Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1898-09-01
speculation HIS Downfall.

Nathan NJ Lippincott young man who
has made his home with his aunt at Null
lica Hill for some time has created quite a
sens stion in the business world BY making
a business failure amounting. it is said, to
some $40 600, aud involving many solid
citizens of that staid community in setious
financial loss.
Lippineol is sou of Malachi Lippincott
of the vicinity OF Medford Camden county,
and since the age OF II years, Che is now
Just past ID, has been with Thos. Martin
dale & Co, at 10th and Market street,
Phila., and rapidly arose to place of re-
sponsibility with that firm.
The past year he has been doing pri-
vate business in canned goods, and his
speculations in tomatoes have won him the
title of =" Tomato King" AT the outbreak
of the war he went in heavier than ever,
add his holdings in this product went into
thousands of dollars.
These transactions required much money,
and his offers for the use of the root of all
evil were so allu ing and his payments 80
prompt, that it was not long before he had
the entire confidence of the community.
He paid $50 for twenty -four hours use of
81 ,000 $500 for the use of 5 800 for thirty
days. men of property endorsed his paper
in bank, and it is said much Of it was dis
counted. Men who held good mortgages
put them mp as security for loans of ready
money, to loan to this Tomato King" at
extravagant interest Level-headed busl-
ness men advised TO the contrary, but the
king" had aroused the get rich quick"
spirit latent in most of US, and warnings
were unheeded 1t is said that his victims
include widows as well as retired farmers !;
his relatives as well as passing acquaint
anccs
The bubble burst last Saturday, and
visions of riches and real kingdom faded
from all. Tomatoes were as much bigger
than Lippincott as wheat was bigger than
Joe Letter, and he went down so disheart-
ened, it is SAID, that he attempted suicide
by laudanum in New York. But he was
in Woodbury. on Wednesday with some of
his friends and his employers, closeted with
lawyers
There are generally two sides to every
question, even these arisingtfrom troubles
of this character. A person who has exact
information informs us that the loss is
greatly overstated, and may not be burden
some in any quarter. The firm of Thomas
Martindale is in no wise connected with
the speculations of Lippincott. he was
their selling agent, and received prices
from the firm at which he was authorized
to dispose of goods. The spirit of specula-
ton had possession of him and he disposed
of these goods to friends at the Martindale
price, guaranteeing an advance in a speci
fed time. and insuring the advance. The
specuat on was not confined to tomatoes
but took in the ranges of various products,
horses, etc. In his tomato ventures he was
uniformly successful until last Spring
when the death of Mr.. Collins, at Hay re
De Grace, Md, unsettled the market.
Since then luck, or whatever it was, failed,
and his rosy air castles of wealth began to
vanish Then he undertook the task of
making good his customers losses, and this
ruined him
The sensational tales of his extravaganza
are denied in toto. He never bought box
at theatre, and only on one occasion oc-
cupled one. Neither did he occupy ex-
travagant rooms at hotels. His downfall
AYERS is not the result of fast life or ex-
trayagant tastes, but business misfortune.