Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1862-10-09
THE CAPITALISTS OF NEW YORK.

THE CAPITALISTS OF NEW YORK
The great capitalists of New Yol
are chiefly identified with its real e
tate, and their wealth has general
arisen from its advance in value. Fe
great fortunes have lasted long whe
left to the caprices of trade, and th
sons Of our merchant princes general
turn out poor men. The great estate
of the city are of very limited mum
Der, and are mainly included in th
names of Whitney. Goellet. Lorrillard
Rhinelander. Stuyvesant, Lenox. ant
Astor.
STEPHEN WHITNEY.
The first these, was 60 long al
ha5isue of Wall street, Front stree
and Coenties Slip, that even now, wher
wandering along those thoroughfsres
we almost momentarily expect to meei
him. His Office was held for years in
the second story Of a warehouse in From
street, q spot in whose vicinity.he bad
spent nearly three-score years. Thith-
er he had come in his boyhood, poor,
friendless, New Jersey lad, had found
friends and employment, had at last
got to be a grocer, and had gradually
accumulated a large capital, by the
closest economy. At this time the wal
of 1919 broke out, and cotton became
very low, in consequence of the diff.
Guilty of shipping it to England.
Mr.. Whitney had at that time a vast
amount of outstanding accounts in the
Southern States, and bis debtors were
glad to pay him in this deprecated ar
ticie. We have been informed that
Jackson's cotton defeDses Of New Or
leans were Of his property. AS neu-
trsl ships were permitted to sail be-
tween the beligerent ports, Mr.. Whit
ney exported large quantities Of cotton
to England, and held the balance Of
his stock until the close of the war,
when it advanced enormously. This
advance, together with the proceeds Of
his exports, at once made him mill
lionaire, and the capital thus acquired
never lost chance of increase. Civ
ing up the details of trade, Mr.. Whit
ney bought large quantities of real es-
tate, on which he erected warehouses
and obtained princely rental. In ad-
dition to this, he dealt more largely in
commercial paper than any other man
in the city, and perhaps in the Union.
His habits of industry continued, and
were a theme of remark, as we OBJ
served him in his daily walk from his
Office to the great moneyed center Of
where the price Of paper and
money rates regaled his ears. He was
good judge Of paper, and needed no
one to advise him. He touched moth
ing but what in commercial parlsnce is
termed "gilt-edged," and Of this he
purchased almost daily for thirty years.
These notes being made payable to the
order of the drawers, needed no other
endorsement and hence might pass
through hundred hands without this
fact becoming known. Mr.. Whitney's
bills receivable falling due in Wall
street, must have been at the rate Of
thirty thousand dollars per day, and
his purchases of paper, of course. were
about the same rate. Mr.. Whitney's
charities we're on very limited scale.
When the congregation of which he
was a member we're building q mansion
house, he was applied to, to head the
subscription, which he did with tri-
fling sum. The gift was refused, and
a larger one was demanded as in better
keeping with his position. "Sir." was
his reply, eff you go on in this way
there will not be rich man left in the
city of New York" 1t is also said
that on a certain occasion he was called
on to aid a political movement with his
subscription. "Sir," was his reply,
al have no money to spare, but Til
come and sit up all night to fold ballots
for you"
THE sTUARTs.
Messrs. Stuart are two brothers who
are largely engaged in refining sugars,
and who have in this business made
large sums. The concern originated
in a small shop, where, some fifty years
ago, Scotch woman sold candy, with
her two boys as clerks. Instead OF
that little candy shop, there stands on
the same spot an enormous refinery,
whose operations employ hundreds Of
hands, and whose purchases are by
cargoes. What would the worthy
mother say to this transformation of her
shop, as by some art of magic? But
it is the magic of industry and enter
prise. The Stuarts use their wealth
with iudicious liberality, and evidently
mean that the world shall be better for
their living in it. Their contributions
are large, and their opportunities are
great, for be it remembered such mer
are under incessant solicitation.
JAMES LENox.
The name of Lenox appears among
some of the early Scotch emigrsnts
such as the Irvings, Masons, Douglas.
es, Grahams, &c. Robert Lenox be.
came q distinguished New York mer'
chant. His profits were wisely invested
in land, and this became very valuable
His only son, James, inherited the lar.
ger portion OF bis estate, whose increas.
ing value made him millionaire, and
in it's use be has exhibited 8 remarka-
bic benevolenee.
In his benefactions Mr.. Lenox exer-