The Montgomery advertiser., 1903-12-26

New York. The good citizens Of the town do not boast of the fact, however. His father was a farmer, quite honest. His mother was churchgoing woman, who taught James many homely maxims that might have helped to make man of him. but did not.
 At an early age little James proved most industrious. He acquired a major ity of the stock of marbles in circula- ton. and engineered a corner in second- hand jackknives. When he became older he peddled The Saturday Globe, installed electric bells Tn private houses and saved up d hundred dollars before he was Is.
 A year later he started for New York city, his good mother Intellectually pro- testing against hts leaving home. He proudly told her it was time for him to go in search of his fortune. James was bold and confident. He had an eye ai- ways to the main chance. and mother feelings were merely incidental.
 When he reached New York he secured room and board for s week in one of the lower streets of the old Ninth Ward. With characteristic energy he walked down town early the following morning to look for employment In the financial district. The first opportunity that presented itself was a position as board-boy in a thriving bucket shop" with a weekly compensation of $6. He eagerly accepted the offer.
 He practiced telegraphy at home every evening until he was able to copy grain quotations from Chicago. He was then given a place as grain operator at $l2 q week. AS he walked to business there were no carfares to pay. and he went without lunches in order to save 5 of his salary.
 As soon as he became. more proficient he was given post as sending operator on a long try wire at S25 weekly. He held this position until he was A. and saved $1 600 through practiced thrift and self denial.
 His employers had confidence in his ability. and gave him the management of a branch office at Paterson, with fixed salary and commission. There was large established trade, which lasted until the clients lost their money. a matter Of only two years. James had accumulated s5,o00. He closed the office and went to Allegheny, Pa. to accept a position as private telegrapher in the office of the Lion Steel Company. At this place he not only performed his duties well, but studied every detail of the business with accustomed thoroughness.
 As this is a story of a lucky, ambitious man. 1t is to be recorded that James J. iTwitchell became manager of the Lion Steel Company in January, 1896, at the age of N. The managers salary was 5000 a year.
 The business instincts of some men ex- tend even to matrimony. James won Miss Alice Thurston by sheer perseverance. Her father. the Judge. had fortune of s2OO, 900 or more in bond investments. He was a widower. Alice was not beauty, but had a gentle. easy nature, and was thrifty. MT. Twitchell considered her a good investment, notwithstanding the un- avoidable increase in his immediate ex- peases.
 A year after their marriage tine Judge died. The estate was quickly settled, and he bequeathed everything to his only child
 whether due to Twitchell's bad man. agement or to the prevailing hard times, the Lion Steel Company contracted debts which 1t was unable to pay, and was re- organized. Mrs. Twitchell's inherited for tune was used to purchase the controll- ing interest. James J. was elected pres- ident. The company was capitalized for $1, ,OO0, 900, with no bonded debt. Shares were held by numerous small investors.
 The steel business, for many years a pauper, was now borne along by the tidal wave of prosperity that followed the de- feat of Bryanism, and soon became the old mighty monarch of industry. The LiorIs Steel Company, economically man. aged was the most prosperous of the smaller organizations.
 Mrs. Twitcheil held $51O,OOO in stock. Twitchell had $9O,00O and wanted more, as the company had just begun to pay divi- dends at the rate of 10 per cent. The small holders would not sell. They were contented to hold their stock and receive the handsome dividends. James J. had committed an error in declaring dividends as earned. He should have bought out the small holders first. But 1t must ba remembered that he knew nothing of high finance His efforts up to this time 1S9S-had been along the lines of strictest economy and personal management for the company's best interest. He had not yet learned how to make the company the means for bringing him unfair prof ts. But now he began to crave for more than he was legally entitled to, like other able manufacturers who have turned pi- rates because the country Is so rich. The sight of easy loot is temptation to men who must have more than enough money. MT. Twitchell tried in vain to buy up minority stock. No one would sell. Even Mrs. Harriet Jackson, mild little widow, owning fifty shares, was obdurate. She lived quietly on her income of five hup- dred a year and was cOntented.
 The president reasoned with himself that the success of the company had re- suited entirely from his own efficient lively small. Other persons were getting the benefits of his labors. How could he increase his holdings? This was the hard est problem he had encountered. A few years later the solution would have been simple. He was not yet financier. There are no textbooks to teach this lucra- tive science. A financier, like a polti- clan, must have the opportunity to do, in order to know how 1t is done. Twitch- ell was merely bud, unfolding.
 There were several small steel com panies near Allegheny. In bad times, when there was scarcely any demand, prices had been cut until there was no profit in the production. Now every com pany was working to full capacity, and stil prices were mounting higher and higher. Generalization for protection against ruinous competition" would have a pleasing sound in public ears. The mind ot Twitchell quickly comprehended its in- dividual possibilities. He determined to effect a consolidation. It might be for the best interests of the stockholders He would also get more stock-somehow
 Fired by Twitchelrs clever enthusiasm, together with perhaps more tangible in- centlNe' the newspapers oooiheu Ine pIoJ- ect with one accord. They stated that five prosperous companies. earning to- tai of $2,0OO.O0O yearly. were to be merged for mutual protection. Wholesale econo- mics were to be introduced. The bonded debt of the Consolidated Steel Company would be $4,0O0,OO0 the amount which the owners of the four outside companies were willing tOr take for their properties. Twenty millions of stock would be issued, paying dividends of per cent. Stock holders of the Lion Steel Company were