The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-24
saUANDERED $500. 900 A YEAR.
The $12,OOO,OOO Estate of Erastus
Corning Wiped Out.


Albany On. W Special in Pittsburg Dis
patch.
Before the Municipal Board of Assessors
at City Hall yesterday appeared a man who
spoke in a low voice He was Parker Corn
ing son of the late Erastus Corning, who
was once king of the iron industry In north
ern New York. Parker Corning had come
to adjust in some way tax imposed by
the board of $S1,0O worth of Albany City
National Bank stock which, 1T was sup
posed, he owned free and unincumbered.
II am ready to make affidavit" said Mr..
Corning, that do not possess holdings to
that amount" The assessors looked at him
in speechless anazement 1T will be sim
ply impossible, for me to pay tax upon any
such amount"
A blank on which to swear off, the tax
was handed to Mr. Corning. He filled ii in
and went away. His own handwriting, his
1854 shares of the stock Of the bank of which
his father was once the president and the
proprietor, the remnant of Erastus Corn
ing's estate owes $125,0O0 to various credi-
tors
So in twenty-five years So, 100000 have dis
appeared-the money poured out by the
great Albany and Rensselaer, Iron and Steel
Company. the money coined by the Albany
Bank, the money bequeathed to Erastus
Corning by his father late in the seventies.
The old Erastus Corning, dying, left large
holdings Of bank stock in Albany and other
towns and cities of the State; immense
ests in Michigan, a line of steamboats,, the
largest plant for the manufacture of iron
New York Central Railroad stock Erastus
Corning, the younger dying, leaves an es-
tate $125.000 in debt
1t is extremely interesting to study the
life of this younger Erastus Corning lately
dead. His friends called him a prince. He
was prodigal prince. He seemed to have
no idea of the value of money except that
it was made to spend. That is the stranger
because he was not of mushroom birth. He
came of good, old revolutionary stock, and,
further back, OF Puritan stock.
This prodigal Erastus Corning was we'll
educated too. too When be ,el he was tweaty,.tive
to the firm of Corning & Co., and also 10
the Albany iron works.
He was a good business man, but he did
not attend to business. Instead of keep
ing together the Corning millions and add
ing to them. he scattered them lavishly.
AT his fathers death, early in the seven
ties. the entire estate and all the personal
property passed into the hands OF the
young Erastus. Then it was that his
friends began to call him prince. His
expenditures would have bankrupted
The iron works founded by his father had
been consolidated into one great firm Un-
der the younger Erastus Corning the iron
business seemed to be going on as usual,
when one day the price Of iron fell. EraS-
tus Corning lost $1,000 coo. Not one penny
of the huge sum was ever recovered.
Erastus Corning was an amateur in poll
tics. Those who knew his secrets declared
that although he was an amateur he might
have been President of the United states.
He was Democrat. HIS purse was always
at the SERVICE VI TIC purity AtVcr VIII Nc-
clare that he might have been President
of the United States base their assertions
upon The statement that at the convention
of 1881. the convention that nominated Cfo-
yer Cleveland for Governor of New York,
there were more delegates pledged TO
Erastus Corning than any coalition OF 9TH
err delegates could have overcome Fras-
tus Corning. indeed. was slated for the
nomination of Governor.
Up to the last moment his friends say
he was determined TO accept the nominal
ton. He decided at the last moment not
to take Ii.
Erastus Corning died Aug. 20 intestate
His son. Parker. was appointed administra-
tor of the estate. OF an estate that did not
exist. Jusc before Mr.. Corning's death -
splendid housc was sold 10 4 hotel COM
pany for $50 eco. When the payments were
made Mr. Corning received $4,000; those
who held mortgages on the house, $4,000