Charles Barstow Wright (January 8, 1822 – March 24, 1898) was a

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

financier An investor is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital most of the time the investor purchases some species of property. Type ...

Biography

Wright was born in

Bradford County, Pennsylvania Bradford County is a county in the Commonwealth of Pennsylvania. It is part of Northeastern Pennsylvania. As of the 2020 census, its population was 59,967. Its county seat is Towanda. The county was created on February 21, 1810, from parts ...

on January 8, 1822. He started in business at 15, and at 19 was taken as a partner by his employer. In 1843 he received from the Towanda Bank a trust of landed interests in the then small town of

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

, and in two years he not only fulfilled this mission successfully, but realized handsome profits in Chicago real estate for himself. He married Cordelia Williams in 1848. In 1858, he remarried to Susan Townsend. In 1863 he engaged actively in developing the

petroleum Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crud ...

interests of

Pennsylvania Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...

. In 1870, as director and afterward as president, he undertook the work of pushing the

Northern Pacific Railroad The Northern Pacific Railway was a transcontinental railroad that operated across the northern tier of the western United States, from Minnesota to the Pacific Northwest. It was approved by 38th United States Congress, Congress in 1864 and given ...

to completion. After the road had been built to the Missouri River, and eastward from the

Pacific Ocean The Pacific Ocean is the largest and deepest of Earth's five oceanic divisions. It extends from the Arctic Ocean in the north to the Southern Ocean (or, depending on definition, to Antarctica) in the south, and is bounded by the continen ...

about 100 miles,

Jay Cooke Jay Cooke (August 10, 1821 – February 16, 1905) was an American financier who helped finance the Union war effort during the American Civil War and the postwar development of railroads in the northwestern United States. He is generally acknowle ...

and Co., the fiscal agents, failed during the

Panic of 1873 The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain. In Britain, the Panic started two decades of stagnation known as the "Lon ...

, and the completed parts were not paying expenses. Wright afterward assisted in the reorganization by which the road was completed to

Puget Sound Puget Sound ( ) is a sound of the Pacific Northwest, an inlet of the Pacific Ocean, and part of the Salish Sea. It is located along the northwestern coast of the U.S. state of Washington. It is a complex estuarine system of interconnected ma ...

. Wright served as president of the Northern Pacific from 1875 until 1879, and was instrumental in deciding on Tacoma as its western

terminus Terminus may refer to: * Bus terminus, a bus station serving as an end destination * Terminal train station or terminus, a railway station serving as an end destination Geography *Terminus, the unofficial original name of Atlanta, Georgia, United ...

. In 1873 he took an active part in founding the city of

Tacoma, Washington Tacoma ( ) is the county seat of Pierce County, Washington, United States. A port city, it is situated along Washington's Puget Sound, southwest of Seattle, northeast of the state capital, Olympia, Washington, Olympia, and northwest of Mount ...

. There he endowed the Annie Wright Seminary for girls (named for his daughter),"Death of Former Tacoma Resident"
in ''

The Tacoma Times ''The Tacoma Times'' was a newspaper published in Tacoma, Washington from 1903 to 1949. It was founded by E. W. Scripps, with editorial personnel taken from ''the Seattle Star''.Chronicling America ''Chronicling America'' is an open access, open source newspaper database and companion website. It is produced by the United States National Digital Newspaper Program (NDNP), a partnership between the Library of Congress and the National Endowme ...

) and Washington College for boys, and was noted for his generosity to young men. He died at his home in

Philadelphia Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Sinc ...

on March 24, 1898. Charles Wright Academy in University Place was named in his honor, as was Tacoma's Wright Park Arboretum.

References

{{DEFAULTSORT:Wright, Charles Barstow 1822 births 1898 deaths American financiers People from Bradford County, Pennsylvania 19th-century American businesspeople