Smyrna times., 1877-09-19
How Wealth is Lost.

The recent death of one of the old.time
merchant princes of Boston, who leaves an
lnsolvent estate, and the still more recent
failure OF an old established Boston house
tnat mad weathered the three great finan.
cial storms of 1887, 1857 and 1878, recalls,
says the IraUeLler, some remarkable in,
stances OF financial ruin caused by spec,Ila.
ton in untried fields.
In 1898 there was large firm engaged
IN the boot and shoe business, probably at
that time the largest i'll Boston, which con
cluGed to dissolve The aggregate of the
available cash means Of the firm was ST.
zOO,OOO ana there were three in the firm
| each OF whom took his 100000 The
senior partner invested his money in pay
ing securities, and died few wears after.
having doubled his capital; the iunior
partner did the same, and when he died he
had nearly trebled the amount. The other
partner accepted the honorary position of
President of a bank and became interested
IN wildcat speculatiOns in mining and new
inventions, and to-day he is almost a
pauper.
ABOUT iorty years ago a young man
oegan as porter in a large concern on
South Market street; he rose gradually
from one position to another till he had
acquired knowledge and money enoneh to
start for himself, and he chose the then
new held OF ST. Louis By industry. an.
pllcatlon and shrewdness he became one of
the leading merchants of that CITY. About
twenty years ago he decided to retire from
active business and return to his native
State. lie had a clear cash fortune of
S6OO,OOO. Purchasing a beautiful estate
within twenty miles of Boston, and adding
thereto by elegant and costly buildings and
out-bullding and conservatories, he settled
down to enjoy himself He invested all
ms wealth IN patent, and that man to-day
Is laoorlng hard to gain daily bread for
himself and family
In 1898 one of the leading commission
dry goods merchants in Boston overreached
MS competitors in trade, and made himself
whole IN that terrible financial crisis when
most OF our leading houses went to the
wall As collateral security for notes
gwen tor about $4,000, he took shares in
an uhcompleted railroad connected with n
co4l mime. Discovering that this stock
held as collateral represented morn tI,on
majority OF the whole stock, he cmploved
brokers in Wall street to bear the stock and
Ouy u up for song. He succeeded. and
he afterward admitted that he cleared
S4OUOOO by the operation. The war came
on and lie succeeded in obtaining from the
government several large contracts. Al
the close OF the war he could chink out at
least S2,OOO,OOO in solid cash. But he was
not SATISFIED. Railroad schemes were all
the rage, and he went in, seeing in the
future MS two millions swelling TO ten
mIinons lie has lost his own money and |
led ms nelghbors to ruin, and is TODAY an |
object of pity. "''
lnrty years ago young and promising
lawyer was retained by railroad corpora. |
ton IN New England, then laborinp undar |
great difficulties. He soon rot at the trne |
inwardness of tho situation. and avoiIino |
OF the knowledge. invested ripbf !
ana ana LETT In its securities at a low firnre
lhose securities aftcrwartl became annre.
clatlve values, and he found himself almost
millionaire. lie purchased a splendid
estate, became liberal patron of the arts.
Ieaulng agrlculturist, and was esteemed |
Tor his benevolence His income was
almost princely, but many others were
~orth much more, and he was still voung.
Ills ambition was to mount clear to the
Top and IN one brief year, from being the
possessor Of 100000, he died recipient
Of charity i'''''
In lS43 young man from a neighboring
Io"h' VINO had been fortunate business
a WI 'iie CIlsls OF 1851, started afresh !
lew years found him at the ton of the
adder, his credit good and his transac.
.ions immense; he had acquired second
ana handsome fortune. In day. as il
we're, he lost all, and he had not money
enough to buy his MONDAY meal. Not
discouraged he began again at the bottom
nd laid the foundation for the third
which was destined to be three.
oid greater than the other two. But he
vas man never to be satisfied. Three
ears ago he could have sold out his i'm.
hehse real estate and realized three and
me I nan millions of dollars cash Less
nan three months ago he was forced TO
'or[ow money from his friends for the
necessities of himself and family. '