Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1877-06-19
#iseellanenus.
THE LOSS OF GREAT FORTUNES.

OSnhocnSo III iFitnus, ana thOSe lost
through over-reaching and dishonesty,
and it would be difficult, looking over the
business history OF the past hall century,
to say on which side the preponderance
lies.
In the comparatively early history OF
the domestic dry goods business of Boston
when the Lowels, the Boots, the Jack
sons and the Lawrences were laying the
foundations OF the great manufacturing
interests OF New England, a young man.
the son of q prominent physician in a town
in Middlesex county, came to Boston.
With clear head. active brain, and re-
markable business talent, he soon earned
a position as partner in one OF the largest
dry goods commission houses of that time
(lS32) 1t was not long before he dis
tanced his partners, and became himself
the head OF firm that for twenty years
was without peers in any city In the Union.
In the great crisis Of 1887, when even the
Lawrences were dependent upon friendly
aid, this man weathered the storm and
carried his business craft through safely,
and the firm for twenty years was known
throughout the length and breadth Of the
land as firm whose credit and standing
was tower Of financial Strength and abiI-
ity. When the crisis of 1857 came, know
ing the value OF this credit and conscious
OF the ability OF the firm to meet its in
debtedness with the reputation that at
tached to it from the crisis of 1887, and
with solemn promise to hold firm, this
man deliberately advertised the necessity
for his firm to suspend payments. The
whole community was taken aback by the
notice, and the indignation of his business
associates reached q climax when Ii was
known that he had been employing brok-
ers to buy up the paper OF the firm for
forty cents on the dollar When business
revived bis paper was rejected by the best
banks in Boston. He never recovered his
credit, but the war broke out, and
though a bitter enemy of the. admin
stration, he In common with others shared
the benefits of the rise in raw and manu.
factured material. The firm became inn
mensely wealthy, and launched out into
speculations that had al! the characters
tics OF unscrupulousness. The fabric be-
gan TO totter; he died miserable death,
unwept and unmourned the firm went to
the wall, and out Of several colossal for
tunes there is to-day scarcely dollar lett.
A little over forty years since young
man came to Boston from the valley of the
Connecticut. He was member Of one of
the Oldest and most highly respected fami
| lies in a town noted for its exclusiveness
and social aristocracy. The accident of
his birth made him socially unpopular in
Boston. but the same circumstance gave
him at once the entree into the best BUSH
nese circles. He prospered as all such
prosper-for time; within twenty years
his check for a million OF dollars would
have passed unqnesiioned in any fnan-
cial centre in the country and probably
in Europe. As treasurer of one of the
largest and most prosperous manufacture
ing corporations in New England his name
his credit and his standing were familiar
North and South. He acknowledged no
superiors; his equals he treated with cold
hautsur, and his interiors with undisguised
contempt. The valley of the Ohio had
just begun to avail itself Of railroad facili-
lies; II was rich in land and crops, and
had enterprise but no capital. Boston
| then was the great receiver of Western
produce. Boston capitalists were known
where the best financial names of New
York would have oeen ignored. This
| complacent man. this we'll known treas
urer, was appealed to for financial help.
His vanity as we'll as his avarice was
| reached; he saw in the future his name
among the great hereditary capitalists of
New York, and he threw the bulk of his
large fortune into the same pool that has
swallowed up hundreds OF millions of
Northern capital. To-day he is recog-
| nized simply on account of his name, and
his extreme poverty Is equal to what was
once bis extreme wealth. aa
About the year 1886 the son OF
wealthy Quaker and large manufactur-
er came into possession of his immense
paternal property. He was skilled in the
business that made his fathers wealth,
but he lacked the prudence and the eau.
| ton that had made his father a wealthy
magnate. He wanted to make the hun
dreds of thousands of dollars earned by
| scores of years of industry and economy,
millions in day-and of course be went
into railroads. He came down to eating
his meals In cheap restaurant, and died
an object of friendly charity.
In the year 1880. or lhereabouts, a
young man came to Boston from Worces-
ter county. His family connections were
of the best; he had fine presence and
an easy address; he started in the retail
dry goods business on Washington street,
was very popular. accumulated very
handsome property and went thence to the
| wholesale business in KiIby street. He
was still more prosperous in the new
branch. He became the senior partner Of
the largest dry goods jobbing house in
Boston, with connections South and West.
When the government made its treaty with
the Indians in Arkansas, his firm WIS
among the first to furnish supplies under
the treaty. The firm made money but the
jobbing business didn't seem to meet the
ambition Of the partners, and they went
into the speciality Of selling prints. In the
meantime the subject Of the sketch had be-
come president OF q prominent bank and
treasurer of a large railroad corporation
Gin prospective). This same corporation
has ruined scores since, and can hardly be
mentioned to-day In Boston without excit-I
ing disgust. He advanced and used all
capital In sustaining the credit Of the cor
Dorafion and this led to some questions