The Portland daily press., 1893-09-15

mediately after his death to foot losses
actually amounting to $3,000,00O. When
these were paid, the remainder of the es-
tate was worth in round figures $5,000,-
O0O-not half so much as people sup
posed. It practically all went to his
only son. John L.. Mitchell. The widow
was paid an annuity Of $4,000 year,
and she has managed to struggle along
on it, but now at the age of 70 years she
finds herself penniless, with many moral
encumbrances, her soil's great bank
total wreck and endless litigation in
sight.
The son, John L. Mitchell, is one of
the two United States senators from
Wisconsin, and when elected last win
ter he was rated as among the richest
men in the senate. He is handsome
man, of medium stature, about so years
of age, pleasant, affable and very pop
ular. He served term in congress and
was elected to succeed Senator Philetus
Sawyer. Mr.. Mitchell's little fiers in
politics may have cost him few hum
bred thousand dollars, but this expense
was nothing to nan with his income.
Today, however, about all in the world
he possesses is his salary of 81, 900 as SEN
ator. Heretofore he has been giving
this income to his secretaries and clerks.
At the time of Alexander MitchelPs
death the bank was the only part of the
estate not left wholly to his son. 1t was
equally divided between David Fergu-
son, the bank cashier for the past 30
years, and John Johnston, the assistant
cashier, who had in reality been it's NOM
inal head for many years, and to the
son, J ohm L. who had no taste for finances
and who was rich enough to get along
without paying any attention to the
management Of the bank. None Of these
men ever speculated.
Ferguson and Johnston had grown
rich and were regarded as millionaires.
They were shrewd and conservative, and
this naturally causes one to ask the ques-
ton, "What CAUSED the wreck of the
bank so admirably managed and SO
strongly backee2" The answer is one Of
the elements of interest.
A little iron mining speculator named
Ferdinand Schlesinger, who came to
Milwaukee dozen years ago without
dollar, had worned himself into the in
stitution and borrowed upward of 3d.
100000 on securities that it is feared will
eventually prove worthless. How did he
do this? Goodness only knows. Other
large loans on property that cannot be
realized at present and general de-
probation of values did the rest. The
financial furry caused depositors to with
draw about 81, 000,0 900 in 30 days previous
to the failure. To meet this demand
John L. Mitchell took railroad and other
gilt edged stocks to Chicago and raised
100000 ON them. Then the slump
came, and the holders sold them for just
the amount of the loan, and thus full
million flew away.
At that dark hour the bank closed its
doors, and the great Mitchell estate is so
tied up that John l.. Mitchell will in
all probability. never realize cent out
of it. The bank operated under spe-
cial act of the legislature that made all
its owners liable for every cent of its i'll
debtedness Immediately after the fail
ure Mitchell, Johnston and Ferguson
turned over all of their property to the
assignee for the benefit Of the bank. Old
David Ferguson, who lived in one Of the
finest house, in Milwaukee, finds him
self at the age of rs years homeless and
pennitess.
John Johnston is a younger man, but
this stroke cs i'll luck came 70 him like a
thunderclap from a clear sky. Three or
four months ago he decided to retire