The Oskaloosa herald., 1908-11-26
MILLIONS VANISH
into thin AIR
HUBlNGER ESTATE DWINDLES
TO A FEW THOUSAND.
GREAT FORTUNE is WASTED
Late keokuk Capitalist Was Once
Worth Milions-His Estate Was
All Spent in Foolish En-
terprises.

Keokuk, Ia, Nov. 25.-The settle
ment of the estate of the late John
| c. Hubinger the millionaire starch
man." as he was known, most notably
| illustrates the changes of personal
fortune which the whirligig of time
and the hand of fate make in the
learthly possessions of men.
An action by Mrs. Hubinger, to Sc,
cure her rights to $4,000 resulted in
the filing of the executors report,
which shows that his total collections
have been $1O,254, and that the total
disbursements have been $2,712.56.
Two-thirds of the money collected
came from the payment of insurance
lpolicies carried by the deceased. The
property of the estate Is so cucumber.
ed with mortgages and other. liens
that it is believed that not many
thousands of dollars remain to be real
lied and that the widows claim under
the ante-nuptial agreement will never
be paid in full.
A Millionaire and Reckless.
John c. Hubinger was an erratic
character,H He was millionaire at one
time and would have been a multi
millionaire had he harbored his re-
sources and avoided reckless specula-
tions and enterprises which he often
abandoned or sold when in half
completed stage. The Hubinger
Bros. starch factory at New Haven,
Conn, was a gold mine for years, HUI
binger's income from that source be-
ing said to have been a quarter of a
million dollars annually.
His decline in financial stability
dates from the day he insisted upon
his two brothers purchasing his stock
in the starch factory. 1t was the
goose that kept on laying golden eggs
while Hubinger was engaged in the
most extravagant of expenditures. He
spent sT5,0s9 on his Keokuk residence
and grounds. which are now fast laps.
ing into a state of decay; he estab,
lished another starch mandatory, but
the business never approached the
volume of that which he voluntarily
disposed of to his brothers He put
up buildings and built costly amuse-
ment park in Keokuk; he established
a street car line and an electric light
ing plant; in Quincy, ILL.,, he started
the construction of an expensive steam
heating system for the entire city and
a new street railway system and dis
posed of both for a mere song when
half completed. Numerous other
schemes were embarked in that en-
gagged his attention for the time be-
ing and consumed his money His
resources were rapidly depleted and
he often found himself in financial
straits, unable to meet pressing obi
cations. His realty, which included
the Keokuk opera house, was pfastered
with mortgages, vast sums were ex-
pended in seemingly unnecessary hti-
CATION and finally the time came when
a protested draft was a common occur
renee.
Starts Life as Baker.
John C. Hubinger started in life as
a baker. He discovered a process that
greatly increased the virtue of starch
He peddled it in the east and his Con-
necticut factory grew to Immense pro-
portions. He took care of his broth
ers and made them wealthy men. His
.Opulence increased to such an extent
that he wanted to return to Keokuk,
the scene of his boyhood and young
manhood, and build costly residence,
entertain socially and boom" the
town. His extravaganza in business
enterprises and unwise investments
brought about his financial ruin. He
Ii L o.