New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-07-12
A RING MANS BANKRUPTCY.


JOHN II. KEYSER'S WEALTH GONE.
AoNSY EASILY GOTTEN AND QUICKLY SCATTERED
Li6guITTs NEARLY 100000 AND ASSETS
NOTHING HISTORY OF TIE RING PLUMBEEs
LOSSES.
Troubles and mis,ortuues have followed John H.
Kcyser, the Ring plumber. since the Ring dis
closures ia the Fab of 1871, eliminating in his vol
untary bankruptcy. Yesterday proceeding were be-
gun ON his behalf in the United States Courts. Six
years ago Keyser had handsome fortune and
thriving business. To-day his sworn statement
shows assets nothing, and liabilities nearly 100000
The announcement of Mr.. Kcyser's failure has
been looked for by persons familiar with real estate
sales during the last two years But the public gen
orally has considered him to be very rich. and has
believed that his Ring gains were enormous. 1t is
said that applications without number. for loans OF
money on stocks and real Estate, have been made to
him since the downfull of the Ring. very few
persons have had knowledge of his many losses A
series of miSfortunes have been steadily pushing him
on toward bankruptcy since 1871. significant
fact connected with this failure is that the
records of mortgages against Keyser show that
he must have been in need of money soon
after the Ring frauds were discovered. In Septemb
er 1871 he obtained a loan upon his house on Sec
ond-ave. of $4,000 from the West Side Savings
Bank and subsequently another loan. 1t also ap
pears from the records that from year to year
mortgages were placed upon all his real estate.
These mortgages have resulted in foreclosures and
the sacrifice of his property. Following immediate
ly upon the Ring troubles came the Chicago fire, IN
which the stock in his branch house on Lake-st,
Chicago which was valued at $4,000. was de-
strOyed with an almost entire loss OF lnsuT-
ance. Another branch house in ST. Louis
failed and involved him in heavy losses.
In 1873 the extensive foundry and works belonging
to him at Greenpoint, l.. l., which were uninsured
were burned, with a loss of $4,000 in buildings
machinery and stock These mishaps, with the
general depression of business and depreciation III
values of real estate. have overwhelmed him imam
cally. and brought him to the bankruptcy pro-
ceedngs by which he hopes to get relieved from his
embarTassments.
Much of Mr.. Keyser Indebtedness consists OF de-
fcences in the foreclosure of mortgages on his real
estate Property which cost him nearly quarter
of a million has been sold within the past year at
great sacrifice on account of his inability TO pay the
interest on the hens The list of his debts shows
$4,000 due to the Dry Dock Savings Bank as def
cheney upon the foreclosure of a mortgage for
$4,000. In suits recently brought against
the bank MIR. Keyser testified that the property
cost him $4,000. This the Strangers Hos
pital, at Avenue ID and 1Oth-st. which was carried
on for several years free hospital, at cost 10
its founder OF 25, 900 yearly. Another foreclosure
was on mortgages to the United States Life lnSur-
ance Company and Ella Snook, on the property
known as the Strangers Rest" at No. sos Pear-st
which cost Mr. Keyser $4,000, and was sold under
the hammer for $4,000, leaving deficiency of
S65OO besides the loss of the fee. The Strangers
Rest was a practical charity, and its reports for
eight years show au average OF 1000 homeless per-
sons annually who received its benefits without
charge.
The unsettled accounts between Keyser and the
city, growing out of his transactions with Tweed
and Woodward and the work authorized by the old
Board of Supervisors, are briefly mentioned in the
bankrupts statement. This made before James
F Dwight. Register, and the schedule OF debts APP
F.fl