New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-15
design
SKETCH OF HIS CAREER

Franklin benjamin trOWPn NdS DulH d' HNuH' 3Ni'
now part of Philadelphia, on February " looo'
Ills father was James Gowen, who came to America IN
1911 James Gowen accumulated snug fortune IN
mercantile pursuits In Philadelphia and then d"'Jtel
the remainder OF his life 10 agricuure, becoming we'll
known in Pennsylvania as a breeder OF shofl morn
Durhams He was of the founders OF the >tatc
Agricultural Society of Pennsylvania. serving as lis
president for several terms. He also gave some al
IGNITION TO politics and twice an unsuccessful
candidate for Congress on the antJackson ticket His
wife was the daughter of Joseph Miller of Mount Arv'
Franklin b. GOwcn and his brother, James f.
Gowen the well known lawyer. received their early
education in Mount Airy. Later Franklin attended
Catholic institution. at Emmetsburg, Md. and the
Moravlan Institution a. Litlz, Penn Before reach
ing his majority he began 10 earn his living as q
clerk in Bumsarlner's store, at Lancaster Penn ana
when scarcely twenty years Old he had charge
of a furnace at shamokin. Penn lie left the latter
place in 1857 and in 1885 he engaged in the
coal mining business at Mount LATER. Penn. IT was
while thus engaged a member of the hrm OF
Turner & Gowen, that Mr.. GOwen acquainted himself
with the vast mineral wealth Of schuylkiil
County and its relations TO the KcaI-
ing Railroad Company. His firm failed in
business ana Mr. Gowen assumed the Indebtedness OF
the firm, which he discharged in lac9 years. Then
he turned his attention TO the law, and on May u
1860, he was registered As member Cd the Schuylh
bar In 1862 he was elected Distict-Att0rney OF the
county He served two years and then resigned in
order to give his whole time TO his growing private
practice. lie at this time retained cOun-
sci by the Philadelphia and Reading Railroad and
the Girard coal trusts Mr.. Gowcn was so
fuI as lawyer that Charles F. Smith, the president of
tie Reading road conceived the idea that he was the
proper person to succeed to the Office. Mr.. Gowen
had great faith in the future Of the anthracite region
and was convinced that the railroad company should Oh
tain control of all the cOafclds possible, and tortv
Itself against the possible encroachmcns Of rival lines
Mr.. Smith the first man TO indorse the plans Mr.
Gowen proposed as condition precedent 10 his ac
ceptance of the presidency OF the company.
Mr.. GOwen was elected president Of the Phila-
delphia and Reading Railroad Company In
1869, and for twelve years he carried
the stockholders and bOndhOders with him in his plans
for making the road of the best properties In the
country His faith I'm the future Of the anthract coal
fields and the Reading railroad unbounded and
under his presidency the railroad bought enormously
of coal lands. The result that the COMPANY be-
came ovelburdened with debt. The original line Of
the road from Philadelphia TO Reading wa ninety
nine miles. Under Mr.. Smith and Mr.. Gowcn the
road purchased 220 miles Of road leased 453 miles
and secured control Of sixty-sN miles.
The chief business of the company Is
the transportation of coal from the
first and second anthracite coal fields Of ,ylvana
TO tldewater al Port Richmond. Philadelphia. ~ the
latter point the company many whaIvcs and
does an immense coal business. In 1c1l the Laurel
Run Improvement Company OIganiZel under
The auspices Of the railroad company (bccominr after
ward the Phladc pha and Reading Coal and Iron Coz
for the purpose of purchasing and operating the
properties with which the railroad connected
The railroad company owned all the stock bonds and
mort Of the company to the extent of nearly $40
O0O 900. On May 81 1850. the railroad company mad
default in the payment OF its maturing obligations
and on May n. 1850 receivers were appointed BY
the United States Circuit Court
The obligations Of the Philadelphia and Reading
were largely held I'm England and in the winter Of
1880 Mr. GOwcn visited London and az
peared before meeting Of share and
bond holders. He said he had not been
ibc 10 ito what he had promised. lie admitted two
mistakes Of which he had been guilty. The first
when the company undertook 10 purchase vast coal
lands il determined 10 raise money by debt Instead Of
share capital. The next mistake was that when II
had its first it did not then stop. Although
he was unable to fulfil his promise he could bring
statement Of little evidence of prosperity TO show
that the tide had turned. For nine months on half
time and three months on fun time the company had
increased IT'S earnings the previous year by over
% 200 900. At that time the floating debt amounted
20 over $lO,O0O.OOO, the receivers certificates 10
- 270,OOO and the default TO 100000. Mr. Gowen
proposed that this debt be paid by voluntary
ncnt Of Sl5 share. Those paying this assessment
after the common shares had received per cent, to
any surplus up to per cent. This would
release securities having market value OF $50 600 900
which It would be loss TO the company 10 part with
at $50 600 600. The fixed charges of the company
would then be reduced 10 the extent Of 100000
and he bought for all time within the earnings of the
company.
MIR. Governs plan. however, met with opposition
from the English share and bond holders. and when
the time approached for the annual meeting of IN.
company the McCalmOnt Brothers, bankers of Lon
don, who held interest Of ga 100000 opposed MIR
Gowens retention OF the prcsdency In their ne,,on
TO The United states Circuit Court. In January -.
The McIam0nt Brothers said thai presl
dent Gowen had written TO them On July H. Isso
saying that he hoped for extrcatlon Of the co,o
pany from It's rcverscs without forcclosur With
would dislnegratc the company and separate H. too
properties. lie w0nd. therefore, be In favor Of a Ian,
TO continue say for five years, ne
personnel Of the receive ship be satisfactory IN an
(Coninued seventh Pagc.)