The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1868-05-01
* Fool and His Money,

since, occasioned one of those remark
able episodes in history, now designated
Specializing manias,' during the occur
renee of which all seized with the epi--
demic expect to Immediately become
rich, with little labor, and without
significant pecuniary capital Of course,
in such times, the chosen few have
wealth thrust upon them; such was the
case of the person principally referred
to in this article; but it generally proves
that mora is lost than gained on such
occasions, and even in regard to the
product petroleum, notwithstanding its
extraordinary yield, we doubt if total
sum equal to the original expenditure
has yet been realized, in all the transac-
tions regarding it; and while few were
benefited, thousands were hopelessly
ruined.
We happened to cross the path of
John w. Steel during his flush career,
so efficiently demonstrated in the follow
ing article from the Pittsburg Leader,
and from what we saw, feel that it is by
no means overdrawn. Among others
peculiarly favored by this raya qUis,
was Mr.. Dow, formerly superinten-
dent of the Girard House Billiard
Rooms in Philadelphis. Steel, taking
liking to this person, fitted up splen-
did room, with five of the Standard
tables. and every requisite throughout,
and then by donation made the whole
over to Dow. So effectively was this
last act performed, that although the
manufacturers of the table have sill
an unsatisfied claim of $1,000, they
find they have no recourse to Dow, and
the item is noted in SteePs schedule Of
bankruptcy. 1t is understood that
through exertions made by his friends
that that family of Steel will yet realize
something from the wreck of his sud
denly acquired and squandered fortune
but hear the Pittsburg paper;
John W. Steel, familiarIy known as
Johnny Steel, and somewhat disting-
uished as an 'oil prince having, for 8
considerable length of time, enjoyed the
princely income of 50, 600 per day, filed
in the United States District Court last
week voluntary petition in bankruptcy.
Many of our readers will remember his
romantic exploits in the East, published
some time ago, during which he is re-
ported to have squandered several hun
dred thousand dollars. After having
ssewed his wild oats, and losing bis oil
farm, he found himself in rather straiten.
ed circumstances, and was recently com
PEELED to earn a living by driving an OF
team. His Indebtedness, as set forth il
his petition, amounts to over 800, 900
Steel is Pennsylvania by birth, and
is now in the neighborhood of % year,
of age. He has had but little educa
ton, has no business qualifications O.
shrewdness, and seems especially Gu
out by Dame Nature to attest the trutl
of the proverb that "a fool and hi
money are soon parted
Of his early youth we know very lit
tie, manhood and riches sprang upol
him about the same time. His interes
in the famous McClintock farm and oi
wells in Venango county, bequeatheC
him by his father, for number of year
Welded him an income of $4,000 pc
day. This princely income was tn
! means of awakening in Johnny an am
: bition to seek other fields and sources c
amusement than those offered in tn
wilds of Venango.
We heard of him first by his LAWS
waste of wealth in Philadelphia. Her
he made the acquaintance of Messr'
Skif & Gaylord, Of minstrel fame, ant
one of his first rash purposes was a
entire new outfit for the minstrels, CON
posed of velvet coats and vests an
plaid trousers lmany of our readers wi
: remember the troupe in this uniform
To those eccentric costumes he adde
diamond breastpins of the first water
and few suits of clothes for each men
: Der for the street. Several members {
fCancross & Dixey's rninstrels, of Phils
r deIphia, were also favored in the sam
manner. a3e
Another of Johnny's' eccentric act
! in Philadelphia is related as follows
: Walking along Chestnut street one da
with friend, he espied beautiful spa
of horses attached to splendid carriag
just turning down from Second. 1
2 see was to envy; SO, hailiDg the drive
Sam Nj, who, as it happened, wa
$ also the owner, Johnny coolly aske
him if he would sell the establishment
Sam looked credulously at his custome
wondering whether he were drunk {
Icrazy, when Johnny again put forwar
the question, what will you take for Il
$ whole rigi' Sam, with a wink, an
: while knocking the ashes from his ciga
t doubtedless thinking to frighten his III
/ known questiouer, replied: We'll,
a guess about 81, 900 will take the lot
e Johnny answered by laying dow
/ tseven 1000 bills on the seat of tt
a vehicle, and taking bold of the rein
g coolly said hop out, and hop out Sar
IS did, while Johnny drove of, leavin
y Sam standing in amazement on tt
If corner. The day was spent in ridiu
n about the city, and spending moDe
J, lavishly; toward evening he had en-
n ployed aman to drive, and fnall
Il while winding up the day, he reache
y the Girard House; alighting on tt
n pavement, he asked the driver as to b
it circumstances, and learning that /
$ knew the grip of poverty Johnny mad
5 him a present Of the carriage an
> horses, telling the driver not to off
). thanks, but to drive off quick.
o While in Philadelphia one of the e
" centricties of his morning walks on Ma
NJ ket or Walnut strrets was to watch fl
a man with shabby hat. He woul
then follow him until he got in front
e a hat store, and then with swoop
n would land the offending hat in Il
is middle of the street. at the same tin
apologizing TO the wearer, and askin
IS him into the store, where he would bu
it him the best to be had. johnny new
G carried any baggage with him viii
travelling, purchasing everything as l
d required it.
d Having resolved one day to stop
1t the Continental Hotel, instead of b
g usual retreat-the sGirard-he W.
d driven there in company with a frienC
y Mr.. William By, noted merchal
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