The Montgomery advertiser., 1906-01-14

making and holding strong friends and entering upon q large financial career The first experiment was made at Sioux City. The gas works there were bought up, improved and sold out at good profit. Other trials fol- lowed. He watched and studied the banking business, and gradually be- gan directing investment in Columbus | away from real estate into stocks and | bonds and securities of all sorts, He became president of the gas company, and 1888, in conjunction with other l capital, bought it outright. The direc- | tors offered him material increase in salary as president if he would sign contract for five years
 | Not for one day was his answer. It was not long after that he was of fered $1S,00O year to become the president of the united St. Louis Gas Companies. This was his first appear | ance in the open as financier upon | a large scale. Representing first Eng fish and then New York and St. Louis capital, he had tried to lease one of the four competing companies in St. Louis. At first acquiescent, they had | flatly refused
 All right" said MT. McMillin, we'll try the - Company and be your | competitor"
 Of the four companies then in oper- alton one was a raider" selling gas dt SI.44 per thousand rect ana lOSlnB money; one was selling at $1.50; an | other, the largest, at $1.60 and still another at S2.50. The capital repre- sented by Mir. MeMillin finally bought out all four companies and reorgan- ized as the Laclede Gas Company Shortly aft1r he reorganization a friend, who owned $ov0,O0O in stock, came to MT. McMillin. His stock was actually worth about $5O.000 at the time, and no one had great faith in the success of the new company.
 T want you to advise me-" he said, when I shall sell out my stock"
 Pretty hard to guess into the fu- ture,' was the answer. Then or fif- teen years on a venture"
 Nonsense! Your interest charges are $5O0,000. You cant pay those within $190,O0O."
 Well" was the reply. you asked my advice I should say, hold it."
 And he did. The Laclede Gas Com pany is earning q million a year now, and Is selling gas at an average of ninety cents per thousand.
 But the struggle at St. Louis was not entirely a financial one. Politi- cal corruption had to be met and beaten. The old companies had al- ways silenced the council by induce ments " MT. McMillin was not that type of man. As soon as the corrupt part of the city council learned that the head of the new gas company was not to be persuaded they tried num- erous methods to force him into line with the old way of doing things. A city gas works was proposed and giv- en up. A scheme of putting the new company out of business by passing a bill requiring an arbitrary and ruin ously low rate was thought of A bill was brought up, setting rate of ninety cents for the new company. On the council who was in the scheme kill the bill for large sum of money. He was laughed at for his pains He lowered the figure gradually until 1t was one-tenth the original amount. MT. McMillin had grown tired.
 Good afternoon. sir he said. and turned to his desk"
 The man stood behind him for a mo- ment Then he said in d burst of an ger;
 "Nr. McMillin. this will cost you $25.- OoO"
 "All right, sir Good afternoon"
 The man guessed well. The bill was passed. was fought by the company, and was beaten, but the lawyers fees were $2S.500. The firm stand of the company, its rank honesty, it's costly fight, however so solidified it in the public mind that its securities ad- vanced mmediately nearly $1,500,000 in value as q result.
 But If he was stern in his dealings with the political combines who wished "deadhead" gas, he was kindly