Omaha daily bee., 1884-05-23
JEWETT'S PILE OF COIN.
How HG Rose from ChOTG-BOV to Mill
OnnairG,
His Marked S~uccess-as President of
h Erie RaiIroad-An Estimate
of His Wealth. A Self-Made
Man.

born, some ntJy-SlX years ago. ne was
a poor lad, and had poorer advantages.
He did the chores an a small farm owned
by his parents and devoted the winter
evenings to study. Among his fathers
limited library were a few well-thumbed
law.books. Among them were Black.
stones Commentaries, and young Jewett
pored over them until the tallow-dip was
low in the socket.
Young Jewett, by the severest econo-
my and with the assistance of his father,
was enabled to enter Hiram College.
He was a classmate of the martyr. Pesi-
dent, James A. Garfield, and as school
boys they passed many pleasant days.
Soon after young Jewetts graduation he
drifted into Cleveland.
There were a few dollars in his pocket
and he was sadly in need of employment.
He was finally engaged as clerk and gem
eral Office boy for a lawyer. He received
the muniicent sum 81 per week. In
spare moments he devoted his attention
to his employers library. Long after he
had departed for home young Jewett
pored over the dry and musty volumes,
and when a few years later he developed
a leaning towards politics he had the am
munition to substanciateu his position.
He frequented the town political meetings
and soon was recognized as a careful and
intelligent speaker.
Several years later he represented his
district in Congress. He was a vigorous
supporter of President Lincoln, but OPP
posed President johnson most bitterly.
When General Grant came in MIR. Jewett
became one of his staunchest admirers
and 80 continued until he recognized that
politics were an expensive venture.
Like ex-senator Conkling, he believed
his profession would be of greater none
tary advantage, and resigned his seat in
the house and settled in New York. He
opened a small office, but soon became
known as an astute railroad lawyer. At
one time he was associated with Hon.
Samuel j. Tilden. He attracted the no
tice of John A. Dix and Jim Fisk, of the
Erie road. Mr.. Dix was then the presi-
dent of the road. When it became neces-
sary to place the road in the hands of a
receiver Mr.. Jewett was selected.
The history of the Erie railroad almost
from it's inception presents a c%hequered
story of alternating failure and partial
success, and although the road occupies a
position of almost national Importance it
has been perhaps more than any other
railroad property, the peculiar ..'sport" of
stock jobbers. under whose control it has
several times been thrown, and its man
agement up to President Jewett's advent
was a byword and a reproach in railroad
circles of the whole world. Such a state
OF affairs exists no longer in the Erie rail-
road. Owing to MIR. Jewett's iudicious,
honest and efficient management it has
made marvellous strides toward becoming
one of the most profitable railroads, and
this has been due to the management of
Mr., Jewett.
Twice since its completion in 1851 has
the Erie Railroad, the nucleus of the
present New York, Lake Shore and Yves.
tern system been placed in a receivers
hands owing to bad management and
causes, the last occasion (1875) being dis.
tinguished by the apparently hopeless
condition of its finances and tho serious
disadvantage the road labored under OF
being the only bread gauge trunk line
in the country. 1t was during the last
receivership, and while under the man
| agement of Mr.. Jewett as receiver that
the Erie road first promised to emerge
triumphantly from its trouble, and al.
ready in 1878, when it was sold under
foreclosure and shortly afterwards recog'
nized under it's present title with Mr.
Jewett as president, the improvement be,
gan to make itself apparent.
The first step toward placing the roac
on a paying basis was the arrangement o
the tracks for broad or narrow guag,
traffic, and this under Mr.. Jewett's man
agement has been accomplished withou
interfering with the business of the road
This was followed by the extension o
the tracks into the immense coal, minera
and lumber properties owned by the com
pany in Pennsylvania, and for this. pur
pose the Bradford branch was construct
ed. The coal and iron and lumber minet
by and carried by the Erie in this sector
alone has rendered this an enormousl,
profitable venture, besides which tn,
company has contracted for tho entir,
carrying trade of the Pennsylvania Goa
Company's output over the new Fri
e. Wyoming Valley railroad.
There have been many other improve
ments of the Erie's affairs and all o
them have been contaminated unde
President Jewett's management. BY hi
judicious course the business of the roat
has been increased to an almost unprece
denied extent, while the track ana equip
ment were never as good as at the pres
ent time.
Mr.. Jewett receives a salary of $50
600 per annum and has numerous out
side ventures which net him an annua
income of fully $3.50, 600. In addition
by his frugal habits, he has accumulate
one Or two bales of Erie second conso
bonds.
Mr.. Jewett's wealth is estimated a
$40, DOC, 900. His mansion at No. 2S
Madison avenue, in this city, is a bowe
of luxury and refinement,
MIR. Jewett is often heard to recall tn
old days when he was a poor country DO,
without a dollar and no prospect Of get
ting one. In fact it seems to be a pleas
ure for him to speak of his early trial
and troubles. He is singularly modes
and retiring in his personal affairs AM
has no greater pleasure than in takin,
his country relatives around the city.
For the skilful nursing that Mr.. Jew
EFT has given to the affairs of the Fri
Road he will long BIO remembered in tn
financial world.