New-York tribune., 1906-05-13

IN September 1866 20 attend a private school,
the Deer Hill Institute at Danbury, Conn They
had been at the school only month or two
when the dIreful news was received that their
fathers general store at Columbus had been
burned. This meant that the boys, one Of whom
(George) was thirteen and the other eleven
would be obliged TO leave school and earn their
living. George secured position as office boy
with wholesale drygoods firm in New YORK
The family was then living IN Brooklyn.
George was determined TO have an education,
Being obliged to work through the day, he tried
to find a place where he could study at night
The only place he could find was the library of
the Brooklyn Young Mems Christian Association
There he laid the foundation OF his education.
an education which secured for him the honor of
the degree Of Master Of Arts from Harvard Uni
versity. The Young Mems Christian Association
Mr.. Peabody styles his alma mater. Because OF
the part it played in his life he has always taken
an interest in the work OF the association and
has built several buildings for it in different
parts OF the country,
Il is not recorded whether Mr.. Peabody had
the feeling that wealth was some day to be his
before he left the drygoods firm or not He re-
rnained there for fourteen years, until he was
twenty-seven years old. He had been promoted
to the position Of salesman by this time, but
there are many statesmen who have never looked
upon the position as one which lead TO great
wealth # was in 1880 that the opportunity
came TO become a fnancier He was then inter-
ested in the work of the Reformed Church on
the Heights Brooklyn In the church also was
Spencer Trask Mr. Trask invited him to leave
the drygoods business and take confidential
position in his banking firm In April. 1881, ex-
actly twenty-five years ago, he became mem
ber of the firm His business became that OF
Some men make money out Of mines and rail-
roads nv watering the stock and other destruc-
five methods Mr.. Peabody's method was an IL
Iustration Of his character. He would buy a
railroad which had undeveloped resources and
tapping these build the road up. Then he would
sell II at its new valuation. For instance. he
bought a narrow gauge line out IN Utah for
100000 The gauge was changed to the stand
ard and the coal fields along the line, estimated
TO contain 2OOOOOOOO tons Of fuel were de-
veloped The system which grew out Of this
was known as the Rio Grande Western Railway
and was valued at $15O00O00 when 1t was sold
to the Denver g. Rio Grande Railroad Company
in 1892 In the same way he took the st. Louis,
Alton & Terre Haute and, after developing It,
sold it to the Illinois Central Railroad Company
in 1902 He was instrumental in developing
the Edison Lighting companies Of New York
and Brooklyn. which were afterWard sold 70 the
gas companies. Mexican railroad and mining
companies also received his attention. He OBJ
tained control Of piece Of prairie land in Mex
leo covered with cactus which reputed to
be a coal field The Mexican Coal and Coke
Company was organized, and within six years
the field was yielding 100000 year. He has
retained his active interest in the coal and
smelling properties in Mexico which he was in
strumental in developing. In his business he
was constructive. He was always building for
the future He had the courage Of his convic-
tions and won.