Sunday, October 26, 2008

The Fall Of A Millionaire

Henry V. Lucas was freed of $40,000 indebtedness by the United States District Court yesterday, and was discharged from bankruptcy. The petitioner's schedule, which contained no assets, showed that in 1882 he inherited $2,000,000 from his father, Judge Lucas, of St. Louis, who left $9,000,000 altogether. When Mr. Lucas' petition was filed he was working as a Pullman palace car conductor.

Much of the large property bequeathed by Judge Lucas was in real estate producing no income. Most of his heirs contented themselves with mere possession of potential assets, and have been rewarded by enormous financial benefits. The son, Henry Lucas, wanted to embark upon an immediate career of activity, however, and mortgaged his holdings heavily for the purpose of raising money. His first venture was a barge line between St. Louis and New Orleans. In this he prospered for three years. Then Jay Gould is said to have entered into competition with the barge line causing Lucas to lose $300,000.
-Charlotte Observer, April 4, 1902

No comments: