The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1885-12-23
FORTUNES MADE IN SAND.
Profits From Investments on the Jersey
Const--Wcnith From Small Beginnings.


Fifty thousand people make large sum-
mer crowd in Atlantic City, or in almost
any other place, for that matter. The only
point in the above observation is to draw
more pointedlythe comparison between the
Atlantic City of to-day and what it was in
1880. In conversation with prominent
Philadelphia national bank president and
railway director, who amassed his wealth by
wise investments and promising specula-
hons, he casually remarked Thirty-three
years ago first heard of what was then
deemed chimerical project, the building
OF a railroad from Philadelphia to the sea.
route survey had already been commenc-
cd and the engineers were at work. / put
my horse to carriage and went down to
the old Star Hotel, on Dock street, opposite
the Exchange, where | found Charley Ben
der, the proprietor, and invited him to join
me in drive. We crossed to Camden, and
the first day dined at Winsow with an oil
friend, Hon. A. II. Hay. who had Just sery-
ed one term in Congress and declared there
was not money enough to induce him to &C
cept reelection. The next day we reach.
ed Absecom, where We hired Waterman to
take us over to Absecom Beach, 1t was
rough-looking place, the sand hills or drifts
being covered with coarse stunted grass,
mixed with briars. Only two boarding
houses were visible, one called Bedloe's and
another belonging TO Mr.. McCleese. A Mr..
Leeds offered to sell us tract of the most
al Ia al, III
per acre. The most of it is now worth So
per foot. The old man ridiculed the idea
Of a railroad ever being constructed across
the meadows and was willing to sell. had
81, 900 in my pocket and was anxious to
buy, but Charley Bender was taken sick
and had TO take him home before we con
cluded the purchase. The same night we
started hcme the railroad survey was com.
pleted and the construction of tho railroad
shortly after begun. We had q very mar
row escape from making 5000, 1000 EACH"
This is only one instance of many for
tunes missed. A score of people have &C.
cumulated fortunes out of Atlantic City's
sand banks. The most notable of instances
are Of Rev. Thomas Sovereign, who from
an investment of $500 made at least $780,
900, Messrs. Archer & Morris, who from an
investment of $780, 900 in the Surf House
Property" less than a decade ago, have al.
ready cleared $50, 900, with fortune of the
land still in their possession.
James V. Latfcrty, the founder of Soutt
Atlantic City, launched boldly into that
speculation a half dozen years since with
less than ; 1000 of his own. In two years
he had cleared $40, 900 and was on the high
road to immense wealth when less fortunate
speculations caused him to turn his atten-
tons to other fields.
A syndicate of Philadelphia physician,
went into the Long Beach project six OF
seven years ago, and one of this number i.
authority for the statement that since theil
original investment land has increased
in value three hundred per cent. In a
single investment in Brigantine Beach sand,
Congressman Harmer probably cleared
more than several years of his Congress
ional salary amounts Philadelphia
Times