St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-11

Getting a Start by Marrying He Built Up
an Immence Fortune end Then Lost Al
by Unlucky Speculation-Fla Broke.
IN. Y World
There was loud burst of derisive Taught
er on the Stock Exchange when the Chair
man, after rapping for order, read note
from Mr.. Alden B. Stockwell announcing
his suspension. His operations have for a
long time been so small and his financial
condition so precarious that the brokers
laughed outright that the Chairman should
have deemed it of sufficient importance to
interrupt the business of the board by max
| ing the announcement. Yet there was a
time when Alden B. Stockwen was great
power in Wall street; which his transactions
were enormous, and what he said or wrote or
did was deemed of the first importance and
his office yesterday it was said that he had
sold ssshort'' on Lake Shore, and the price
having advanced he was unable to meet the
differences. Which amounted to less than
$500.
Mr.. Stockwell was Cleveland man. The
first that was known of him was when he
was q clerk on a Lake Erie steamer. On
one of his trips he met the family of Mr..
Elias Howe, the inventor of the sewing ma
chine, who were passengers. subsequently
he married Mr.. Howe's daughter. At Mr..
Howe's death Mr.. StockweH succeeded to the
control of his father-in-law's business. His
income soon reached at least $500, 900 a
year and he acquired fortune of 50, 600, 900.
In 1865 he drifted into Wall street and soon
| became one of the largest and most success
full of operators. He bought a seat in the
Exchange, and his transactions were re-
garded as most important. He interested
himself in Pacific Mail stock and soon got
control of the company and made himself
President He also obtained control of the
Panama Railroad, and was made President.
About 1870 he manipulated famous ''deal''
in Pacific Mail and ran up the price in a
short time from 40 to 102. Following this
came break in the price following the loss
of six Pacific Mail steamers at sea in eight
months. This break carried away the bulk
of Mr.. Stockwell's fortune.
After that Mr.. Stockwell became interested
in the Atlantic and Pacific railroad, but lost
his grip, it is said, through deal by. Jay
Gould. Mr.. Stockwell was obliged to yield
up his interest in the Howe sewing machine
company, and he has since been vainly striv-
ing to retrieve his fortunes, but it is said has
| for some time had but little besides his seat
| in the Exchange. Mr.. Stockwell was once
the owner of the yacht Dreadnought and an
officer of the New York yacht club. He
| parted wi. the yacht to Mr.. Charles Osborne
The ups and downs of his remarkable career
may be summed up in q characteristic re-
mark which he is reported to have made to s
friend not long ago.
'sWhen came from Cleveland,n he said
81 was called Mr.. stockwell;' when I began
to operate largely in the street / was called
Captain when Ibecame big man in thu
market the operators called me Commodore,
and after had lost my fortune they spoke
of me as that red-headed dog from Cieve
land" For some time past he has hat
desk-room in the Office of A. A. Drake, No.
New street. He has been Of late only
small trader on the Exchange.