Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-07-13
II. VICTOR NEWCOMB.
How He Made a Fortune Dat
Of Louisville a. Nash
z Vile Stock.
New York Letter.


H. Victor Newcomb is one of the
youngest bank Presidents in this city.
Mr.. Newcomb's New York career is
an eventful one. He first appeared in
this city sixteen-year-old boy, with a
letter from his father to Mr. A. I.
Stewart. He was known on Wall
street as a protege of the merchant
prince. He at once entered into spec.
ulatien in gold with a pluck and ener-
gy that attracted the attention of the
Oldest and most desperate brokers.
The result was that he lost some very
heavy sums. His father came to the
front, paid up his losses, and sent the
young man to Europe. He next APP
pesred on Wall street three years ago,
coming from the West as Vice Presi-
dent Of the Louisville 4 Nash
vile railroad, and riding on the
crest of the boom with little
reputation for shrewdness. He was
known only to New Workers as the
young man who had formerly lost
heavily ION Change" and had re-
Gently Inherited a large fortune from
his father. 10 use the Wall street
parlance, he was looked upon as "a
very fat pigeon, and an easy one to
pluck" They soon found, however,
that he had learned something from
experience, and had since his father
death increased his princely inherit
ance, and was worth anywhere from
three to four million dollars. He
commenced about this time to build
up the Louisville & Nashville system
Of railroads, and from his inside
knowledge of the combinations, pur-
chases and leases of the road, and a
keen foresight as to how these changes
would affect the stock, he made large
sums of money. How much2 | asked
my informant.
"0n the various fluctuations of the
Louisville & Nashville stock alone, as
it rose from 35 to 226, he cleared over
$1,000, 600, and the beauty Of it was,
sold out his entire stock before he re-
tired from the Presidency, or any one
knew that be was selling out. After
his resignation as President he made
several incursions into the stock, but
never dealt in it heavily. He then
established the United States Nation
al Bank, with ex President Grant as
one of his Directors. The bark is
said to be very successful, though it is
a close corporation, its policy being to
declare no dividends, but to put its
earnings to the reserve fund.
will hemske New York hishome2"
/ asked.
YES. He is now worth in the
neighborhhd of S1O,OOO,OOO. He has
bought a $4,000 residence on Fifth
avenue, and built So, 1000 cottage at
Long Branch. He will spend his
winters here and his summers at
Elberon. He has a charming family,
wife, son and daughter; good health
and everything calculated to make a
man happy. He sold his home in
Louisville, which was the handsomest
residence between Chicago and Phila-
delphia, to Jewish merchant. 1t is
curious fact that nearly all Of the
handsomeSt houses in Louisville are
owned by Jews. Nobody else seems
to have enough money to buy when
the fHe old places are offered"
you say that he has regained his
health?"
He was never sick. suppose you
allude to the alleged affection of bis
eyes. There never was anything the
matter with them except that he
could not see far enough ahead to
know how high the price Of the Louis
vile & Nashville stock could be main.
tanned, and he bandaged his eyes for
awhile and slipped out. AS to his
general health, he has never been sick
day in five years; the calves Of his
legs are like bullocks, and he is as
solid as rock. My opinion is that he
is waiting for break in values, when
he will buy a cheap railroad or two,
ride it to the top of the boom, get sore
eyes again, and slide out ahead of bis
colleagues"