The Republican. [volume] (Oakland, Md.) 1877-current, 1878-02-16
Romance Of an Industrious Man.

|
proprietor of small country store, and
at ten years of age young Jacob Hunt
Finger got his start in life by an APP
pointment to the responsible position
of chore-boy in his fathers establish
ment. By industry, enterprise and en-
enlargement he advanced step by step
until he was made partner, and his
counsel in a recent suit to which he was
a party as will appear hereafter-re-
lated feelingly how the Junior partner
walked all the way to Philadelphia, a
distance of nearly 100 miles, to pur-
chase goods for the store. The simple
business maxim of the Pennsylvania
farmer and his mercantile brethren is:
sect all you can and keep all you get"
Jacob early learned its value, and APP
piled it so successfully that we present
| " find him keeping store of his own,
and dealing in everything from needles
and thread to cord-wood and railroad
sills. At twenty he married. His wife
| brought with her a fortune of few
hundred dollars, which she eked out
after marriage by keeping boarders
and by acting as milliner and dress
maker for the village folk and the coun-
try side. With such partner success
n life was assured. Jacob and his wife
were now capitalists in a small way
and they presently went into real-estate
REGULATIONS, number of requests,
Which amounted to Sc, 400 in all, giving
| them material assistance. Jacob, how
ever did not neglect legitimate business
for speculation. He kept his store; Sc
cured contracts for the sale of 100000
cords of wood year, which continued
for several years; operated steam
-four mill for three or four years and
made considerable money. Tried run
ming a colliery for year, but confesses
that he did not make much out of it.
Sold out and took another colliery,
from which and store connected with
it, he claims to have made $4,000 in a
single year. Operated three powder
mills at once, and all the time was bust
ly engaged in buying and selling lands,
on which he made some very large
profits, often netting $4,000, $4,000,
or $4,000 in single transaction. His
wife was equally fortunate, her first
speculation, according to his sworn
statement in the suit above referred to,
having cleared her 100000.
By this time Jacob was we'll along in
wears and wealth. He was known as a
shrewd and successful operator and a
| fortunate man. In 1850 :" the Schuyl-
kill Haven Life and Health Insurance
Company" was organized, and, after
maintaining feeble existence for four
years, was recognized as the 1.-The
Miners Life Insurance and Trust Com
pany," its business transferred to Potts
vile, and, in looking about for suita-
BILE President, the corporators could
find no man so desirable as Jacob
Huntzinger. He was accordingly elected,
and proved himself a good banker from
the start, gradually giving up his other
business, and devoting himself exclu-
sively to this. The capital stock of the
bank was 100000, of which, at the
start, the President owned 22@ per cent.
Deposits flowed in, business prospered
amazingly-especially after the war had
I suddenly raised the price of coal, coal
lands, and everything connected with the
coal business far beyond the dreams of
the widest investor-and Mr.. Huntzin-
ger became accustomed to paying divi-
dends of from Is to 40 per cent. year,
mainly to himself, for he gradually alb
sorbed the greater portion of the stock.
His entire family were made wealthy,
and out of this bank grew two others,
both of which are in good standing to
day. AT last, one day in August, 1876,
the news went round that the Miners
Trust Company Bank had suspended.
As it was scarcely month since the in
stitution had declared a $4,000 divi-
dend, and as no suspicion of its sound
ness had been entertained, the public
was slow to believe the report; but
when it was confirmed beyond doubt
the excitement, not only in Pottsville,
but throughout the country, was intense.
1.-The Huntzinger bank" as it was ia
miliarly called, was the most popular
bank in Schuylkill County. 1t was large
ly used by the poorer classes as a saw
ings bank, and hundreds of people had
placed in it the savings of years, trust
ing to have sum laid by for old'age
or sickness. 1t was the depository of
numerous trust funds, as well as of the
county officers, of whom Cyrus Moore,
County Treasurer, had on deposit at
the time about $4,000; j. F. Werner,
Sheriff, $30,000; Thomas f. Kerns, Pro-
thonotary, S25,00O, and Hiram Mayer,
ex-Prothonotary, $1,000. The total
amount of deposits held or supposed to
be held by this bank on 100000 capt.
tai at the time it closed its doors was
81, 277, 061.5S, belonging to about 1920
depositors. Bad investments, a loose
way of doing business, and a more
careful looking after personal interests
than public obligations, reinforced by
the general depression of the times,
were the causes of failure. 1t was a
splendid bubble, which was slowly in
Mated to the bursting point, and when
that point was reached it burst as sud-
denly and as irrecoverably as other bub-
bles do. 1t is doubtful whether the de-
positors will ever recover per cent. of
their money.
The experience of the past two or
three wears has made the country ia
miliar with the scenes that ensue when
an old and trusted depository closes its
doors, and it is needless to dwell upon
them here. Suffice it to say that pub
lie indignation against Jacob Huntzin-
ger quickly rose to fever heat, being
Intensified by the fact that, though well
known to have enriched himself and
Al. - hn HnW l.