Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1867-01-04
A Beggared Millionaire.

The Crawford Journal gives the following
sketch Of the fortunes uf johnny Steele.
who was one of the first Of the petroleum
milliunaires
This farm, more generally known - on the
creek as the widow McClintock farm, is i'm
mediately opposite the Furnishing little town Of
Housewife. and was among the first OF the oil
producing farms Of the valley. Early in 1868,
the Slyke well on this farm, flowed for some
time at the rate of 2, 800 barrels per day, and
several wells yielding from 200 TO 500 barrels
were struck at subsequent periods Besides
these, there were many smaller wells, and the
territory, though dly mismanaged, is stu re-
gsrded as among the best in the OIL region. In
1864. widow McClintock died from the effects Of
burns received while kindling FIRE with crude
oil. At this time, the average daily income
from the landed interest Of the farm was $1,000,
and By her will the property, with all Der pos
sessions in mOnsy, was left without reservation.
10 her adopted sou John W. Steele. then about
twenty years of age. In the iron safe where
the old lady kept her money, was found
$4,000, twc-thirds of the amount in green
backs. and the balance in gold. Mrs McClin-
tock wac hardly cold in her coffin before young
Steele, who appears to have had nothing nstu-
rally vicious in his composition. was surrounded
by a set Of vampires, who chung to him as long
as he had dollar remaining. The young mil
honsire's head was evidently turned by his
good fortune, as has been that Of many an older
man who made his pile in OIL, and he was
Of the Impression that his money would accumu-
late too rapidly unless il WAS actually thrown
away, and throw it sway be did. Many Of the
stories concerning his career in New York and
Philadelphia SAVIOR strongly Of fiction, and
would not be credited, were they not so well au-
thentesled. Wine. women, horses, faro, and
general debauchery soon made a wreck Of that
princely fortune, and in twenty months Johnny
Steele squandered two millions Of dollars. Hon.
JnO. Morrissey, NJ. c., - went through" him
at faro to the amount Of $4,000 IN two
nights; he bought high priced turn outs, and
after driving them an hour or two gave them
away; equipped a large minstrel troupe and
presented each member with diamond ring
and kept about him besides two or three men
who were robbIng him day after day He is
now filling the honorable position Of doorkeeper
for Skiff s Gsylord's mnsirels, the company be
organized, and is to use very expressive but
not strictly classical Phrase, completely played
OUT
The wealth obtained by those who worked so
sssidnously to effect Steele's ruin, gave little
permsnent benefit to lie possesscrs. The person
most brazen and CHIEFLY instrumental in bring
ing about the present condition Of affairs,
the notorious Seth Slocum. who hung around
this city several weeks last summer He was
worth at one time over 500, 900, which he had
captured" from Steele and laid up for a rainy
d., but when the latter's money vanished, this
amount soon took unto itself wings. and he is at
present known among his old associates as
dead beat At last accounts Slocum was in
carcersted in the jail of a neighboring county
for various breaches Of the peace, and was uns-
bic to obtsin bail in the sum Of $500 E1em-
plIhcaiions these of the old adsge, a. easy come,
easy co. or the other, - fools and their money
art soon psrtei.''