The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1889-02-07
ATLANTA'S YOUNG NAPOLEON.
Wonderful Dealings of a Spartanburg Boy
Whose Bank has just Failed with Sixty
Cents Assets.

"Who is Tolleson ?"
1t is question asked on all sides.
Mr. Tolleson has lived in Atlant:
for some years, but he IS not we'll know
outside of business circles.
!. Mr.. Tolleson was raised in Spartan
burg, S. c., where it is understood h'
has wealthy relatives. He is now
u 80 years ofage.
| AS a young man Mr.. Tolleson early
developed a talent for business. Wher
about II years of age he began bnsines:
as merchandise broker and commits
sion man, and was remarkably success
| full. So successful was he that he soor
made reputation as young Napo,
leon Of finance. Before he was 20 years
Of age his business had grown to such
proportions that it is said he handled
thousands of dollars every day. He
had unlimited credit and good backing
and by the time he was % or % years
of age he had accumulated considerable
property.
It was in 1882 that he first came to
Atlanta He began business here in
January, 1888. He formed a partner
ship with Mr. Wallace Mcpherson &
Tolleson. They started ware house
on Alabama street, and did an extensive
commission and brokerage business,
handling grain, flour, meats and pro-
visions generally. The business that
they soon had established branch
Offices in Charleston, Memphis, Sa-
vannah, Nashville, Macon-in short,
in all the principal points in The
South.
The concern took high stand, was
| well thought Of by the trade generally,
had plenty Of credit and was said to
have ample backing. The business got
into some sort Of tangle, and while
there was no failure it was closed under
the complications. The afails of the
firm created good deal of talk at the
time and it is fair to add that no blame
ever attached to Mr.. Mcpherson.
After this Mr.. Tolleson became local
agent of the Wing Milling Company,
one of the largest concerns in St. Louis.
He was remarkably successful agent,
and developed business that must
have paid him S., 900 and upwards each
year. He became so valuable to the
concern that 1884 he went to Nashville
to take charge of the entire Southern
business of the company, Nashville
then enjoying certain rebDling privi-
reyes ruetU WdI1 UuerU -CTuy =UI1c en W To1
other Southern cities. :. .-. 4
There were complications in Nash
ville-of just what nature it is difficult
to say. Before Mr.. Toileson left the
company was not considered very
strong financially, and shortly after he
opened his headquarters at Nashville
the concern failed. It is said that the
Wing Company got on the wrong side
of the wheat market. There was talk
of transactions of a more or less doubt
full character between the st. Louis and
Nashville offices, and then Mr.. Tolle-
son became engaged in a newspaper
controversy with his principals, in
which, it is said, some rather ugly
charges were made on both sides. MIR.
Tolleson left Nashville and came back
to Atlanta.
He came as the representative of a
St Louis concern-the Hinsman Flour
Company: which he had, it is believed,
been instrumental in forming. Mr..
Tolleson was billed as vice president OF
this concern, but the other officers
claimed the title gave him no rights to
incur liabilities; that he was simply the
representative of the concern, and was
given the title for business purposes.
The Atlanta end of the company soon
did more business than the home office.
Some complications brought President
Hinsman and Secretary .Sherat to At
lanta, and for ten days there were lively
times about the Atlanta office. The
result of it all was Mr.. Tolleson's retire.
ment from the concern. Like all such
controversies. there were two sides to
the matter.
Mr.. Tolleson than began business on
bis own account but not, however, al
together under his own name. 1t was
at this time he got his first charter-that
of the Tolleson Commission Company.
This was in the winter of 1855. His
business up to this time had always
been that of a grocer and merchandise
broker; but now he began the study OF
stock. He became interested in the
Capital City Land and improvement
Company, and in manipulating this is
said to have made some 5000 in few
months. Then he devoted more time
to stock and bond matters, and took
trip to New York, where he spent
some time in looking into the methods
of Wall street. His credit by this time
was very good. He handled good deal
of stock and bond business for some Of
the leading business men of the city.
When the Georgia Improvement
Company was organized he took big
block of the stock. He dealt largely in
this stock, holding, it is said, as high
as $40, 900 of it at "a time. He was sue
cessful in his manipulations of this at
times, making quite q reputation as
shrewd fnancier, one day bearing the
market, the next day Oh the other side.
But he seems to have attempted to car
ry more of this stock than his capital
warranted, and the calls for payment