THE STREET AND FULLER FAMILIES

How Their Money Went

The Dynasty that has Overtaken Well-Known and Once Wealthy Families

(Toronto World)

[Welland Tribune, 22 February 1889]

Over in the burying ground at Niagara Falls, South, (Drummondville), there is a large stone vault containing the remains of Thomas Clark Street, the richest man that ever lived in the Peninsula. He died a bachelor some years ago leaving a fortune of two million dollars. Some of this money he inherited from his father, whose firm, Street & Clark of Chippawa, were successfully engaged in milling. Thomas C. Street succeeded to the business. But, besides his mills, he was known as the largest purchaser of lands sold for taxes in Upper Canada, and in this way came to own property all over what is now Ontario. Tom Streets’s fortune was divided among his four sisters, each getting about half a million dollars. Of this money over one million dollars has already disappeared as well as another half a million which had been accumulated by Bishop Fuller, husband of one of the Misses Street. The wreck in so short a time of one of the finest fortunes ever piled up in Canada is unequalled in the history of our people. Valancy E. Fuller, the well-known dairyman and cattle breeder, is blamed for the wreck of the Fuller fortune, though to what extent this is well-founded is only known to the family themselves and the lawyers and accountants who have been busy for some weeks in examining the books of the Fuller estates. The children of the old Bishop, who were looked upon as the best provided for of any family in Canada, are today the envy of none.

Of the four sisters who inherited Tom Street’s money, one was Mrs. Plumb of Niagara, another Mrs. Fuller, a third Mrs. Macklem and a fourth, Mrs. Becher. The money that went to the Plumb family has partially disappeared, less of the Macklem fortune has been lost, the Fuller money is now all gone, and the Becher portion is understood to have remained intact. Bishop Fuller, or as he was known in Toronto, Archdeacon Fuller of St. George’s church, John street, by a long course of saving, is supposed to have accumulated nearly half a million, which he left to his wife who already possessed the half million left by her brother, the couple having agreed the survivor should be possessed of the whole of their united fortunes.It would have better if the old bishop not only divided his own fortune among his grown up children, but induced his wife to do the same, retaining only a competence for herself. The course pursued has resulted in the wreck of a magnificent heritage, and never before in the history of Canada has any such disastrous calamity overtaken a family, of which the members are scattered over the whole Dominion.

Of  Bishop Fuller’s sons, one, William, a teller in the Bank of Commerce, predeceased the family disaster. Another, Shelton, is the well-known manager at Woodstock. Next are the twin brothers, who have been engaged in a variety of mercantile pursuits in which their credit depended upon their expectations of the estate. The youngest son is H.H., who was until lately in the dairy business in the Arcade in partnership with Valancy E. Fuller, now insolvent. Of the daughters, the eldest is married to Rev. Mr. McLeod, now in England, son of the late Col McLeod of Oakridges, and brother of the late Chief Commissioner of the Northwest Mounted Police. Mr. McLeod’s daughter is married to a son of Hon. John Ross, of Toronto. Another daughter of the late Bishop Fuller is married to Judge Benson, of Port Hope; a third is Mrs. James S. McMurray of Toronto.

Just how the Fuller fortune of nearly or quite a million dollars has disappeared has not fully come out, but it is understood that Valancy, who was solicitor for the estate of his father and for his mother, invested it in enterprises that were not successful. Perhaps two hundred thousand dollars went into that ill-fated Globe Cattle Company, whose office is still in Church street, Toronto, and whose managing spirit was Mr. Duncan Plumb, Valancy Fuller’s first cousin. Mrs. Fuller’s name was not only endorsed on Valancy’s subscription, but also on that of Duncan Plumbs. Many wealthy Torontonians lost heavily in that company. The company had an immense herd of highbred cattle on a ranch in one of the Northwestern States, and one bad winter swept most of them away. Then there was a cooperage business up near Chatham, into which nearly another hundred thousand went. Another company that will cost the Fuller family dear was organized to erect roller flour mill machinery. The bank made large advances on the strength of Mrs. Fuller’s name. The Commerce, it is understood, is secured by the stock in that bank held by the estate. Valancy claims that his Jersey stock f arm did not swallow up any of his father and mother’s estate.

The Fuller fortune, had it been distributed at the bishop’s death, would have left his widow and family independent all their days, and their children after them; by mismanagement it has entirely disappeared. There is a lesson for rich men in this affair, and some we know have already taken it to heart. Why should grown-up children have to become greyheaded before they enjoy their parents’ wealth, and run the risk of never getting it, through mismanagement or worse? In these days when Trust Companies exist such as we have in Toronto, a rich man, if he cannot see his way to dividing his estate before his death, ought by means of these concerns to at least protect his heirs from the errors of those who have the handling after death of his estate.

It is understood that the clergy of the Anglican diocese of Niagara each lose some $14 a year by the wreck of the Bishop’s fortune.