The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-04
- VERY man, they say, likes any


- than his own. The corporation
lawyer thinks he would make
. good bank president and the rail-
road man sighs for the pleasant ca
reer Of the stock broker.
There il some deadly attraction in
. pursuit other than ones own. Men
tire Of the humdrum Of their work
ano idealize the callings Of others.
The buSier Q man IL the more energy
and enthusiasm he throws into his
favorite diversion. That's why it Is
q truism IN Wall Street that . man IL
less likely to ruin his business than be
ruined By his hobby.
There was once a man In wall
Street who had a great contempt for
railroads a. they are built to-day
Railroading was not his business; he
hadn't the slightest experience in Il:
he was IN the oil trade. But in his
spare moments he used to dream
about building the model railroad. He
Vas convinced that ne could construct
q better railway than anybody else
had ever done before.
Years advanced and the impetus
only grew stronger in the oil man. So
when ne eventually became interested
In q coal property in Virginia he de-
termined to construct his highly ex-
ceptsonal road IN order TO carry the
output OF his mines to tidewater:
hence he called his proposed line the
Tidewater Railroad.
The Oh man adopted the most ad-
vanced methods Of road building. He
used q specially invented grading ma
chino and the roadbed was a. smooth
% Q ballroom floor. Ninety pound
rails were laid. the locomotives were
Of the most modern type. The newest
form Of coal car was put In USE in a
word there was not an innovation. IN
attachment, a novelty, an improve
ment suggested in railroading that
was not quickly utilized in the con-
struction and equipment Of the Tide
water road. II was the oil mans es-
pecial fancy. his Joy. his hobby. his
obsession.
A small suite Of rooms was engaged
In q Wall street building as the exc
cutive office Of the road, but none OF
the officers was ever visible. Secrecy
surrounded everything connected with
the ideal railroad. The oil man re-
fused TO borrow a dollar in the build
ing of his pet line or to issue n bond,
note or share Of stock. 1t was his
pride to advance personally every dol
lar that was needed for the cost or
construction.
Naturally all the railroad men In
the country were deeply interested in
this rich mans hobby. They waited
expectantly for the road to be opened
20 traffic. Finally the great day came.
The trains on the model railroad
moved from the coal mines to tide
water, where they delivered their
black diamonds.
Then the shocking discovery was
made that on the road that had been
6uilded with such infinite care one Of
the most important requirements had
been overlooked. Return freight A
roar Of Homcrlc laughter came from
the railroad world. Loaded cars ran
oil the way from the mines to the
ocean, but there was nothing to fill
NTH rot "a
lines OF empty cars crawled all the
way back to the coal region.
The railroad men called II the Road
70 Nowhere. They said that Henry
II. Rogers had better stick TO Standard
oil for the future and let railroadne
alone.
There were only words Of ridicule
Tor the oil mans within.
Then came the trying financial crisis
OF 1907 and brought in its train
another sensation. Wall Street was
filled with a story Of the biggest loan
that had ever been made to an in
dividual in the Streets history
Henry II. Rogers had borrowed
310.000.000 on his personal note. He
had at last been compelled to borrow
II for his railroad. And the collateral
security for the note was Standard
OIL stock
Wen, fortunately. his hobby didn't
ruin Mr.. Rogers, and his road has
since been taken over by others and
has developed into splendid prop
erty. Nevertheless the old Tidewater
Is still recalled in Wall Street as the
most dangerous example OF q rich
mans hobbyhorse.
The fads of Wall Street men are a
variegated assortment and run the
whole Sequence of human tastes and
emotions. Gen. Thomas III. Hubbard
the banker and railroad tinancicr, has
q hobby that. 50 to speak, takes him
20 the ends OF the earth. 1t is Arctic
exploration. and many capes, peaks
and tablelands in the frozen north
bear his name. He is devoted to the
study Of polar exploration and idenu-
fed with nearly all the societies that
are organized In Its interest
No one can be in the Offices of Ber-
nard NJ. Baruch for many moments
without realizing that this successful
market operator, probably the most
successful In the Street, is an en-
thusiast over motor boating. Photo.
graphs on the walls depict him as the
central figure in his more or less
famous craft, glorying in PUSHES OF
foam.
The late Alexander j. Cassatt
vreeidept ~ the penusvlIania Pail