The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-09-14
A SATURDAY SERMON.

THE GET-RICH-QUICK FOLLY 4
He that hasteth to be rich hath an evil
eye, and considereth not that osP Sseriy
shall come upon him.-ProverDs zo-zz'
Two or three years ago a young
man in New York formed a combina-
ton with two others to make a for
tune. And he made it. At least, ev-
erybody thought he did, for he Sc
cured unlimited credit and within
eighteen months he was rated mil
lionaire.
His name was Jacob S. Halprin.
Three years ago he had a modest lit
tie home in a on-pretentious locality
of the great city, and his salary was
sufficient to live on and lay something
up besides.
But three years ago times were
flush in New York. Halprin saw for
tunes made i'll a day, and his moder-
ate salary seemed insignificant by the
side of what others around him were
making. To be sure. that salary was
a certainty and was sufficient to en-
able him to accumulate slowly, but II
was very unsatisfactory when others
were piling up tens and hundreds OF
thousands.
So HaIprin caught the fever. With
his savings and those of his two as
sociates, the equity in building site
in Harlem was purchased. 1t was al
ready heavily mortgaged, but they
succeeded in borrowing enough add1-
tional on it to start an apartment
house. Money was plentiful. 1t could
be had at low interest rates and small
security, and when the first story or
the apartment house was completed
enough was borrowed on 1t to add the
second story, and this process was
kept up until fair building was COM
pleted 1t was speedily filled with
tenants at good rentals. and then the
property sold for handsome profit.
This gave Halprin and his asso-
ciates more working capital, and they
repeated the operation on larger
scale and with still greater success.
The banks from which they borrow
ed encouraged their operations. They
formed a building company and began
to branch out. Automobiles and seal
skin coats and diamonds and such
things followed; likewise expensive
houses for their respective families.
Halprin was on the high road to
wealth and his credit was good for
anything he wanted. He branched
out in speculation, and in a place like
New York it does not take long to get
in deep. But ,Halprin was counted
millionaire-and so he was IL his
debts were not considered.
Then the money market began to
get tight. Interest rates went to six
or seven per cent, instead of three or
four. and money lenders became more
careful about security. Halprin's
-
them. Investors were afraid to put
their money into the apartments Hal
prin built. Mortgages were foreciosed
and property. brought far less than the
on it. leaving judgments
against the SPECTATORS.
Then came the final crash. A short
time ago Halprin went into the feder-
al court in New York and filed vol
untary petition in bankruptcy. He
placed his liabilities at 81, 141,213.57-l
his assets at $3.50. Automobiles, seal
skin coats, diamonds, fine houses
all were swept away. Creditors clam
ored for money when Halprin did not
know where to get enough to support
his family His savings had vanished,
and even his old position was filled by
another, while he wandered about in
S6dTCn OI lfldL WOulQ let
him make a living for those depen-
dent on him.
It's the same old story that has
been told millions of times-"easy
come. easy 60" When wealth comes
with a rush. it goes the same way. The
man who earns his money slowly, who |
gains-a fortune perhaps-by hard
work and conservative business meth |
DDS, he is educated to take care of
the wealth he acquires; and when |
misfortune overtakes him he is pre-
pared to weather the storm.
1t is a blessing that an all-wise |
Providence does not usually grant our
desires for sudden and unearneG
riches. 1t is frequently the case that |
wealth which comes in that way is a |
curse and not a blessing. and when it |
takes wings and flies away it leaves |
its one-time owner poorer than before,
not only in material things, but also In |
spirit.