The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1877-06-08

nc recent ucilH OF one Oh the OLD
time merchant-princes Of Boston, who
leaves an insolvent estate, and the still
more recent failure Of an old-established
Boston house that had wcathercd the
three great financial storms Of 1897, 1867
and 1873, recalls 10 the 7rarciier some
remarkable instances of financial ruin
caused by speculation in untried fields.
In 1853 there was large firm engaged
in the boot and shoe business, probably
at that time the largest in Boston, which
concluded 10 dissolve. The aggregate
Of the available cash means Of the firm
was 81 100000. The senior partner in
vested his money in paying securities,
and died few years afterwards, having
doubled his capital; the junior partner
did the same, and when he died he had
nearly trebled the amount. The other
partner accepted the honorary position
Of president Of bank, and became in
terested in wildcat speculations In min
ing and new inventions, and to-day he
is almost pauper. About forty years
ago young man began 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 enough to start for himself,
and he chose the then new field of St.
Louis. BY industry, application and
shrewdncss he became one Of the lead
ing merchants of that city. About
twenty years ago he decided To retire
from active business and return 10 his
native State. He had clear
cash fortune of $s00,0O0. Pur
chasing beautiful estate with
in twenty miles Of Boston, and
adding thereto by elegant and costly
buildings and outbuildings and con-
servatorics, he settled down to enjoy
himself. But he was not satisfied. He
saw that Others had more than ne pos
sessed; he could not go back to the old
drudgery Of business to increase his pile,
and in an evil hour he came across one
Of those plausible men who pointed our
to him the sure way through which by a
single stroke he could double his for
tune. He yielded, and invested his all
i'm "A patent that was not worth the paper
il was written on, and that man to-day
is laboring hard to gain daily bread for
himself and family.
In 1858 one of the leading commission
dry-goods merchants in Boston over
reached his competitors in trade and
made himself whole i'm that terrible
financial crisis, when most Of our lead
ing houses went To the wall. As col
lateral security for notes given for about
$4,000 he took shares in an unc0m-
pleted railroad connected with coal
mine. Discovering that this stock held
a. collateral represented more than a
majority Of the whole stock. he employ
ed brokers in Wall Street 10 bear the
stock and buy il up for song. He sue
ceeded, and he afterwards admitted that
he cleared 100000 by the operation.
| The war came on, and he succeeded in
obtaining from the Government several
large contracts. AT the close Of the war
he could chink out al least two millions
Of dollars in solid cash. But he was not
| satisfied There were such men as
Cakes Ames and John Il. Alley, of the
Union Pacific; Tom Scott. Of the Penn
sylvania Central; Jay Gould, Of the
Erie, and Vanderbilt, who could dis
count him four to one. and he wanted
to be one withthem. Government lands
and Government appropriations and
Great Western Railroad schemes were
all the rage, and he went in, seeing in
the future his two millions swelling 20
ten millions He has lost his own
money and led his neighbors 10 ruin,
and i to-day an object Of pity.
Thirty years ago a young and prom
Using LAWYER was retained by a railroad
corporation in New England, then labor
ing under great difficulties. He soon
got at the true inwardness of the situa-
ton. and, ayailing himself Of the knowl-
edge, invested right and left in its secu-
rites nj low figures. Those securities
afterward became appreciative values,
and he found himself almost million
aire. He purchased splendid estate,
became liberal patron Of the arts, a
leading agriculturist, and was esteemed
for his beneyolence. His income was
almost princely, but Others were worth
more, and he was still young. His am
bition was to mount to the top. and in
one brief year, from being posSessor Of
100000 he was to all intents a pauper,
and died recipient Of charity.
In lSi3 young man from a neigh
boring town, who had been a fortunate
business man till the crisis Of 1887,
started afrcsh. "A few years found him
at the top Of the ladder, his credi; good
and his transactions immense; he had
acquired a second and handsome for
tune. In day. as II were, he lost all,
and he had not money enough to buy
his MONDAY meals. Not discouraged,
he began again at the bottom. and laid
the foundation for third fortune, which
was destined to be threefold greater
than the other two. But he was man
never to be satisfied. Three years ago
he could have sold out his immense real
estate and realized $3,500,0O0. Three
.....utl. T. ~, Ia. xwaa farani IN harrow