The Providence news. (Providence [R.I.]) 1891-1906, 1896-06-24
TALES OF TIE TINES.
How Austin Corbin laid tho foundations
of ftis Fortune.

cSIa.~, and returned east 10 bulld OF tho
monetary soruaation laid there.
IL was in 1881 that he went 10 Davcn-
port. H.. with a thorough legal education
and small money capitai and started In
the law business. lie associated himself
with Csooree :. G. Dow, acw of Dargor
Me. and started IN ;he practice Of a:ypro
fessioa. IL he hac adhered 10 the Law, hc
would have made successful lawyer, for
he had the learning, shrcwdncss and per-
slstcnt application that lead 10 success.
MY clients case IS my conscience i
have heard him say. Ho act"i ON that
MOTTO. ana. all through his active business
lifo ho made the accomplishment ot his
purposes lis conscience.
At this tmo and al through toe years Of
his residence in Davcnport Mr. Corbin
was quito active in church WORK. Ilc was
% member OF tho ycstry of Trinity church
parish, and ais Judgment was always relied
on in financial matters, TO tic rcneiit of
the church.
AT ycstry mcctiog once ,,is views on n
financial policy in relation 10 IA real estate
transaction differed FROM thoss Of the Rev.
Alslud Laudcrbac., his rector, who called
Linn g. tlsE.
mir. Lauacrbnck," said Mr. Corbin,
"you may be all right on the religious law
aud prophets, but thinis ] know more
about the profanc law and profits than you
do"
He evidently did, for he carried his point
and consumnatcd successful deal
Mr. Corbin was also "a devoted teacher IN
Trinity Sunday school
Tbs law was too slow for NJ. Corbin.
He became inpatient, and his restless en-.
crgies began 10 reach out IN Other dircc-
tions. He used his littlo capital in outside
spcculations and soon became recognized
rs young man of unusual financial abil-
ity. MIR. Louis A. Maczlot, shrewd
Frcnchman of means, suw great things in
young Corbin. and IN 1854 the banking
house Of Macklot & Corbin was orga lied.
Phenomenal success followed Mr. Cor
bin. and profits followed the investments
he made. After occupying the local bank
ing field he reached out from home into
farm loans throughout Iowa and the sur
rounding states. Thus he laid the founda-
ton for the great loanine business after
ward conducted by the Corbin Banking
company of New York, when frequently
the borrower paid not only 10 per cent In
terest, with all costs and expenses of tho
loan, but 10 per cent bonus for the privi.
legc.
Mr. Corbin's tax title buincss from a
small beginning In his home county Of
Scott extended al over the state and north,
south and west beyond the state lines. He
would go into counties and buy up the en-
tire tax list, get his certificates, go home,
wait three years, get his deeds ard then
wait patiently for his profits. They came.
OwEers would write for quitclaim deeds
and got them on Mr.. Corbin's terms, which
allowed him ample profit.
In these tax matters he had peculiar
method, which YVES to state in his quit
claim deeds the exact years sale for which
hc was conveying his interest. In conse-
qucnco of this he very frequently gave quit
claim deeds which did not convey an inter
est he had acquired after tho particular sale
mentioned, so his grantee was no better off
after getting the deed than before, and
wncn the true condition Of the title was
discovered would have To pay over again.
The50 U. tiaIIsacti0n5 had been contin-
ucd up u the day Of Mr.. Corbins unfor-
turatc death, for he was continually being
called on for quitclaim deeds To remove a
cloud from some western title. Ee gave
them on receiving what he had paid, with
interest and such profit as he thought
right. Today throughout Iowa and adj
joining states the name of Austin Corbin
appears Us purchaser OF thousands Of pieces
OF land which have never been redeemed,
and his estate VIII be busy with such cases
for years to come These titles may be of
no value on account Of lGrse of time, but
there they stand Gs clouds which purchas.
ers want removed
Mr.. Corbin applied for the first bank
charter under the national currency law
OF 1868 and founded the First National
bank OF Davenport. Then he began to cx-
tend his operations east and % seek rail
way Investments, which afterward grew
TO such great proportions.
"Thcre will be q continuous limo of rail
from the Atlantic TO the Pacific before l
die, said Mr.. Corbin in 1861, "apd bring
San Francisco within 10 days of London"
Where viii the capital come fromY' he
was acked
"Ncyer ash where capital viii como
FROM" lie answered Produce paying
investment and capital will fall over itself
in trying 10 reach It, There arc enough
money, credit and brains In this country
TO accomplish anything that will pay in
tcrest on the investment. 1t requires
work TO accomplish great things. and
many will fail aud fall in tho attempt, but
Others will march on over them and reach
the accomplishment. This road will come,
and more railways viii DE built in these
United States In tho noxt 90 years than
now exist in tho entire world and / pro-
pose to have a finger in them"
"Corbin is gutting wild and outgrowing
the town, said Mr.. MaciSlot after this
burst of enthusiasm.
Hc was right about Mr.. Corhin outgrow-
Ing the town, for ho had already ilvcst-
mcnts that would soon be strong enough
To draw him 20 Now York.
After IL was noiscd about that Mr. Cor
bin contemplated moving cost his friends
did their utmost to restrain him. He was
told it was foolish move.
"You will be lost there" said Mr.. John
T.. Henry, mayor of the city. "You arc
big man here, but when you get among
those follows in Wall street you viii DO at
the bottom and fool awfully small. Your
capital win DC nothing there, and before
you know Il it Will be swallowed up by