Savannah morning news. [volume] (Savannah) 1868-1887, 1886-05-18
rHE WEEK IN WALL STREET.
Effect of Woerishoffer's Death-A
sketch of the German Broker.


grew more dull than usual on account of
its votaries interest being absorbed by tie
death of the German broker by the name
of Charles +. WoeIlshOfer. A Stock Ex-
change committee was appointed to write
a eulogy of the deceased man, large
number of members Of the board attended
the funeral, and altogether, during the
first three days of the week, there was
nothing but talk about Woerishoffer to be
heard in Wall street. And the man was
one who certainly deserved to be talked
about.
A very queer personality was this slim,
nervous, German-student looking indi-
vidual. He came to this country little
over twenty years ago from village near
Frankfurt, Germany, with patch on his
breeches, a few thalers in his pocket, and
as a newspaper expressed it the other
day, Sin consignment to the firm of
Rutten q Bonn. Although the son of a
humble post office clerk or postman, he
had, however, acquired some knowledge
of the French and English languages and
of bookkeeping during his service as a
boy and subsequently as a clerk in some
banking houses in Germany and France.
The firm Of Rutten & Bonn gave MIN a
tAii 5tGIb III N6W anu SOllC CiSub
years later, when l first knew him here,
he had, after having changed his business
connections several times, become a mem
Der of the Stock Exchange and established
a firm of his own. 1t was about that time
that he married Miss Uni, a stepdaugh-
ter OF Oswald OttendOrfer, editor of the
New York Stats Zeitung. This made
him, of course, solid with the colony of
German bankersIn America, and led, sub
INF xr RI INN nrta ~ init IA
the German banking houses in
Europe. WOerishofer showed such an
ability, shrewdness and discretion in his
actions that in five or six years he had an
almost unlimited credit in his own cOun-
try. That was the principal basis of his
subsequent success, for when he started
as specuator on large scale he had
the command of an almost unlimited
amount of money. The moment he could
show million or so of dollars to the Ger
mans, they would give HIM TWO or three.
At that time it was not difficult thing to
get some speculation money in New York.
He came IN contact at DelmOnicO's with
a set of very rich men who liked good
dinners, a friendly game Of poker and
a jolly time generally. WoerishOffer was
not deprived of mother wit, was a reck-
less gambler by nature, was always
ready to JOIN ioyial dinner party, and
soon formed very useful social relations.
Some of his new American friends could
not pronounce his name at that time, and
for some reason or another gave MIN the
commonplace French name of Durand /:
but very little later on they not only
found out how to pronounce it but how to
spell it on the checks they were writing
out for him. Prominent among this set
of men were old Lorenzo DelmOnicO, head
of the great firm, his brother Siro, their
nephew Charles, the wealthy iron founder,
Jordan l., Mott, eX-COngressman Edwin
Eiustein, the head OF the well-knOwn
banking and broking firm Of E. L. Open
helm 81 Co., a rich leather merchant of
the name OF Scheftell, and few men of
this stamp. Thus, when WOerishOfer
started his Denver and Rio Grande scheme
each OF these men subscribed from 100000
TO $500, 900, and gave him ample chance to
show his German correspondents what
he could achieve here. He wanted all
these men at that time and he gave them
a chance to make plenty of money; but
subsequently he put them in the Mexican
National, the West Shore, the st. Louis
and Texas, the nth River Construction,
Colorado Coal and Iron Company and a
few other concerns, all of which went
ultimately into bankruptcy, and took out
OF the pockets OF those men all and more
than they could possibly have made ia the
Denver and Rio Grande. He had also at
his command the fortunes of both his
father aud mother-in law, the latter OF
whom was particularly rich, being the
actual owner of the Stats Zeitung, in ad-
dition to a good deal of real estate and
ready cash.
Being once thus comfortably situated,
WoerishOfier went ON full steam. He en-
tered into and partly originated some
hall a dozen schemes, most Of which are
mentioned above. They were all started
with brass bands and fireworks, and went
all TO bankruptcy. He made, personally.
a fortune of every one of them, and not
only did he go in upon bedrock terms and
often on a mere capitalization of his in
tellect and influence, but also was the
drst to step out, and when the disaster
began he was found on the short side.
Every one who takes an interest in
Wall street matters remembers how
Denver and Rio Grande stock
was pushed to ia before the road was
half built and how il sold at 81 when the
work was completed. The story of the
fate of the other enterprises IN which he
took interest would be too long. The
Northern Pacific and Oregon Transconti-
mental may be cited as exceptions. But
If these companies were not made bank
rupt, their President, Mr.. Willard, was.
But w OerishOffer made another fortune
In them. for he was short Of the securi-
ties when Willard began to break. The
public record of this man is bankruptcy
TO every enterprise and corporation he
Initiated or was Intimately connected
with. The record OF his private life
Is quite different. Like most gamblers,
he was very liberal. All those who were
OF service to him in any way or to whom
be took fancy were amply rewarded.
At the Stock Exchange he gave, at diff
ferent times, assistance TO dozens OF fell
low-members. Some he saved from bank
ruptcy, others he started in business. OF
course all OF them became his tools and
faithful servants afterwards, and nc died
with probably more Stock Exchange
friends mourning over his memory than
any other member Of that institution will
ever have.
For sportsmen, much more interesting
than the death OF Mr.. Woerish0fier and
the condition of Wall street Affairs Is the
prospect of pool selling and betting dur
ing the coming season. People flock
down to Sheepshead Bay, Jerome Park
and Monmouth Park with the expectation
OF being able TO risk a little money on
races and thus have an interest in the
proceedings. But a lot OF fools are strik-
ing about the immortality of betting with
out for moment considering where their
views will lead to. II betting is killed in
New York, racing will also be killed. IL
ronf,,,r a. EfIfaG inuFoVomQDt in OuT