The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1877-08-30
HOW WEALTH rs LOST.
Some Lahorers and Paupers who
were Once Worth Hundreds Of
Thousands Of Dollars.

that had weathered the three great
financial storms of 1887, 1857, and
1873, recalls some remarkable in
stances of financial ruin caused by
speculation in untried fields.
In 1858 there was a large firm en-
gagged in the boot and shoe business,
probably at that time the largest In
Boston, which concluded to dis
solve. The aggregate of the avail
able cash means of the firm was
81, 200, 900, and there were three in
the firm, each of whom took his
100000. The senior partner in
vested his money in paying securi
ties, and died few years after, hav-
ing doubled his capital; the junior
partner did the same, and when he
died he had nearly trebled the
amount. The other partner accept
ed the honorary position of presi-
dent of bank and became interest
ed in wild oat speculations in min
ing and new inventions, and to-day
he is almost a pauper.
About forty years ago a young
man began as porter in a large con
Germ on South Market street; he
rose gradually from one position to
another till he had acquired knowl-
edge and money enough for himself,
and he chose the new field of St.
Louis. BY industry. application 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. He had
clear cash fortune of 100000.
Purchasing a beautiful estate with
in twenty miles of Boston, and add
ing thereto by elegant and costly
buildings and outbuildings and con-
servatories, he settled down to en-
Joy himself. But he was not salts
fed. He invested his all in a pat
ent, and that man to day is labor
ing hard to gain daily bread for
himself and family.
In 1853 one of the leading com
mission dry goods merchants in
Boston overreached his 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 given for about $4,000, he
took shares in an uncompleted rail
road connected with a coal mine.
Discovering that this stock held as
collateral represented more than a
majority of the whole stock, he en-
ployed brokers in Wall street TO
bear the stock and buy it up for a
song. He succeeded, and he after
ward admitted that he cleared
| 100000 by the operation. The
war came on and he succeeded in OBJ
tanning from the government sever
al large contracts. At the close OF
the war he could chink out at least
to millions of dollars in solid cash.
But he was not satisfied. Railroad
schemes were all the rage, and he
went in, seeing in the future his
two millions swelling to ten mil
lions. He has lost his money and
led his neighbors to ruin, and is to-
day an object Of pity.
Thirty years ago a young and
promising lawyer was retained by a
railroad corporation in New Eng
land, then laboring under great diff
ficulties. He soon got at the true
inwardness of the situation, and
availing himself of the knowledge,
invested right and left in its securi
ties at low figures. Those securi-
ties afterward became appreciatiye
values, and he found himself almost
a millionaire. He purchased a
splendid estate, became a liberal
patron of the arts, a leading agrt
culturist, and was esteemed for his
benevolence. His income was al
most princely, but few others were
worth more, and he was still young.
His ambition was 20 mount 10 the
top, and in one brief year, from be-
ing the possessor OF 100000, he
died a recipient of charity
In 1S43 young man who had
been a fortunate business man till
the panic of 1887, started afresh.
A few years found him at the tor
Of the ladder, his credit good and
his transactions immense; he had
acquired a second and handsome
fortune. IL day, as it were, be
lost all, and he had not enough tc
buy his MONDAY meals. Not dis
couraged, he began again at the
bottom, and laid the foundation fol
third fortune, which was destined
TO be threefold greater than the
other two. But he was man new
er TO be satisfied. Three years age
he could have sold out his immense
real estate and realized three ano
one half millions Of dollars cash
Three months ago he was forced tc
borrow money from his friends foi
the actual necessities Of himself and
family.-BOstOR Traveller.
Another day has come and gone