The morning call., 1891-05-31
SHRINKING FORTUNES.
The Millions Of The ACKNOWLEDGEMENTS Are Not
Found After Their Death.

In the estimates of the wealth of million
aires going the rounds of the press and
given in common report, a shrinkage of from
twO-thirdS to fOur-ffthS should be allowed
in order to get somewhere near the truth.
1t may be said with safety that there is not
a man living in the United States whose
wealth is 100000 000-that there is prOba-
bly, not a man living in the United States
whose wealth is S50,0O0.000. There are
few possibly worth from SlO,OO0,OO0 to S25.
10000, but they are very few The average
mob Of 'milliOnaires," by which man
worth s3,OO0,OOO to S5,OOO.OOO is commonly
meant, may range in the amount of their
wealth from few hundreds OF thousands
of dollars to one million.
There is a recent Illustration from a
neighboring city. John PlankintOn of
Milwaukee was for many years partner
Of p. ID. Armour, and at one time was sup
posed to be the weather. man of the two.
He had been thrifty, prosperous man, at
the head of one of ths great packing-hOuSeS
in the country. He owned a big hotel in
Milwaukee, palatial residence and much
other real estate. He was in great pork
deals and other speculative affairs like the
other wealthy packers. He had no back
sets nor great losses in regular business OF
speculation Of which anybody knew but
himself. His wealth was estimated at Sl0.-
000,000 by those who estimate Jay GOnld'S
wealth at $50, 600, 600, Vanderbilts at $780,
200 and that of the other railroad and
business magnates at 100000 to S50,000,-
coo. Invoices. however are better than es-
Inmates. and take the wind out Of exalted
guess work. Mr.. PlankintOn's will has
been admitted to probate and his personal
and real property is inVentOried at $780,,
OOO
1t is probable that there are not three
cases of "multi-millionaires" in the country
but that would show the same ratio OF
shrinkage on a cold cash inventory. Nine
tenttIs of the wealth of the richest men is
in the air. Great incomes are great wealth
only when based on actual property that
would be worth the same amount in cash
whether the owner was dead or alive.
ReamS of railroad and other corporate
stocks do not make wealth unless they
pay dividends to the holders, whether the
corporation is under friendly management
or not. Men having great amounts OF
visible property often owe great invisible
debts. A man of business genius may
handle great property interests OF which he
absolutely owns but little, receive an inn
menSe income, ard live in style of lavish
display, with gilt-edged credit and appar-
emily ineXhaustible means. But with death
the inventory ordered in probate proceedings
tells story of little actual wealth.
Jay Gould. with others whom we may
select, may control a dozen railroads, but
nope OF the railroads NAV nave PAID Il dollar
of dividends in years. He is not a dollar
richer for all the wheels that turn and the
thousands If officials that obey when he
gives the word. A banker. worth of his own
money 100000 or 100000. may manage a
bank with millions Of deposits and dis
counts. and it looks as if he owned il, but
he does not. Hundreds of instances may be
cited of great apparent and but moderate
real wealth. Wait for the will, the probate,
the nYentory.-ChicagO Journal