The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-11-27
THE WHEEL or FORTUNE.
American Fortunes are Proverbiaiiy Very
Unstable.


| American Fortunes are Powerfully Very
Unstable.
Those in this country engaged in trade
and commerce are liable at any moment to he
overwhelmed by financial panics, political dis
turbances, and other causes against which no
human foresight can provide. The millionaire
Of to-day becomes the bankrupt Of tomorrow.
We have had, Of late, several notable instances
Of rcverscs Of fortune among the rich men Of
this city, the most recent and the most nota-
bic being that OF Mr.. Edward Matthews, the
great real estate owner. Mr.. Matthews owned
buildings in the heart Of the down town bust
ness portion Of the city renting hundreds Of
Offices and stores In Broadway. Broad street,
Wall street, and Exchange place, all at high
rates. IL IL said his income from real estate
alone, in ten years, beginning with 1853,
amounted 10 over ss.oOOOO Mr.. Matthews be-
came involved, and his creditors are, as we un-
dcrstand. now seeking to throw him into
bankruptcy For many years Mr.. Matthews, his
house on Fifth avenue, near Eighteenth street,
his choice collection Of pictures by modern
masters and his faultless equipagcs have been
much talked of In Fashionable circles In this
city. At one time nobody turned out better
appointed four-in-hand than Edward Matthews.
Now he is in very serious difficulty. ON the
Goth of October last he conveyed all his real
estate to his son. j. Brander Matthews, for a
consideration Of 5000. It IL charged that this
conveyance, which transfers property valued at
over 100000 even In these times, Il assaiablo
on the ground Of fraud. Certainly in this case
the wheel Of fortune made sudden aud disas-
trous turn for gentleman who long had
been rolling in wealth.
Another painful case ia that Of the venerable
Daniel Drew, who, at one time, and that not so
long ago, threw about his millions in wall street
with the best Of them. lie could at any time
during ten successive years have retired from
the street worth sj,0O1,OO1, but he vcntured, like
Daniel OF old, once too often 10 the lions den,
and no miracle was performed In his behalf and
he il now utterly bankrupt of his houses and
lots, his farms, his bonds and stocks not even
a grease spot Is left they have all passed into
other hands. Mr.. Drew's case Is particularly
bad one. lie finds himself stripped OF worldly
possessions at AN age whon he can no longer
hope to retrieve his fallen fortunes.
The announcement Of the sale Of Mr.. John
Taylor Johnston's magnificent collection Of
paintings, with the exception of MIR. Marshall q.
koberts's and Mr. Belmont's the largest and most
valuable private collection in the city, Is another
evidence Of private misfortune little expected u
few months ago. Mr. Johnston's losses are
chiefly, If not entirely. owing to the decline of
the stock of the Central Railroad Of New .Ier-
scy. lie was President Of the road, and one of
the largest stockholders. IL Is said the great
bulk NJ his fortune was in this stock. lie ittod
TO his credit, he held on to 1t. lie did not seek
to get out" though, ~ President of the road,
he had every opportunity Of knowing the exact
situation Of affairs. ON the 9th of April, lsli,
Central Of New Jersey was selling at In. and
Delaware, Iackawanna and Western at III.
At that time Mr.. John Taylor Johnston was
not only millionaire but he was looked upon
a. one Of the shrewdcst and most essful
railway managers in the country. lie was class
ed among such mcn a. Vanderbilt Garrett. and
Scott. No one then could have anticipated that
20 safe and solid a stock a. was apparently Cen
trail OF New Jersey would be selling AT the prices
which ruled this summer. In the short space of
fifteen months. Last saturday, Nov. y, It sold
at 3i9 The result for Mr.. Johnston has been
the loss Of his position "a President OF the Cen
tr,l of New jersey, the loss of the great bulk ~
his fortune, and the proposed sale of hi- colec-
tion Of paintings slowly gathered during the
course Of a long series Of years at the cost Of
much labor and time, a. well a. money
If we trace the real causes of the disasters
which. Of late. have overwhelmed 80 many Of our
rich men, We will generally ind that these dis
aster- are mainly attributable to outside spec-
ulation." Outside speculation Is "a essentially
an American expression rs II Il peculiarly ma
tional weakness. In Europe, where business l.
conducted on "A more conservative basis. where
the merchant Is content wiki more modest re-
wards, deyotes less time to business cares, and
does not yield mp his whole life to the pursuit ~
wealth with that fever-h intensity which char
acteriles the American. outside speculntions
are comparatively unknown. Each one pursucs
his own particular ayocation or line ~ business.
invests his gains in properties with which he Is
familiar. and dnes not risk them In doubtful