The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-03-19

with great regularity. In his family life
he is, I am told, everything that is ad-
mirable. He may not be very entertain
ing, to be sure, for he lacks the sense of
humor; but he has been a good provider,
to use a homely and honest old express
sion, and his nature is affectionate and
kindly. He lacks polish both in manner
and speech, but in our rough and ready
society we forgive a man such shortcom-
ings with much readiness. In his family
life he is rather commonplace and unin-
teresting. which is greatly to his credit.
He has not obtruded this on the public,
and the public has no right to invade his
privacy.
But with his business and political life
it is different. AS a politician he has
achieved what distinction has come to
him by reason of his business success;
and his business success has been mainly
due to short cuts, cuts short and sharp,
like that he took when he got his resigna-
ton from the army accepted. For in
stance, here is a specimen:
A Little speculation.
In 1888 he and his associates were the
owners of large tracts of pine lands. 1t
would be a fine thing to cut the timber
off this great area provided it could be
brought to a good market. A railroad
was needed. But a railroad costs lot
of money, and when the forest was cut
from this area of Alger lands the railway
would no longer pay, as agriculturally
the territory was almost valueless. The
thing to do was to get some one to build
the road or rather supply the money. Now,
no sane railroad man would go into the
venture for the ordinary traffic of the road.
so ii was evident that the thing TO do was
to get the money from those who did not
understand the situation. The freight
from the proposed road would be taken
to the Michigan Central, so that COM
pany was interested in the road to the
extent of the freight while the timber
was being moved.
So General AIger evolved this scheme.
So long as the forest cutting was going
on the road would pay. That was evil
dent and the period was fixed-say it was
five or ten years. But any one can look
1t up in Poor's Manual With this idea
General Alger got Mr.. Ledyard, president
of the Michigan Central, to guarantee the
coupons of the bonds for the period,
whatever it was, agreed upon. This made
the bonds absolutely good for that pc
Rod. They were sold in New York, one,
and it may be more than one, life in
surance company purchasing a large
block.
During the gathering and marketing of
the timber everything was lovely-the
road made money and the coupons were
regularly paid up to and beyond the eX-
piration of the guarantee by the Mchi-
gan Central In 1892 the outstanding s
DER cent bonds of the Detroit, Bay City
and Alpena Railroad were 81, 800, 000 Gen
eral Alger was president, and on the di-
rectory with him were Messrs. T. H. New
berry. James Mcmillan, Hugh Mcmillan
M. s. Smith and ]. c. McCaul all of De-
troit.
In July, 1898, the road defaulted on its
bonds and Don M Dickinson was APP
pointed receiver in October. The road
was sold under foreclosure on November
3. 1894. 1t has since been reorganized as
Hawks of Detroit is president, and Mr.
directory 1t has capital stock of 81 075, :
600 and a funded debt of 81, $4,000.
That must have been very profitable
enterprise for Alger and his associates
The particular life insurance company
changed its management subsequent to
this very profitable investment in the
bonds of the Detroit, Bay City & Alpena
Railroad But General Alger got his lum-
Der to market and Mr.. Ledyard carried
the freight.
Rich Man in Politics.
In such willy ways Alger became rich
and has long been counted a millionaire.
Millionaires have their uses in politics,
and so Alger was enlisted actively in
the cause of Republicanism, in which he
had always been interested, because pos