Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1908-09-22
vACRANT NOT
MILLIONAIRE: N|I'I !:
ONE OF FIRST PROMOTERS Oh
WHITE PASS & YUKON RAIL.
ROAD NOW PENNuEss AND
INMATE OF WORKH0U5E

st. Paul, Sept. 22.---A man who
might have been worth today $6.-
100000. instead a penniless vagrant,
now occupies cell at the work
house. Absolute owner of blocks Of
shares which would have made him
fabulously rich, but which he allow
ed to slip through his hands. he II
to-day without cent and unable to
eke out even . scanty living. Sham
ed and broken In spirit. but almost
grateful to the Judge for putting him
IN . place where he will, at least be
sure OF a bed and three meals day.
hr walked slowly from the court
room 70 the bullpen and imprison-
ment. ,.t ~ - ..H,-7e
w. g. McMath. the playthins Of
fate. has been sentenced BY Judge
Hanft to 10 days imprisonment. In
Duluth. where he formerly resided.
his, name and history are well
known. Six years ago. whsn the
project to build the White Pass and
Yukon railroad was broachsd, Nc.
Math. then q successful merchant
o: Duluth. became greatly interest.
ed in the plan. He invested his en-.
tire fortune OF about $4,000 In the
undertaking. Later he was made
agent Of the company, and travelled
extensively, trying to float bonds.
Business men throughout the
state and the Northwest laughed al
the idea. They told him he was
crazy to sink his money in wiidca,
scheme. For year McMath endeav-
OF ed to float suficient bonds to get
the road started. and he himself pur.
/ chased 10000 shares OF stock, then
selling at from So to IS share.
But the road seemed doomed tt
failure. and all his money tied up In
the stocks, McMath found himself
practically ruined There seemed tt
be no hope OF the White Pass ant
Yukon road ever getting started. and
| discouraged beyond measure ant
with no means OF recuperating hi!
lost fortune, McMath allowed hi'
stock to slip through his hands for &
mere song.
A coterie OF capitalists obtained
| possession OF the majority of thu
stock and year later the road wa:
launched. From the very first 1t wa
o paying investment, cutting as 4
did through the heart OF the minint
regions. The revenue from the ORE
Transportation was immense and the
81 ock advanced by leaps and bounds
Capitalists throughout the countr.
became interested In the road ant
the fame of the Alaskan road wa
noised through the land.
With but few dollars to hi
1 name, McMath watched the roa'
prosper and the stock advance. un
able to purchase any OF II. He be
came discouraged his business fail
ed and ne drifted about the country
working as an abstract clerk. Late
w his health has failed. and today
unable to work steadily. he is one O
the vast army OF derelicts, mem
ber OF the band OF men who Nigh
have been.
Today the stock OF the White Pas
and Yukon railroad sells for $500
share. while the man who in the be
ginning. held in his own name 10
900 shares. which now would hav
meant to him $6,000,000, is a vas
rant.
| Today the White Pass and Yuko
railroad pays the biggest dividend
Of any railroad in the country. Will
W. G.. McMath, whose name was cor
nected in the beginning with ever
project relating to the wildcat
road is a ruined man. serving a II
day sentence at the workhouse.