The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1888-02-11

A Prosperous Man Ruined by Draw
Ing Fortune I'm Lottery.

n prosperous Man Ruined by Draw
Ing Fortune I'm Lottery.
The announcement that Richard Pen
istan Is an inmate of the Forrest Home
recalls not only his drawing OF $500. 600
in the Royal Havana Lottery. but the
unhappy facility with which he--illus.
tratng most wildly the truth OF the
venerable adagc, Easy got, easy
spcnt" got rid Of this enormous amount
OF money. Richard Penistan and his
wife was OF English birth and profess
ional breeding, and were members OF
the stock company Of the Arch Street
Theatre and playing responsible parts
before Wheatly and Drew became the
lessees, about 1852. Mrs. Penistan, long
since deceased. was also a playwright
OF some note. and some OF her plays
were represented on the American
stage. Soon after the dissolution OF
the old Arch Street company. the
brown-stonc building on the southeast
corner of Third and Chestnut streets
was erected and In the basement of
this Mr.. Penistan opened drinking
place, whore he soon gained fame and
patronage and money by his pleasant
address and the quality Of his liquors,
more particularly his ales. aud here he
remained until about the middle OF the
war OF the rebellion. when. his lease
having expired and he refusing 10 keep
up possession. his stock of ales and
other liquors was summarily set out
one night on the street by the landlord,
to the tenants great sur
prise and the equal surprise of
the storekeepers on Chestnut street as
far as Second. who found their pave
ments on the following morning lined
with barrels. malt vinous and spiritu-
Gus. The evicted tenant then opened
In the eastern half OF Browns building
at Fifth and Chestnut and here he did
a large business and a very profitable
one up to the time Of his lottery-draw-
ing. He was, however, during this
time more or less embarrassed iinan-
cially through investments In horse
flesh, and this probably led him to in
vestments in lottery tickets. beginning
about year and half the last Of
March, 1873. when the official an
nouncement of the drawing Of the Roy
al HAVANA Lottery informed him that
his 500 ticket had drawn half-million
of dollars. At this time he was the own
or OF sixty-two horses. many of them
very valuable. La company with his
friend Whitney, the brewer. Mr.. Penis
tan at once went TO New York and
placed the ticket for collection with
August Belmont. receiving in cash, af-
ter some delay and litigation with
Mr.. Whitney, who claimed share of
the prize, which was, however. disal-
lowed by the courts-S420. 900 $50. 900
being charged by Belmont for collcc-
ton. exchange, etc. Then upon re-
turning to Philadelphia Mr.. Penistan
sold his place on Chestnut street with
portion of the stock, for S54, 900 and
another place ut the northeast corner
of Eighth and Samson for 5000. be-
sides which he had about $50 900 OF
liquors untouched aud his horses. Up
on his liquors there was probably mon
ey owing, but in all he had undoubted-
ly at least half million in clear money
and probably more. He was genial
man and had many friends, some OF
them true ones. who advised him TO put
half II not more Of his money in
an irrevocable trust fund. Instead oil
this he began operations on Third
street and inside of two years had
dropped there from $3.50. 900 to $780,
600. His dealing in horses, too, went
on all the while. and he lost heavily on
stud farm near Lexington. Ky. He
was besides this badly defrauded by
the agents who ran or trottcd his horses
in races. and his blooIcd colts when
sold at auction, although well ndvcr-
tiscd and OF irrcproachablc pedigree.
went for songs. buyers combining not
TO bid against each other and dividing
up their poorly-paid-fo stock after
wards. In fact he WAS rcmorsclessly
skinned by horscmcn and jockeys. and
In less than six years was reduced TO
bare living upon the income Of some few
investments lac had made In his wealthy
days. This finally was exhausted.
and for some years past he has been in-
debted to the kindness OF friends for his
subsistence. He. however bred some
a