Omaha daily bee., 1906-08-26
MADE FORTUNE FROM a. CENTS
Something About the Meteorie Rise Of
the Man who Bought John
McCaWs Home,


Abraham White, the New Yorker who
made a fortune of over so,Oooo00 by the
sudden rise in Union and Southern Pacific
shares on the stock exchange, is a sturdily
built, modest looking man, whom keen In
sight and business daring that even sur
prises Wall street has brought to the front
About 10000 of his winnings White has
spent for Shadow Lawn, the palace-liko
country home built near Long Branch by
the late John A. Mccall when he was pres
ident OF the New York Life Insurance
company. The property is said to have
cost $4,000
MY wife has the most beautiful voice
In America" said White, in part explana-
ton of his purchase. The magnificent
music hall in the house Mr.. White thinks
will tempt his wife, who has refused TO
sing In public, to sing before parties OF
their friends. A couple OF weeks ago Mr..
and Mrs. White drove to Shadow Lawn
from the resort where they were staying
and went through the house, but not with
any intention of buying II. At that time
White called his wife's attention to the
unusual attractions offered the muslcally
inclined.
Like Samuel Byerley, the express COM
pany clerk, who made $4,000 by bidding
for Panama bonds ION q postage stamp"
White made his first coup from a cents
invested in postage stamps. 1t was Just
ten years ago that the Cleveland admins
tration was selling bonds, and White bid
on 100000 OF them, receiving Q,b0OOoO,
which he aold at a profit OF slU00Oo. For
years he was known In Wall street as the
postage stamp fnancier. White has
warm spot in his heart for men with nerve
and has had Byerley elected vice president
Of the Abraham White Bonding company,
q newly organized concern. Byerley's
pleasure trip to Europe now turns out TO
be business affair, he having gone to es-
tablish foreign branches of the bonding
concern.
I'm going to cali Il my Union Pacific
house." said White, because I've made
my cleanup on u. p" Then he told how
he had bulled the stock from 100 up and
how at luncheon on Friday had bought 100
shares Of stock each minute. clearing up
total Of $4,000 during the meal. White has
two houses In st. Louis and expects to
divide the year between the three places
What he paid for Shadow Lawn Is not
definitely known, the sellers saying It was
something under 100000" The actual price
Is believed to be nearer 100000 Offers Of
600 t16,0O0 and 10000 more than the price
he paid had been made by other Wall street
days but white says he will not part with
the property. He and his wife have no
children and when they die White says the
house will be left to some charity.
The new owner OF the Mccall place had
rather q peculiar start as q hnancier. He Is
now q years old and came to this city from
Texas about twenty years ago. He was
born In La Grange, Tex, and started out
to support himself when he was II years
old He had made considerable money be-
fore he was q, but has always been spec
ulator and had many ups and downs In the
| FIRST year OF his business career In this city.
| White had one of his reverssls Of fortune
during the panic year OF 'Ss3 and for the
next three years he was not sailing on the
high tides of prosperity. 1t was In 1895 that
he first blossomed out as a ffnancier and
bought his bonds on "A cents worth OF post
age stamps, borrowing the money TO make
necessary payments from Russell Sage, who
| after looking into the scheme made ad-
vances to White without getting any Sc
curity for the loans.
Shortly before the death Of Mr.. Mccall,
| last February. he sold the Long Branch
place to Myron II. Oppenhein and three
associates for a mere fraction Of its cost.
The sum paid by Mr.. Oppenheim and his
associates was only a trihe above the
amount Of two mortgages placed on IL by
Mr. Mccall who used the money 70 reim-
burse the New York Life for sums he had
advanced 70 Andrew Hamilton. The Open
helm syndicate purchased the property as
speculation and made a good profit on the
sale to Mr.. white--Philadelphia Press
i