The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-03-23
4 FIyINcIEE's DOWNFALL.
Cornelius =. Bushnell ofNew Haven Adjudged
Bankrrpi-HIs Operations.

Cornelius =. Bushnell ofNew Haven Adjudged
Bankrrpi-HIs Operations.
A short time ago Ave creditors OF Mr.
Cornelius :. Bushnell OF New Haven showed TO
judge BiStchford that they represented one
third uf the creditors OF that 1nancer ard held
one-half the claims against him, aud ON this
showing they prayed that he might be udjudsed
a bankrupt. The petitioners are the Union
Pacific l,ailroa1 Company. J. Doorman John.
ston & Co.. william NJ. white OF New Haven,
Brayton Ives & Co., and Dsnjam 7. Ham. The
first named company claims that 1t employed
Bushnell in 1889 to market It's bonds. In 1874
they had an accounting and Bushnell WAS found
to be Indebted to the company Sj9.J099l. which
he s'ill owes. j. BOOrman johnson & Co. claim
Si0GSl 81 moneys loaned and advanced lush
nell In 1873 "A. Mr.. William II. White alleges
that Bushnell promised him but has not yet
paid $1,000 for services In tho construction Of
the New Orleans. Mobile and Texas Railroad,
and In procuring the extension Of It's charter.
Brayton Ives Co.'S claim Ia for commissions
and loans In stock transactions. The aggregate
OF these claims probably falls short OF the one
tnrd Of Mr. Bushnell's Indebtedness; neycrthO-
less they were deemed sufficient, IN view OF tho
failure OF MIR. Bushnell to answer, and he was
accordingly adJuo Red bankrupt and Mr. Henry
Wilder Alien was appointed TO take testimony
In the matter.
The proceedings indicate that another of the
great fortunes which fow men accumulated
out Of the opportunities which the late war fur
nished has been dissipated. For the last fifteen
years Nr. Bushnell he's fSuTed IN the rank with
Scott, Col. 4. c. Durant and other noted rail-
way constructois and railway security
soeculators Mr.. Bushnell first came promi-
nently INTO public notice as the builder Of
the first Monitor. He then and has since resided
in New Haven. where he had already attained
celebrity as a driving business man and pubic
spirited citizen. !, was the success Of the
success. Tre celebrity with which his fortune
grew thereafter encouraged him to follow in the
footsteps OF the other spectators whose names
were In everybody mouth. and his success soon
placed him upon an equal footing with them.
He was among the FIRST to engage In the trans
| continental railway enterprises, and became a
director in the Union Pacific road. There was
generally entertained belief that the great CAPT.
| solely by public spirit. The Credit Mobier ex-
posture dissipated that faacy.
Mr., Bushnell, like the Others, came out of
| Credit hobiher with more money than reputa-
| ton. stu. his fellow townsmen seem to have
retained great faith IN his business capacity
lie retained his directors seat anu stock inter
est IN Union Pacific, and he sci ont TO help
| float the bonds and securities Of straight
ened corporations. HIS own speculations were
| not successful.
| Three years ago the capitalists OF New Haven
| having occasion to COMPARE notes, awoke to the
fact that not few. Of them were creditors Of
| Mr. Bushnell. He had a very taxing way OF ex-
| changing checks with friends, who fOuad tina.
Mr. Busnnells check was often returned en-
dorsed mo funds" One Mr.. Richardson now
| possesses MIR. Bushnel's check for 100000 with
that endorsement. Mr.. Bushnell only wanted
|
| Comb says that Bushnell's Credit Mobilier
shares were bought with $4,000 check which
was protested, and had not been paid three
! years ago, whether II has since been or not.
BushnelFs peculiar hnancieflng was seen la tn g
assets OF the broken Townsend Savings Bank Of
| New Haven, which institution at Its collapse
| held his obligations for Sl27 go. For the past
| three years Mr.. Bushnell has been struggling to
stem The tide OF misfortune, but the waves have
| closed over him at last. His admirers still have
faith to believe that with release from his Obli-
cations his business tact will enable him to re.
cover much OF his lost prestige aud fortune.
| Charles DanfOrths Denth.