The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-03-20
AIRY TONGUES.

There is still much talk in Louisville and, in
fact, throughout Eastern and Northern Ken
lucky, about the collapse of Carley and the
Kentucky Union railroad. The assignment of
the Cornwalls, who were deeply IN the enter
prize, is said to be due to the roads complica
tons; and numbers of other investors, big and
little, are badly hurt. Carley has had curious
and checkered life. Fifteen or twenty years
ago he was a school teacher in Ohio; and am
told, the apartments for his entire family con-
sisted oftwo scantily furnished rooms. Being
man of active and acute brain and withal,
ambitions, he tired of the drudgcry of the
pedagogue and secured an humble agency for
the Standard Oil Company, ultimately making
his headquarters at Louisville. There he ac-
CURED jurisdiction over the entire Southern
territory and displayed such shrewdness and
energy, thaths individual profits reached $751;
600 per annum; and, with continued effort,
might have been increased to double that
amount. But wealth, instead of bringing con-
tentment, only fired his ambition for both
financial and social distinction. Having fancy
for railroads, he dabbled in their securities, be-
came director in the l.. & n. and, if I mis-
take not, one of its Vice Presidents. These
newly acquired interests took him more fire.
quently to New York, and he paid less and less
attention to his Standard Oil business, causing
some dissatisfaction in the company, who ult-
mately bought him out, paying him some five
or six hundred thousand dollars for the trade
formed in 1851, to bull L. & n. stock, which
was then at SO and was rapidly moving to par
when Garfield was assassnatcd. The furry
that resulted caused one or two of the syndi-
cate to violate their agreement and unload on
their unsuspecting associates. Down the
stock dropped as rapidly as it had risen. can
speak advisedly of this deal, as l was sin it,"
for while at least. But my few hundred
shares couldn't stand the pressure and was
squeezed out early in the action. Had Guteau
gone to the devil little earlier all of us would
have made round turn; but my "btch of a
star" as usual, shed baleful light on the en-
Lucifer. Mr.. C. c. Baldwin, the President of
the road, sacrificed his whole fortune of nearly
two million dollars to keep the stock up, but
down it went, down, down!
How long Carley held on, don't know, for
took less interest in the subsequent proceed
ings.
at all events, when Carley conceived his
Kentucky Union project his fortune amounted
to about million, 100000 Of which he threw,
first and last, into the vortex. He had been
fourishing in fine feather. A cottage at New
port; another at Tuxedo Park; leased house in
London! His aspiring spirit scorned the spent
up Utica" of Louisville; and not even the
swell society of New York and Newport salts
fed him. His family spent much time abroad,
and he fitted from Liverpool to New York and
back with each change Of season, not ignoring
Paris and the Riviera. The conception was a
good one, and Carley evinced his confidence
when he sold his Louisville residence and put
in it the last cash he could raise. But,
'Like one who draws the mode! OF house,
Beyond his power to build It.,
Gives Ger his part created cost
A naked subject to the weeping clouds
he leaves the magnificent enterprise to be car
ried out by some one who has more cash and
who will gather many fortunes from the
wreck.
The collapse has had destructive effect
throughout Kentucky upon the confidence of
capitalists in mountain investments. 1t is
blind and unrcasoning blunder to be deferred
by failure shat reflected no discredit upon
the merits Of the scheme, but such is the folly
Of the timid. They forget that it is far safer
to invest during depression than when values
are inflated. The man who makes millions
satisfies himaef in regard to certain physical