George C. Magoun facts for kids
Quick facts for kids
George C. Magoun
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| Born | August 25, 1840 |
| Died | December 20, 1893 (aged 53) |
George C. Magoun was an important business leader in the late 1800s. He is best known for being the Chairman of the Board for the Atchison, Topeka and Santa Fe Railway. This was a very big railroad company in the United States.
Contents
Who Was George Magoun?
George C. Magoun was born on August 25, 1840. He became a powerful person in the world of railroads and finance. He helped guide one of America's largest railway companies during a time of great change.
Early Life and Education
George Magoun grew up in Cambridge, Massachusetts. He went to public schools there. After finishing school, he began his journey into the business world.
Starting His Career
His first job was with a company called Stimson, Valentine and Company. They made paint in Boston. George worked in sales there.
In March 1867, he left the paint company. He then started working as a clerk for Kidder, Peabody & Co.. This was a company that dealt with money and investments. George quickly showed he was good at his job. He earned promotions very fast.
Moving to New York
After a few years, his company sent him to New York City. His job was to open a new branch office there. By 1871, just four years later, he became a full partner in the firm. This meant he was one of the main owners and decision-makers.
Leading the Santa Fe Railway
George Magoun and his company invested a lot of money in the Atchison, Topeka and Santa Fe Railway. This railroad was growing quickly across the country. Because of these investments, George Magoun became the Chairman of the Board for the railway. This was a top leadership position.
Challenges for the Railroad
In the late 1880s, the Santa Fe Railway faced some tough times. The value of its shares, which are like small pieces of ownership in the company, dropped a lot. They went from $140 per share down to about $20 per share.
During this difficult period for the railroad, George Magoun's own health also started to get worse. He passed away on December 20, 1893. He was so closely connected to the railroad that just three days after he died, the Santa Fe Railway had to go into "receivership." This means the company needed special help to manage its money because it was in serious financial trouble.
