The Portland daily press., 1892-12-16


Office was in the old two-story building
which occupied the place where Brazier's
Building now stands. Willis said, That
place will do for me-" and he went over
and bought the old fixtures counter and
desks of Thompson, buying them Tor
$50. So he hired the the office and
owned the traps. He had large sign
painted Willis & Co., but all the money
he had in the world was not enough to
pay for it, and [ lent him seyentY-flve
cents to make out the amount | did
not know how man could start in busl-
ness of this kind without money and
concluded he would have to go to his
father and say, II guess will take that
$4,000 you offered me the other day."
And when the old man asked me where
l supposed Hamilton got his money to
start his business, [ said he hadn't any.
I know the old man wantec him to ask
him for some money; but Hamilton
never did;
His "Cheek" was Enough
for him. He opened his Office the morn
ing after the sign was up, and everything
was inorder to do business-except his
drawer was empty, and he had not money
enough to buy an uncurrentl note of one
dollar if it had been presented. lie saw
Drummer r. Chapman pass by, and he
hailed him: he was brother of ex-Mayor
Jonathan Chapman, and was intimate
with him at Clark's office. Willis said
to him:
''Have you got any money on hand?'
Chapman said ''Only little"
.'How much?" said Willis.
And Chapman, looking at his memo
randum or bank book, said, "A hundred
and twenty dollars
'Well, draw it out and lend it to me"
And Chapman did so, and Willis drew
the cheque, on the Atlas Bank, for $120,
in small bills. and sorted them in his
drawer-ones, twos, threes and fives.
Seeing Welcome Farnum passed by he
hailed him and said he had started in
business.
'sWell,' said Mr.AF, Il was just going
delphia. Perhaps can buy it of you
Just as well. What discount can you al
low on Philadelphia funds?"
Willis said, Zone days sight will suit
you as we'll as sight, won't it?"
ooh yes.o
Said Wills, II will allow you three per
cent"
He bought draft of $4,000, paying
him $3.50. So Willis had near $4,000 to
use for four days, as the draft was drawn
at one days ght, which carried three
days grace. So he bought New York
cheques with the money, and in the af-
t. rnoon remitted the amounted to Drew,
Robinson q Co., brokers in New York,
to invest in money and return. This was
the great business of the money brokers,
now obsolete, because the national bank
notes are current all over the country,
which was not the case with the State
bank circulation Boston and New Eng
land money was bought in New York
at one-quarter per cent. discount and
sent to offices in Boston for returns IN
New York funds. 1t was large busi-
ness, and near 100000 was the average
daily amount received by the offices in
Boston from New York brokers, and the
charge for making the returns was one
tenth of one per cent, which furnished
the Boston offices with capital for their
business. When Willis sent this four
thousand and odd dollars to Drew, Rob-
inson & Co. for returns, he received by
express the amount in New England
money current in Boston, and he re-
ceived $4,000 in addition for returns to
them; and they continued to be large re-
mitters for many years. The three or
four money brokers were great buyers OF
New York funds, generally picking them
up at small discount; and If not enough
was bought in that way, it could be
bought OF par, generally, from the banks
and this was done on the money of the
New York brokers sent here every
morning. The $4,000 had to be RENTED
to Philadelphia in four days, but Drew,
Robinson & Co. RENTED every morning
and Willis did not miss the $4,000 to meet
the daft, but he held it day too long,
and it went to protest. The note was
not returned, as the funds came to meet
it the next day and the draft was paid.
Willis started in his business in 1912.
He was
A Great Lender of Money
to Spectators on stock collateral, gener-
ally the railroad stocks in this vicinity,
and other stocks that were operated in.
He sold the stocks received as collateral
at once, the proceeds making capital for
him; and as he had a margin of ten or
fifreen per cent. he got thus an immense
amount of capital to use in his business,
without any interest. 1t really took no
money to make these loans, for they
were sold as quick as he made them, and
when one wanted to pay a loan he bought
in the stock to give the party. Some
times he lost and sometimes he gained
by these operations, but it did not make
much difference with him, and probably
did not anyway in the long run.
Not long after Willis started in bust
ness his brother-in-law, Thomas e..
Wells, Joined him, old Mr.. Willis lending
to each $4,000. But Wells did not remain
long with him; got scared at his meth
DDS; got $4,000 out for his $4,000 and
Joined this writer. He got the gold fe-
yer in 1849, went to California and did
business there and became the agent of
his brother, who used to pay his drafts
and receive his gold; and with these re-
mittances of gold, often very large, and
his capital from the margins of his col
laterals, Willis became, in the eyes of
the banks, the great mogul of State
street. He was supposed to have great
resources; and the name of Willis helped
him, though the money of the ancestral
Willises never found its way into his
bank account until they were dead.
State-street methods were very differ
ent from what they are today, and Willis
had got reputation of great resources.
He had two or three bank accounts. He