The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1866-12-27
he Mnte. .Qitt



HAs Rsnanee OF Poor Ye~ng Msn--
seEasy Come, Easy Go'-Exenplinca.
y taon or the ola AAAgs.
= last week brief item chronicling the sale
Of the Steele farm, on Old creek, for taxes
due the Government, started on its voyage on
the sea of newspaperdom. The paragraph
will doubtless be read by many without a Sec
ond thought, but those few lines might easily
form The text for discourse as lengthy as
the moral law. 1t is hardly an exnggeration
TO state that wherever petroleum is known,
the name of Johnny Steele the young
prince OF Venango county, has been heard,
while the accounts Of his apparently bound
less wealth and reckless expenditures we're
told in hundreds of papers, from the New
York Herald down or up. Soon after the
sale Of the farm, the closing act, brief his.
tory OF the same may not be entirely wifbont
interest, which the Crawford journal thus
narrates:
This farm. more generally known son the
creek as the widow McClinteck farm, is
Immediately opposite the aourishing little
town of Housewife. and was among the first
of the oil producing farms of the valley.
Early in 1868 the Van Slyke we'll a. this farm,
was struck and flowed for some time at the
rate ef $500 barrels per day, and several
wells yielding from 2o0to 800 barrels were
struck at subsequent periods. Besides these
there were many smaller wells, and the ter
ritory. though sadly mismanaged, is still re-
garded as among the best in the oil region.
In 1854, widow McClintock died from the Of,
facts Of burns received while kindling Ere
With crude oil. At this time, the average
daily INCOME from the landed interest of the
farm was $1,000, aud by her will the proper,
ty. with all her possessions IN money. was
left, without reservation. to her adopted son,
John M. Steele, thea about twenty years of
age. In the iron safe where the old lady kept
her money. was found $50, 600. two-thirds
Of the amount in ercenpscks and the bels
snee in gold Mrs McClintoek was haedly
cold in her coffin before young Steele, who
appears to have had nothing naturally vicious
in bis composition, WIS surrounded by a set
ofynmpyres, who CHING to him as long he had
dollar remaining. Tire y3uug millionaire
head was evidently turned By his good for
tune. A. has been that Of many an older man
who made his "pile in oil, aud he was of
the impression TINT his money would accu-
mulate too rapidly unless it was actually
thrown away, and throw it away he did.
Many of the stories concerning his career in
New York and Philadelphia SAVIOR strongly
Of fiction. aud would hot be creoileu were
they not so we'll authenticated Wine. wo.
men. horses. faro and general debauchery
soon made wreck of that princely fortune,
and IN twenty months Joining Steele s1uane-
cred two millions Of dollars. Hon. John
Morrissey, VI. c.. Invent through him at
faro IN the amount OF 500, 900 in two nights
he bought high priced turn-outs. and after
driving them an hour or two gave them away;
equipped large Minstrel troupe, and pre-
seuted each member with diamond ring
and pin, and kept about HIN besides two or
three iaen who were robbing him day afleT
day. He is now Cling the honorable posi-
ton of door keeper for Skiif 4 ylord min
strels, the compass he organized; and is. TO
use a very expressive but not strictly classic
al phrase, completely Aplayed out.
The wealth obtained by those who worked
so assidulously to effect Steel's ruin, gave Its
tie permanent benef, to lis possessars. The
person most brazen and chiefly instrumental
in bringing about the present condition
affairs. was the notorious Seth Slacum. who
hung around this city several weeks hast sums
mer. He was worth at one time over 500
900. which he lad . captured from Steele,
aud laid aside Tor a rainy day, but when the
lattev's money vanished, this amount soon
took unto itself wings, and he Is al present
known among his old associates IS dead
beat AT last accounts Slocum was near
ceraied IN the jail OF neighboring county
for various breaches OF the peace, aud was
unable to obtain bail in the sum OF .S5Qa
Exempiifieations these OF the old adage,
9 easy come, easy go, or the other, fools
and their money are soon parted.