THE SOCIAL PRIDE OF HIS LIFE.

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The first time Mr. Travers attempted to find Montague street, in Brooklyn, he lost his way, although he was near the place. Meeting a man he said:

"I desire to r-reach M-montague st-street. W-will you b-be kik-kind enough to pup-point the way?"

"You-you are go-going the wrong w-way," was the stammering answer. "That is M-montague st-street there." "Are y-you mimick-mimicking me, making fun of meme?" asked Mr. Travers sharply.

"Nun-no, I assure you, sir," the other replied. "I-I am ba-badly af-flict-flicted with an imp-impediment in my speech."

"Why do-don't y-you g-get cured?" asked Travers, solemnly. "G-go to Doctor, and y-you'll get c-cured. D-don't y-you see how well I talk? H-he cu-cured me."

The fortune left by Mr. Travers has been estimated at $3,000,000. He left three sons, William R. Travers, John Travers, and Reverdy Travers, and five daughters, four of whom are married. His only sister is Mrs. Prince, mother of the late John D. Prince, of Prince & Whitely.

Mr. Travers assisted a large number of young men to go into business, and helped to give the start in life to several of the most successful men in Wall Street.

He was charitable, and his secret beneficences are said to have been numerous. He enjoyed the wealth he had made in a way that should make the majority of millionaires blush with shame at their parsimony. He was a hon vivant of the first water. He maintained five domestic establishments on a first-class and luxurious scale, not like a Caligula, merely for his personal gratification or the pride of ostentation, but rather for the development of those social traits of character in which he had few equals, and no superior. The great social pride of his life was to make his friends feel happy. He had one of the best cellars in New York. His table at any of his residences was not only bountiful, but exhibited a menu equal to that at Del

monico's. His favorite wine was Madeira, of which he was a perfect judge. He was very moderate, however, both in eating and drink, but would have the best of everything despite the cost.

He was a kind and indulgent father, but was pleased to see his boys manifest ample pluck like himself. Apropos of this characteristic, one of his boys came home one day with a big blackened eye.

“W-w-w-where d-d-did you g-g-g-get th-th-that?” inquired the father, anxiously.

"In a f-f-fight, sir," replied the son, who has a similar impediment in his speech.

"D-d-d-did y-y-you w- w-w-whip the other f-f-fellow?" "Y-y-yes, sir." "Q-q-q-quite r r-right.

H-h-h-here's a d-d-dollar f-f-for y-you. Always w-w-whip the other f-f-fellow." Travers himself was courageous, tall, and sinewy, and in his younger days a great athlete. He was 68 years of age at the time of his death. He was a member of twenty-seven clubs, social, political, and athletic. He was a Democrat in politics. As to his religious belief, I expect if he had been questioned on that he would have given the same answer as another eminent man who cut a great figure in this country: "The world is my country; to do good is my religion." Travers might have added: "I also wish to be the means of creating and diffusing the greatest amount of social happiness and enjoyment of which humanity is capable.'

I may conclude by saying of Travers, as an eminent author observed of his namesake the divine William, the Bard of Avon, "We ne'er shall see his like again."

BY

CHAPTER XL.

CHARLES F. WOERISHOFFER.

THE CAREER OF CHARLES F. WOERISHOFFER, AND THE RESULTANT EFFECT UPON SUCCEEDING GENERATIONS. - THE PECULIAR POWER OF THE GREAT LEADER OF THE BEAR ELEMENT IN WALL STREET.-HIS METHODS AS COMPARED WITH THOSE OTHER WRECKERS OF VALUES.-A BISMARCK IDEA OF AGGRESSIVENESS THE RULING ELEMENT OF HIS BUSINESS LIFE. HIS GRAND ATTACK ON THE VILLARD PROPERTIES, AND THE CONSEQUENCE THEREOF.-HIS BENEFACTIONS TO FAITHFUL FRIENDS. Y the death of Charles F. Woerishoffer, Wall Street lost one of the most prominent figures which has ever shown up here. Mr. Woerishoffer died May 9, 1886. His career is one worthy of study by watchers of the course of speculation in this or any other country. The results of his life work show what can be accomplished by any man who sets himself at work upon an idea, and who devotes himself steadily and persistently to a course of action for the development and perfection of the principle which actuates his life. Mr. Woerishoffer possessed peculiar personal qualities which are denied to most men and to all women. He had the magnetic power of impressing people with confidence in the schemes which he inaugurated; that is to say, he had the power of organization-the same power has made other men great, and will continue to make men great who possess it in all walks of life. Notable instances may be cited in the cases of Bismarck, Gladstone, Napoleon, Grant, and-coming down to Wall Street proper -Gould, Daniel Drew, old Jacob Little and the Vanderbilts, especially the Commodore, in his superior power of aggres

siveness.

It has been said of Mr. Woerishoffer that he was fortunate. He was indeed. He was fortunate in the possession

of natural ability, and he had the aptitude to take advantage of events, and associate circumstances and the strength of purpose, and to direct, instead of following, the operations with which he became connected. He was the leader of the bear element of the Street-at least he was such during the period which marks his successful operations here. There is no doubt that the death of Mr. Woerishoffer was hastened be cause of the great strain of mind growing out of his business transactions. There is one point in this connection which has been overlooked by his biographers, namely, that his boldness in the magnitude of his dealings was resultant from a careless or non-calculative mind. I do not believe that Mr. Woerishoffer ever undertook a speculation of any sort until he had carefully calculated all the chances pro and con, and his success, remarkable as it was, was largely due to the combination of calculation and the natural develop. ment of business conditions, of which he was a close student.

Mr. Woerishoffer's conception of business principles was iconoclastic to an intense degree. As a broker, as a business man, as an operator in stocks, he "believed in nothing;" that is to say, he was a believer in the failures of men, and had no faith in the corporations and enterprises which were organized for the purpose of the development of the best interests of the country in which he lived. There is another view, or another statement of this peculiar feature, of the character of this man which may be given in description, and this is illustrative of the careful study he made of everything passing along in the lines of life with which he was connected. It is this: That Mr. Woerishoffer, by his intimate study of the prospects and probabilities of the projected plans of enterprising Americans, had come to the conclusion that the majority of them must fail, and that the first flush of enterprise would be changed to a darker shade as time progressed. That is to say, he saw and knew a great deal of the organization of the rail.

HIS SUDDEN RISE AND RAPID PROGRESS.

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road schemes which have marked the growth of our rapid development in a business way, and he judged that the inflated ideas of the projectors must meet with a check as developments were made, and that the earning capacity of the roads would not equal expectations. Hence he sold the stocks, and sold them right and left from the start, and with his followers reaped the profits. Woerishoffer never indulged in the finesse of Gould or Henry N. Smith. He had the German ideas of open fight, and he attacked everything indiscriminately, losing money sometimes, but making money at other times, and by his open dash and persistency carried his point.

There is no doubt that the successful career of a man of this sort has a deleterious effect upon those who follow him in succeeding generations. It does not matter how successful the development of the business industries of this country may be hereafter, there will always be found men who will speculate upon the ruination rather than the success of the best interests of the country merely because Charles F. Woerishoffer lived and made a fortune by his disbelief and his disregard of the growth of the institutions of the country which gave him a home.

Woerishoffer was a wonderful example of the sudden rise and steady and rapid progress of a man of strong and tenacious purpose, who adheres with firmness to one line of action or business. He was born in Germany. Woerishoffer's Wall Street career was begun in the office of August Rutten, afterwards of the firm of Rutten & Bond, in which Woerishoffer subsequently became Cashier. He left this firm in 1867, and joined M. C. Klingenfeldt. Mr. Budge, of the firm of Budge, Schutze & Co., in 1868, bought him a seat in the Stock Exchange. Some time after he entered the Board he became acquainted with Mr. Plaat, of the wellknown banking firm of L. Von Hoffman & Co. Mr. Woerishoffer was entrusted with the execution of large orders, especially in gold and Government bonds. At that time