Savannah morning news. [volume] (Savannah) 1868-1887, 1886-12-26
AN OIL MUIIOxAIRE.
A Few Facts . bout Bostwick and
His Fortune.

I snarp-featiFed man. with keen gray ewes
and chin whIskers OF the sort that usually
I adorn the vIsage OF the traditional
/ Yankee. BE is quiet hammered and un-
| rretending, aud is one Of the recognized
! financial powers OF New York. Ii is
I Jabez A. BOstwick. He was recently
/ elected President OF the New YORK and
/ New England railroad. He is worth
: $4,000. 100 or SI5 600. 900. Stories have at
/ times been circulated that be was worth
! S50,000,000. They overstated mis- for
10 By nve-fold. They were quite as
/ ridiculous As that other story that
| John ID. Rockefeller, OF the Standard
! Oil Company, was destined to out
/ SHINE in wealth all the other million
/ aires OF New York. The disgusting
! fawuing upon wealth so noticeable among
ii certain class not one OF the least evils
OF metropolitan life. 1t is fair 10 say Of
! Mr. Bostwick that he is far from plum
! ing himself upon his wealth; that be is
| generally esteemed by those who know
| him, and ne 10 a very able business man.
| He was BORN In Ohio some forty-hye years
/ ago. and early in life went TO Cleveland,
| where he engaged in the hardware BUSH
ness. His health failing him, he went 10
| Lexington, Ky, where the climate was
more saiubrious. There ne met J. b. TIL
| ford, a banker, who took him into his en-
| ploy and eventually made him cashier Of
| his bank. Mr.. TiifOrI was young
Bostwick's best friend at time
when he had little money,
and when he most needed as
distance. The debt or gratitude. 1 under
| stand, was paid n manner that recalls
| the saying that Time mas a wallet at bis
| back wherein he puts scraps for oblivion.
| From lieX1n gtOn, having accumulated
some capital, Bostwick went TO C0ving-
ton, opposite Cine matt. and became
| dealer IN cotton and grain. Later on be
| removed TO Cincinnati, and finally came
| to New York in January, 1866, wuen &c
| en- parked in the cOttNn business mere.
| After time he engaged in the petroleum
| trade as a receiver OF the refined oil
| which then came principally from Cieve-
| land. 1t was fierce struggle with other
receivers for The control of the trade here,
and for a considerable time be was en-
gagged in a sharp business battle
with the Rockefeliers, who then had
small offices down in the
glpomiest part of Pearl street. After
time the rivals came to an understanding,
aud other houses being persuaded or
coerced into joining the enterprise, the
result was one Of the most powerful, one
of the most defiant, and at the same time
one of the meanest mOnopolies that ever
laid INSCRIPTIONS hands on the trade OF
this Countrywide Standard Oil Company.
have not been sufficiently enlightened
concerning its origin and it's me thOds. II
will no more be tolerated when its true
character is thoroughly Understood than
the Tweed ring was tolerated or the
combine" of certain New York Alder
men.
Much OF Mr.. Bostwick's vast wealth is
due TO his prominence in a corporation
which, beginning, IL is ale. ed, ia the days
of Jim Fisk with the Erie railroad, has
secured rebates on freight rates from all
the railroads till IL has practically
crushed out ali opposition and now stands
as the dominant power in a mighty inter-
| est, after having taught other nonopoists
| bow TO subyert the commercial liberties
| OF American citizens and heaped up
! ofenses against the natural code of ethics
| tor which the whiriigig OF Time will
| surely bring in his revenges. 1t may be
| added here, as a curious illustration OF
| how blind tDey can be WHO Will not see,
| how ready human nature is 10 veil that
! which might sting the conscience, that
! Jonn ID. Rockefeller, the mead and front
| OF this commercial monstrosity, is said TO
| be religious and takes prominent part
in the conduct OF one OF the fashionable
churches Of the metropolis.
Dir. Bostwick built the great cotton
| warehouses al Staten Island, where 100-
| 900 bales can be stored. he is engaged
! in project for conveying steam heat To
| dwellings in New York; ne 10 director
| IN a growing monopoly in the cotton seed
/ oil business; he IL President OF the New
York and New England railroad. and
though he has retis-d from any active
| participation in the business OF the Stand
| ard Oil Company, he Is still one OF its
| largest stockholders. He is a man OF very
| little education. He came up in poverty,
| with few opportunities Tor morning him
self, but like many other successful men
| OF business who know little OF anything
| but buying and selling, he apprt ciates
| the value Of an education
aud recently presented $4,000 to a
| North Carolina college. He lives in fine
| style on Fifth avenue, and is member OF
the Union League, which numbers not
| lew successful traders in oil and specula-
| tors in stocks and food. MIR. BOstwIck
| has made short cut TO wealth, and now
| frequently goes TO Europe for his health,
BENG wise enough not to allow business
10 take all mis- time, While ne is not man
| Of sufficient education to free himself en-
| tirely from business ties and devote HIM
| sell 10 the pursuits wnlcn would delight
the man of culture. 1t is the penalty
melted out TO the trader OF a certain sort
that, ike lxion, he is bound to the wheel
| ana must remain there TO the last.
In referring 10 the artificial scarcity OF
money, last week a well.known Wall
| street broker SAID: IAN expenditure OF
| $1,000 VIII lock up$l0,0O0, 900 for hve days.
Ine process is simply 10 arrange with 1--WE
| financial institutions 10 each loan you
| $20UO,000 for five days at per cent. on
government bonds as collateral, pay the
interest in advance and fail TO send IN the
col iaIeral. The whole amount is thus
tied upp' That is now men OF COMPARE
| lively moderate means could thimbie-rig
the money market. A large operator like
Gould or sage, with $4,000, COZ or more in
a bank, could send word 10 It's cashier
that he would require the amount OF his
deposit, and directing him not TO lend it,.
That action would, OF course, lock it up.
| The time Will come when an aroused and
indignantpubic will notIwlnk aqthe ing
uItIes OF Wall street. The Ta,cality OF
persons VINO deliberately create panics
! will yet meet It's own reward.
OSCAR WILLoUGHBY RIGGS,
BUBUTUT IN HIGH SOCIETY.