Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1873-04-04
Wonderful Career of Millionaire
Financier.

prayers
Wonderful Career of Millionaire
Financier.
From the New York Sun.
Mr.. Alden b. Stockwell, the pres
ident of the Pacific Mail Steamship
Company, over whose affairs rumor
has been very busy in the money
mart and club-houses during the
past few days, or since the compa
ny's stock began 10 depreciate, is
one of the most prominent specua-
tors in Wall street. Although com
paralively unknown outside of tinan
cial circles, he is central figure
among the millionaires on Change.
Within the short space of three
years he has presented an example
of pecuniary success far exceeding
the expectations of the most SAN
guine worshippers of Mammon.-
From ordinary circumstances he has
risen to be the possessor of fabulous
veal III, and to share with Jay Gould
and Henry N. Smith the reputation
of being the most wealthy among
the entire operators on the street.
His deeds of monetary daring have
been numerous and noteworthy, and
have been conducted on II scale of
greater magnitude than those of
the veterans on the stock market,
like Commodore Vanderbilt and
Uncle Daniel Drew, ever dreamed
of taking.
Mr.. Slockwell is of humble par
entage, his father being at one time
in the livery stable business in
Cleveland, Ohio, where the great
steamship manager WAS born. He
is about twenty-five years OF age
The turning point in his career,
which had previously been quiet
and uneventiul, occurred in 1865,
while he was ac ing as purser on
one of the Potomac River boats.-
On one Of the vessels trips down
the river from Washington, the late
Elias Howe, OF Connecticut, the dis
tinguished inventor of the sewing
machine, was passenger, with his
eldest daughter in his company
Young Stockwell was very attentive
and considerate OF the comfort of
Mr.. and Miss Howe, and extended
more than the customary courtesies
to them. The acquaintance which
was then formed between the purSer
and the Howes was renewed IN the
following year in Paris, where the
father and daughter went for their
health The future millionaire was
quick to Journey after them to the
French capital, after collecting all
the money at his command to enable
him to travel in style. On his arriv-
al there he laid siege to the affec-
tions of the young lady, and was not
long in obtaining her consent to their
marriage. MIR. Howe's sanction was
secured, and they were welded with
much eclat. They tarried amid the
gaieties of Paris for q short time
after their nuptials, and then return
ed to this country.
Subsequently, Mr.. Howe's second
daughter was introduced to Mr..
Stockwell's brother, Col. Levi b.
Stockwell, and before many months
new match had been formed. Mr..
Howe died in 1869, and lett his vast
property to his TWO daughters. Soon
after this event, Mr.. Stockwell threw
himself into the arena of bulls and
bears.
AT first he confined himself to
small investments, but gradually
launched into heavier and more CO.
lossal operations. Pacific Mail was
his tavorite stock, and under his
manipulation it rapidly advanced in
value. He purchased share after
share, and made it an active stock.
His ambition had led him to become
Il director in the co.rpany. After
getting himself elected director,
he aspired to the presidency Of the
corporation, to which he also got
himself chosen. Once in the covet-
ed seat, he began to consider how
he could keep himself there without
beng obliged to carry the stock OF
the company. a solution was pre-
scented III the Panama Railway.
The stock OF this road was selling
very low, and MIR. Stockwell seized
on 1t as the instrument which was
to keep him i'll control OF Pacific
Mail. He knew that the steamship
company WAS powerless without the
railway by which its passengers and
freight were carried across The 18TH
mus, and that the p"ssessorohip Of
its stock would enable him to III.
load himself OF Pacific Mail, and at
the same time prevent his removal
from the presidency. He therefore
sold short of Pacific Mail, which
Henry N. Smith began buying in,
in the hope of creating corner
The stock dropped several per cent,
and after Smith had secured the
most Of it, he contracted with Stock
well to sell it back at ninety in
three months. Before the contract
could be fulfilled, the Northwestern
gale swept over Wall street, and
Unexpectedly stranded Smith, who
was just as eager to get the Pacific
Mail off his hands as he was previ-
ously anxious to carry it. Specula-
tors say that he beseeched Stock.
we'll with tears in his eyes, to take
it back, and that it cost him a bonus
of 100000 before he could be re-
leased from the contract.
The fortune which Mr.. Stockwell
! has amassed from his different Spec