Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1886-02-26
A MISER'S MILLIONS GONE.
Romantic Story of the Grand
son Of II Signcr Of the
Declaration.
A special 10 Tho New Yor


Declaration.
A special to the New York
liorH from Boston says:
\ romantic story has been
brought 10 light by the death in
New York, two weeks ago, OF a
man who, up TO some thirty years
ago, was well known in Boston
journalistic circles rs a musical
critic of ability and Il financial re-
porter Of some kccnncss, and also
on the street rs one of the most
misery, INSCRIPTIONS, grasping of
nsuriOus mOney-lcnders. James
Henry Paine came OF one OF the
famous Massachusetts families, his
grandfather, Robert Treat Paine,
being one Of the signers of the
Declaration Of Independence. lie
was born 1872, on the corner of
Federal aud Milk streets, on what
wds known * the Pane estate,
and which then consisted ola large
mansion with grounds.
lie was educated in the public
schools, and about 1929 began
business for himself, and soon be.
came musical and financial reporter
for the Post, and some years later
was employed by the TarcIler as
its financial reporter. He inherited
on reaching his majority "A large
properly from his fathers estate,
and began then his business of
lOaning money on the street at
high rates Of interest. His habits
even at this time were misery and
his personal appearance was re-
pulslye because Of his slOyenly
dress. He soon gained on the
street most unenviable nOt0riety
for his practice Of loaning money
on stocks and then bearing the
stocks through the columns Of the
paper on which he was employed
50 as to keep his securities as
long as possible while vigorously
collecting his monthly per cents.
In the latter part OF 1854 Thorn.
j. L0bdcll, Il broker TO whom he
had been in the habit of loaning
money on ample security in stocks,
suddenly died, owing Paine some
$4,000. This debt was secured by
good stocks whice were in Painc's
possession, but the next day after
Lobdeli's death, before the arrange
ments for his funeral were com
plcied, Paine had these stocks
sold at a forced sale by Stephen
Brown, "a stock and security auc-
tionecr, and he himself bid them
in at a low figure, applying the
proceeds on his loan to Lobdell.-I
The transaction created a sensa-
ton, and WAS the scandal of the
day. Men in business on the
street refused 10 have any dealings
with Paine. He vas also attacked
in the daily press in series OF
IN which he was described
as a ragged misery, filthy old
He hastily gathered to-
gcthcr his possessions, placed them
IN an old wooden hair-cOvcred
trunk and departed for New York. |
lis brother, the late Robert Treat |
Paine, said that he had no doubt
his brother james carried away in
that old trap OF a trunk not less
;han $2OO,OOO or $500, 600 in good
securities, mostly bonds.
His misery habits we're growing
upon him, and he was known to
be living Il most obscure and
life. At the time he lett
Boston he had loaned large
ol money to u man named |
Wilton, and he took with him both |
notes for the same and |
the bonds and securities he held as |
collateral. After arriving in New |
\ ork he took means to collect from |
amount Of the notes, but |
AZ the same time kept the sccuri- |
ties, Wmton dying.
Laban 5. Bcechcr, executor of
W hi'OnS estate, went 10 New York
TO receive the securities. He spent
weeks IN search for Paine, and at
last accidentally met him on the
steps OF the Astor House in an ap.
parently wretched and poverty.
stricken condition. Tie secured
his arrest and he was taken to the
TomDS, where, after some parlcy,
Paine promised if released to make
good The amount OF the stocks aud
other property which belonged to
.hc NhlntOn estate. Mr.. Beecher
went with him to a large brown.
stone front house on Fifth avenue,
where they were admitted without
question, and on entering a finely
room, Paine asked u
nan he found there TO bring him
ais bonds. The man complied,
md brought a large quantity OF
bonds which Paine piled up on Il
able, and counted out to Mr..
Beecbcr tifty.slX one.thousand.dOl-
Ar bonds. Mr.. Bcccher said he
hOught there were 81, 100000
worth in the pile he saw. Paine
hem gave him his check for the
balance Of the amount agreed up
IN, but the check was signed
james Henry instead Of James
i. Paine. The balance to his
,rcdlt in the bank was found 10 he
lmplc and the check was cashed
IN presentation.
Paine finally became SO ragged
md filthy that he was arrested as
vagrant and sent to the island
some acqualntances, who knew of
lis musical ability, raised purse
# some $50, secured his release,
md promised him a presentable
nit of clothes. Learning later
hat he was a brother Of Robert
,reat Paine, Of Boston, they drew
Ipon that gentlemen for the amount
nd he honorcd the draft. Subse-
!
room on Canal street, to which
10 one was admitted. lie secured
he room for Il small sum on nc.
cunt Of his apparent poverty. lie
'aid his rent promptly, but was
ever known to have visitors or
riends.
lie grew so wretchcd and sank
D low that he was seen on the