lowest body of water
In the world, countiug from the sea-level.
The matter is creating much speculation
among scientists and many thories as to the
cause and the probable result of the phen
omenon are being offered.
Speaking of the Caspian reminds me of a
strange occurrence on this sea 22 years ago,
and its peculiar verification of a story told
by Herodotus, and up to that time 1869
considered a mere tradition, and a wild one
at that; even the ancient writer himself be
ing of tho same opinion. The story ran
that away back in antiquity this sea became
covered with a fluid which ignited, convert
ing the whole into one vast sea of fire. Now,
as Is well known, the islands of this sea
abound in wells of naptha, which in July,
1869, suddenly overflowed, and the fluid,
running into the sea, took fire in npite of
all efforts made to prevent it For 48 hours
afterward many thousand square miles of
water surface were one rolling, tossing biU
low of flame, which only died out when the
Inflammable material became exhausted.
No loss of life took place, but when the fire
had burned itself out the sea was found to
be covered thickly with dead fish.
Monument to a Bal Indian.
There are precious few monuments in
this country erected to the memories of the
famous Indians who
have added their
pages to our his
tory. Few native
Americans, young
or old, but take
great interest in the
romantic redman of
a Cooper or a Ben
nett.ai though, when
it comes to study
ing him from a prac
tical point of view,
there is little inter
est manifested. It
is, therefore, impos- -Reo" Jacket.
sible to say that tho precedent inaugurated
by the Waterloo Historical Society, of
Buffalo, in erecting a monument unveiled
last weekto Bed Jacket, the Seneca Chief,
will be continued. If it is, let us hope that
a more representative redman will be
chosen.
Bed Jacket made all of his fame as an
orator, and there is considerable doubt if he
is even entitled to any fame. In other re
spects he was a poor example of the Indian
of romance. Joseph Brant considered him a
great coward. Possessing the elements of
an intelligent man, he could never be in
duced to respect Christianity, in fact, he
was one of the most inveterate enemies of
the missionaries. During the Revolution
he fought on the British side, but in the
war of 1812 was a zchlous supporter of the
Americans. Toward the end of his life he
became a confirmed drunkard, and was de
posed from the bead chieftainship of his
Jribe on that account Wilejb,
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JIWFSU
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than 30 years. For terms, etc., address
Hutchison's Cancer Hospital, Sewickley,
Allegheny county, Pa. wessu
Sll Excursion to Norfolk, Vs. 311.
Last grand excursion of the season to
Washington, D. C, Old Point Comfort and
Norfolk, Va. Only $11 round trip; tickets
good for 10 days. During this excursion
the Atlantio Land Company of South Nor
folk, Va., will offer for sale a limited num
ber of choice lots. For tickets, plans, etc.,
address Sloan & Co.. 127 Fourth avenue.
. . :
Pittsburg, Pa-
YaUey Forga.
SUNDAY, OCTOBER 25,
THE RACE FOR RICHES.
Qnalificalions That Make the Winner
in Wall Street's Whirl. t
HOW J)EEW WON HIS $13,000,000.
An Accident Started Keeno on the Road to
as Many Millions.
WEALTH USUALLY ENDS IN ATAEICE
rwHrrrxjr on Tint DisrATcn.!
How fortunes are made and lost Is a prob
lem whose solution can be effected by no
fixed rules. I will thereiore make no at
tempt to treat the subject philosophically,
but will treat It simply concretely, giving
brief sketches of prominent financiers and
their methods of operating, together with
prominent characteristic traits, which have
been potential elements In both the acquit
ment and eventual loss of great fortunes.
Keen Intelligence, unlimited ambition,
tireless energy, a cool head and an Iron
nerve, goaded on by insatiable avarice,
usually produce large fortunes. But as
avarice is the parent of wealth, wealth
In turn develops avarice. This is
thus treated by the old story of
the man who said: "If I only had
$100,000 I'd be satisfied," etc It frequently
happens that when a man has acquired great
wealth his ever Increasing avarice, sec
onded by still greater ambition than he at
first started out with, but directed by a less
subtle intelligence and a greatly decreased
force of nerve, brings about eventual finan
cial ruin.
SPECULATIVE AND MENTAL EJTOKT.
Undoubtedly many who speculate are un
equal to the encounter. They are as a rule
too ignorant or too timid; few are too wise
or too bold. Such defects are fatal Self
control is an absolutely necessary qualifica
tion. Speculation requires greater mental
effort than any other pursuit Sentiment
cannot enterinto speculation. Tho greatest
fool in Wall street is he who thinks himself
a man of destiny; whose confidence (exag
gerated by great good fortune) in his own
powers leads him to believe 'hat he is in
vulnerable. So soon as this feeling takes
possession of him he is led to trust to look
rather than the study of conditions relating
to Wall street
A man should never trust to second-hand
information. Most of the losses incurred
in Wall street are due either to insufficient
or false information. One-sided knowledge
is particularly dangerons; for instance,
while glowing accounts of a road's pros
perity may be published, newsof an equally
damaging character may be suppressed.
All sorts of reports are sent forth by de
signing operators with the purpose of ad
vancing or depressing the priees of stocks,
and when such Information is acted upon
by unwary outsiders they Invariably lose.
All speculators should hold back a cash re
serve against sudden fluctuations of the
market; failure to do this 1b almost always
fatal.
THE DASGEE IS PLTJNOINO.
I have known men to start In with but a
few hundred dollars and run it rapidly into
thousands during a protracted bull or bear
movement These men have pluneed, and
believing the upward or downward course
of the market to be interminable have
added to their holdings as rapidly as their
Increased profits would permit, without a
thought of increasing their margin or lay
ing back a cash reserve When the tide
changes, and it does change as inevitably as
the tide does in the East river, their mar
gins are wiped out by the first fluctuation,
and if stop orders, which are usually ex
acted by the brokers in such cases, are not
quickly executed they findthemseWes not
only penniless, but deeply in debt to the
broker. No broker should ever trust a cus
tomer for margin, as such an act ii ruinous
to both. ,
When the customer becomes indebted to
the broker he invariably, when he next comes
to the street, goes to another office, for he
will not be hampered by old debts.
David Drew at one time controlled more
ready cash than any one man in America.
His life affords a remarkable instance of the
acquirement of great wealth through pursu
ing one idea and one purpose. It shows,
that education, undoubtedly a great factor'
of success, is not necessary to the acquisi
tion of money. Mr. Drew's ignorance of
grammar is illustrated by his order to his
broker, "Gim me them sheers," when he
wished his shares -of Btook given to him.
CHABACZEB 07 DENIEL.
He had supreme contempt for any person
of less ability than himself in the 'market;
but he hated and sought not only to defeat
but destroy all who dared to compete with
him. He was cunning to' the last degree
and equally bold. Though himself an igno
rant man, he showed great respect for those
higher and perhaps more intellectual walks
of life which he by lack of edncation if not
from want of ability was debarred from
pursuing.
He cultivated religious people of means
in order to use them in the promotion of
his financial schemes. This was demon
strated by his gift of a seminary to his na
tive country. If this was his motive, retri
butive justice overtook him, as ' he was
obliged to default payment for this instito
tion. Drew's wealth at one time was esti
mated at $13,000,000. most of which he
made out of Erie stock, of which road he
wss managing director and treasurer. In
this position he was enabled to use inside
Information, and as almost everybody else
was on ths outside he invariably gained the
day, and they were defeated. In fact; so
great a power was Daniel Drew at one time
that he frequently advanced or depressed
Erie stock 80 per cent in the course of a
day to promote speculative deals which he
was engineering. He was finally ousted
from Erie by Joy Gould. He used to say
of Gould, "His touch is death." From
this point he went rapidly down until he
had reached the last rung of the financial
ladder. His 513,000,000 were soon dissi
pated in wild and injudicious schemes to
regain control of the market. He died
in debt and broken hearted, the victim of
his own avarice.
KEENB'S BEILLIAST SPECULATIONS.
A man no less noteworthy in speculative
circles than Daniel Drew is James B.
Keene. His career is full of brilliant
episodes. He was born in London, came to
this country in bis youth and settled South,
where- he studied law. We next hear of
him in San Franoisco, where several im
portant cases, involving mining interests,
wereplaced in bis hands. He was also en
gaged in journalism in the West. He con
tracted the speculative fever and became a
broker. His health gave way and he was
advised to come East Before , leaving
California he had invested a few 'hundred
-dollars in mining shares. About a year
after, on his return to San Francisco, he
was astonished to learn that his stock had
advanced in price from a few hundred dol
lars to over $200,000. This fortune was
purely accidental; had he remained in Cali
fornia he would probably have closed out
his holdings upon the advance ot a few
points.
Although Mr. Keene had been compara
tively poor, this brilliant stroke of luck by
no meaus intoxicated him, and he set about
to increase his fortune. He knew that the
tidal wave of speculation would soon over
flow the Pacific coast, and he bought a seat
in the board and drove an enormous trade.
Everything he touched turned to gold. He
had lunerring foresight and Indomitable
courage; 'he knew that many worthless
stocks which had been forced taa giddy
height by tho gambling mania that then ob
tained were sure to fall. He had the cour
arge ol his convictions and sold the market
short When the crash came and the smoke
of battle had rolled away he found that he
was an enormous winner.
AVARICE BROUGHT HIJI LOW.
In a few years'Keene had risen, from com
parative poverty to fabulous wealth. In I
Jj877ejitarte.d forjEuiojobut happening
1891.
to make a passing visit to Wall street, tha
old speculative mania again seized him in
its relentless grasp and he abandoned his
European tour. Here he and Jay Gould
formed a pool to depress the price of West
ern Union stocfc. In New York fully
$9,000,000 was acquired, which, In addition
to the former fortune, amounted to $13,000,
000. And now the wheel of fortune turns
again. His fortune far exceeded the wild
est dreams of his first ambltlon,but avarice
had fattened and developed on its own real
ization and took complete possession of the
man. It absorbed his entire personality;
he was ambitious to become a very Crcesus,
and he was induced to depart from specula
tion of stocks and enter into channels of
speculation with which he was unfamiliar.
Lard, wheat and many other commodities
even fast horses were not outside the pale
of his speculative endeavors. His castle
had too many doors. Some of these he was
compelled to leave unguarded. This fact
became patent to shrewd rivals. They
combined forces and attacked Keene's vul
nerable points; while he bravely defended
the north side of his castle the south side
was attacked and ransacked by the enemy.
Disaster followed disaster, and as he made
greater efforts to r cover something his
losses 'increased, until one day the c stle
which he had reared to the skies fell witha
crash, and lieene barely escaped burial in
the ruins.
CRUSHED OSLY TO EISE AGAIS.
But Mr. Keene is not to be kept down,
and I hear he is on the high road to success
aain, Henry Villard is another instance
of pluck and industry crushed to earth
rising again. Villard acquired a fortune
with unprecedented celerity; his phenome
nal nerve led him to seek other investments
than Northern Pacific. His wealth rolled
up rapidly into the millions. He had
changed from habits of the strictest economy
to those of the most lavish luxury. When
all Europe and America were looking on
amazed at the marvelous prosperity of this
modern Monte Cristo Ihe crash came.
Mr. Villard's European backers.had such
Implicit confidence in his honesty that it
was not long before he was upon his feet
again. In brief, he began with npthing in
1879, and in the course of one year became
possessed of $3,500,000 in railroad securities,
and in five years managed to obtain control
of property aggregating over $100,000,000.
Henry N. Smith came to New York from
Buffalo with a few thousand dollars. He
was successful in his first ventures in Wall
street He was a bold operator and mads
money rapidly. When acting on his own
conviction he always made money. Re
verses first overtook him In 1873. They
were due to Commodore Vanderbilt's ad
vice to buy Western Union.
He lost everything but his New York
residence and stock farm. He did not lose
courage, however, but began to speculate
again, and gained considerable influence in
the street He ingratiated himself with
wealthy men and commanded enormous
amount of credit In comparison with his
actual means.
KUIHED BT OTHER PEOPLE'S ADVICE.
He and William K. Vanderbilt entered
into an agreement to bull the market, in
which operation Vanderbilt lost several
millions. The deal was disastrous to Smith
also. Woerishoffer after this won Smith
over to the bear side of the market, but he
got bearish notions so badly that he could
see nothing but disaster ahead, and he was
recklessly prepared to follow Woerishoffer
whenever the champion bear should attempt
destruction of values. This inveterate com
bination of egotism and fanaticism soon pro
duced his ruin
Smith ilost-bynotoperatjngonhUiown
DON'T DELAY TO
Stop that cough I Else tho bronchial
tubes will be enlarged and the delicato
tissues of the lungs exposed to injury.
No other medicine is so speedily opera
tive in throat and lung troubles as
Ayer's Cherry Pectoral. A few doses
have been known to break up an ob
stinate and distressing cough. .Sufferers
from asthma, bronchitis, croup, con
sumption, sora throat, and whooping
cough find a sure relief in the use of this f
preparation. It
flamed mem
motes expecto
duces repose.
soothes the in-
brane, pro
ration, and in
Don't be with-
out it In thti house,
Sallie E. Stone,
Hurt's store, Va., writes : " I have found,
in my family, that Ayer's Cherry Pecto
ral was always a certain cure for colds
and coughs."
"Five years ago I had a constant
cough, night sweats, was greatly re
duced in flesh, and had been given up by
my physicians. I began to take Ayer's
Cherry Pectoral and was completely
cured." Anga A. Lewis, Elcard, N. Y.
Ayers Cherry Pectoral
Prepared by Dr. J O.Ayer&Co.,Lowelt,Msa.
Sold by all Druggists. Price $1; six bottles, $S.
Try
IS AN ATTRACTI IN COMFORTABLY FURNISHED
Years of Experience in the Housefurnishing Business and aThorough Knowledge.
of Everything Pertaining Thereto Enables
HOPPER BROS.&CO.,
. Pioneers of Low Prices, 307 Wood St., Pittsburg,
To give valuable assistance to every householder in the city, and, as an evidence that our efforts to please the publid
are appreciated, it is very gratifying to us to know that our business never was more prosperous. Day after day
there is a practical demonstration of our popularity. We say to the army of buyers: "Thank you, very much.
While congratulating ourselves on the big success we're attaining, we cannot refrain from saying that: Apart from
the clever assistance of the newspapers, our business would not grow as it does were it not for our untiring efforts to
GIVE EVERY PATRON OF OURS THE GREATEST AMOUNT OF SATISFACTION.
Tie Time Has Gome frir Yon to Fix Up Your Homes Ibr Hie Winter!
For cold, cruel winter, like death, is no respecter of persons. Are you prepared? We are ready for you with a
6tore full of goods, the like of which you can see but in one place in this city, and this place is ours. THE VERY
LATEST STYLES in each of our numerous departments.
SUPERB PARLOR EFFECTS I HANDSOME ODD PIECESI
The Mediaeval, Modern and Antique, for Dining Rooms, Libraries and Halls; entirely new ideas In Bed
room Fittings; .the finest Carpets and Rugs, Oriental Stuffs, Portieres and Curtains ever imported, besides every
thing a modest purse requires.
A WALK THROUGH OUR VAST ESTABLISHMENT
Will revolutionize your ideas as to comfort. A magnificent stosk of goodsl
tractive with all the novelties, the substantial! Everybody's taste and length
board of the season with us is double our business. Shall we do it? Without a doubt.
3We are sorry we cannot give the name of the winner of the prize competition this week. Many .of the larger
lists contained so very many errors that it took us more than a reasonable time to go carefully over them. To this is
attributable the delay. Sunday next the winner's name, together with number of words, will be given sure.
HOPPER BROS:&CO.,
PIONEERS OF LOW PRICES,
8Q7 WCLQD ST.. EITSJBJJfMSh,,
convictions. He drew upon the resonrces
of Heath & Co. until they were almost ex
hausted. He became so bearish that he not
only lost all his own money, but became in
debted to William Heath & Co. in $1,000,
000, which caused their failure, as well as
that of several other houses. In a state
ment which he made before the Governing
Committee of the Stock Exchange, he said:
"On January 1, 1885, 1 was worth $3,100,000
In monev, and the balance, $300,000, in good
real estate. On the following, January I
lost the whole amount and was $1,200,000 In
debt, $1,000,000 of which I owed to William
Heath & Co."
People wonder that Smith was able to get
in debt so heavily to one house. I am of
the opinion that the psychologio power of
Henry N. Smith over the elder Heath was
the real cause. If Heath & Co. had not
trusted Mr. Smith for margins they would
not have failed, and the elder Heath would
not have ended his days in the insane
asylum. Hesbt Clews.
Youb picture free, and handsomely
framed, given away during this week by
Hendricks & Co., No. 68 Federal street,
Allegheny, with every dozen. Cabinets, $L
BUSY
LLW
i. rrr-
tj rt- "
filSIy
aaPCMag!flfeTSrT.?!J"
"-k- "c"a;.'-
(31,000 Square Feet on Ground floor.)
The various factories already built at Ellwood will employ 1,500 people,
and more to follow.
THE IRf EIT F0IIY COMPANY
Have just completed contracts to immediately start a stove and light castings
foundry at Ellwood. All this is because
ELLWOOD'S SITUATION FOR BUSINESS IS UNSURPASSED.
On two Trunk Lines and another coming in, affording competitive freight
rates, through shipments, no switching charges, no transfer charges.
Ellwood has Coal, Fire Clay, Glass Sand, Building Stone, Limestone,
Natural Gas, Electric Lights,
The 160 houses built within
the year (average value J 1,800)
are all taken, and over X5 100
applications in advance for houses
to rent so buy and build at
Ellwoodj you can make 20 per
cent a year at present prices.
Wanted More houses for the
employes that will be at Ellwood
within six weeks.
BEAUTIFUL
LLWOOD.
" - jp--&ar
Is also an ideal place for a home. All of It Is charming, but the 109
acres of parks on the Conoquenessing is a fairyland. Come and see what
nature has done and enterprise is doing.
Ellwood is not being rushed off for commissions, but h being DE
YELOPED FOR FUTURE VALUES. The 6ort of place to invest in.
CALL-ON OR WRITE
THE PITTSBURG CO.,
MERRETT GREENE, General Manager,
108 FOURTH AVE., Pittsburg,
Or HOTEL OLIVER, Ellwood, Pa.
oe2W0i
IB
Had Never Seen Bicycles.
A couple of Pittsburg boys have just io
turned from a bicycle trip through tha
mountains of Central Virginia. For two
days they traveled through a country where
the majority of the people have never seen a
bicycle, and where about the only evidence
of civilization to be found was a box of
Marvin's Eagle Butter Crackers, which tha.
proprietor of one of the back woods hotels
proudly displayed.
"We have to drive 24 miles to the railroad
station to get 'em,"hesaid, "butl'dgoaftei
'em if the distance was 50 miles."
That man couldn't locate Pittsburg on tha
map, but he knew a good thing when he saw"
it If you don't believe It. try some of
Marvin's Eagle Butter Crackers yourself,
and see. Your grocer keeps them. TWFSa
L. DOWD'9 HEALTH EXERCISER.
T:r Siius-WttZiri Eele:ti.7 Itnw
J Gentlemen, Laut". Vontbi; Atlilfte
a or inv&ua. a cosipieis gyenmrpin,
I Takes up but 6 In tqnare omit roon
I oeir, idcntiCe. durable ecTsprebroirr
J cheap. I ndoraen by 30.000 pbvatetuSf
1 lawyers, clerzjmeo, edltnrs a otberi
1 now oslne; It. Head far ilfortratcd dM
cuir,40ecgrav:ora,toeharct. Prof.
D. L. Dow I d(Ht!r- PbTrlcalA Va.
(teadb vuij cal Calturt, Eart lith St. S ow X oily
js-:j.
rm
''if .a.?fe
p. 5TtVNSNV yoyjefu.
PEI1L
....T.-'VjSSNaA
1 "
Perfect! Generous in
of purse provided for.
quantity, at
The finger-
D.
BaW MffiWS.
aV mEKSSF
OO D,-S5
3
a i "" "" -"'-" m'J a atflajM &ttTi
tflw
fiitegSl Jasawfe:-- Hfnrnl I.WBS& 3
xmss!&3
HOME!
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