Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1878-06-22

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cess Bzsisess has beea conducted 90
-Ound principles, and the capital invested
Is well distributed amoag the workirg
people of the city. Directors ami man
ayers have trusted one another, and have
remained financially secure in their mu-
tusl support. The cases of breach Of
trust have been rsre; many leading bust
ness men are prominent members OF
churches, and active in promoting the
well-being Of the community.
Two remarkable exceptions must now
be taken, in the persons of s. Angler
Chace and George T. Hathaway, both
members of the same church-!he Cen
trail Congregational church-both widely
trusted, both adopting the same vile
measures, setting at defiance honest meth.
DDS, and violating the plainest principles
of political ecOnOmy-showing in both
sheer and wiful ignorance of right and
large knowledge of wrong ways. Mr.
Chace has been the business tutor and
Mr.. Hathaway the apt pupil; the pupil
has quickly followed the teacher into
woefui downfall and ruin. 1t is impossi-
bic to put iutO figures the amount Of the
embezzlements. Those OF Mr.. Chace, in
connection with the Union Mill Co., are
stated as $500,00O; those of Mr.. Hath
away, in connection with the Border
City and Sycamore Mills, as $500, 900.
The financial disaster of Mr.. Chace' 8
work is less severe than that resulting
from Mr.. Hathaway's operations, since
the Union Mill Co. has property sufficient,
it is hoped, to meet its legal responsibility
ties. The mills Of which Mr.. Hathaway
was Treasurer are hopeiessly bankrupt,
the Indebtedness of the Border City Mills
being about 81, 100000.
The methods adopted by these men, as
far as known, are thus told: Mr.. Chace,
for example, must be supposed to have
the entire confidence Of many friends.
He was deacon in bis church until u
year ago, and had been twice q member
of the State Senate, and on many occa-
sions honored by his fellow-citizens. Five
years ago, perhaps, he began to use his
position for personal ends; one and an.
other withdrew from him, not liking to
be responsible with him, until he had Sc
cured almost unquestioned control. BY
partial and false accounts, by preventing
through one pretcxt or another any thor.
ough examination of affairs, he had sue.
ceeded in increasing the supposed wealth
of the corporation to fabulous value,
and piled up the debts to an overwhelm.
ing height. Tho crisis came; for want,
as Mr.. Chace says, of SEC, 900, his scheme
failed-for want of honesty, integrity
and sound business methods, the scheme
failed, the business men of Fall River
say, and tell the truth. For four years,
at least, Mr.. Chace has been losing the
confidence of men who once trusted him;
he ceased to he active in his church, lost
his official position there, lost his moral
hold on the community, and had thus
prepared the way for his own ruin. Few,
if any, however, thought him capable of
perjury, embexzlement, fraud, or of the
crimes for which he awaits his trial.
Mr.. Hathaway's case is similar, though
differing in its details. He was for years
Mr.. Chace's clerk, trained by him to his
methods. In 1879 the Border City Mill
was Incorporated. Mr.. Hathaway va,
its Treasurer, and had been active in
placing the stock, amounting to 81, 000.-
900, though it appears that no more than
three fourths of that amount was ever
paid. The manner Of securing stock
was TO induce men To subscribe, some Of
whom had NO money and were told they
needed none, - in the turn Of the whcel
Of fortune money would he made suff
cient TO secure 10 them tksir stock In the
co9rse Of time Others made As@s s&s
saescriytieGs. spi the mills west IRte
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