William E. Dodge, Merchant And Philanthropist

IN SPITE of its widely ramified interests in manufacturing, mines, lumber, railroads, and real estate, Phelps, Dodge & Co. remained primarily interested in exporting and importing, in buying and selling, and William E. Dodge, the directing-partner, consistently styled himself a merchant. After 1849 the profits of the company mounted steadily for seven years until they approached the half-million mark, but in 1857 another severe panic ended the long period of national prosperity that had begun some fifteen years before. Extravagance, indebtedness, and inflation again took their costly toll; or, as the New York Herald of June 27,1857, declared: Governmental spoliations, public defaulters, paper bubbles of all descriptions, a general scramble for western lands and town and city sites, millions of dollars, made or borrowed, expended in fine houses and gaudy furniture; hundreds of thousands in the silly rivalries of fashionable parvenues, in silks, laces, diamonds and every variety of costly frippery are.only a few among the many crying evils of the day. The worst of all these evils is the moral pestilence of luxurious exemption from honest labor, which is infecting all classes of society. The country merchant is becoming a city stock-