New-York tribune., 1882-04-08
COMMERCIAL INIEGRIII.


INSTANCES OF HONOR IN BUSINESS LIFE.
HOW sOMEMEN WHO HAVE RETRIEVED FINANCIAL
DISASTER HAVE ACTED TOWARD THEIR CREDIT
ORS-PAYMENTs MADE IN FULL.
The creditors of a firm in this city which
had for years been largely engaged IN the iron auc
were agreeaby surprised long by the receipt OF
circular letter inclosng check for unpaid balance
with interest added up to February TO- 1882 The CIR
cumstances Of the peculiarly interesting hs IL
Illustrative Of the sentiment Of commercial honor lne
finn IN question, now fuly rehaou'a'o"
in fortune well credit, was struck heavily
in the panic OF 1873 when values fell with lightning
rapdity and credit dissolved like snow-fakes under
sun. On the goth of December. 1873, the house
made an assignment for the benefit OF its creditors over
buIdcned by the LOAD It had vanly tired 10 carry Tor Vc
years. A compromise reasonable terms was offered
ard acccpted-the credit of the house having bcch so
good for long of years that the creditors reposed
full faith in The honor Of then debtors and were content
to await the issue of The period between De
cenlber 90, 1873, and February 10, lSs2-thrcc
years, month and thirteen days
was diligently devoted by the embarrassed
irm the restoration of its prosperity and the reireva
If its good The effort was entirely successful ana
the result pleasant surprise TO the creditors of thc
house.
The depression in the iron trade which began in 1873,
and which caused the stoppase Of twohrs OF The 40
iron mills the United states, gradually diminished, nt
the came ls7s79 and that large interest hasrap
idly increased every year The panic wore itself
out. The railroads had pinched 10 save money Ihey
had used scrap they al devised all sorts Of econ
omca shifts. They had almost rs hald sirug-
gle 10 get on as the iron manufacturers
and the iron merchants themselves But
there Is an end somewhere to everything under the
SUM- only il requires patience to wait for the outcome
The recovery Of the iron market since the period Of cx
tremc depression Is Of the most remarkable episodes
the history of American industries, for whereas the
panic of S73 carried widespread disaster IN its train
the present output OF American iron Is over 100000
per year. and will probably reach average
Of 100000 tons.
This rebound set the firm alluded to squarcy on its
legs losses retrieved, the feeling Of commercial
honor mpcIed mombers to prepare and forward TO
every unpaid creditor the following circular, in which
was ncoscd check for the balance due, with interest
added IN full. The firm under no obligation TO do
this act q full legal acGuttance having been given
NEW York, Feb 10. 1852.
DEAR SIR: Owing to the long-continued depression
the trade resulting from the panic OF 1873, and
the failure Of the Dutchess Iron Company our firm
obliged to make an assignment December 20 1873 The
securities held by the firm had become greatly deprc
cated il value, and hence were IN many cases insut
collateral Our other available assets only enabled
TO offer other creditors twenty per cent OF their
promise was generously and promptly accepted, and
full legal release given ns We nave not been unInndtul
of generosity and our roral obligation IN regard 10
this compromise, and assure you that our business
pTOspercG again. have looked forward with pieasur
able anticipation to tho time WREN circums ances would
justify in showing appreciation o. your confidence
and kindness by the payment OF the balance due our
creditors with interest from the date OF our assignment
on December 90 1873, our books exhibit bal
Less amount paid at time compromise .......
iGteresi ITa9 on iue from Dec TO- SIS to Feb TO- -
Herewith please ind our check No. on Bank
a%d Accent oar sincere thank for the confidence and
courtesy shown as in alyersty We Will thank you TO
advise promptly il statement Of your account
Respectfully, etc, JOHS MCANERSEY d CO.
To receive 80 per cent with interest, when full
lease from all further obligation tho basis Of 20 per
cent claim had been Gven. novel experience
TO the creditors a TRIBUNE reporter spoke with of
the creditors (the head OF large copper firm in Csi
and asked him what he thought Oft.
"Thnk of it," he replied: why, think II is OF the
crandest specimens Of honesty ever heard Of thought
SO much gift that sat down Immediately and wrote off
conTaiulatory letter"
This only OF the complimentary epistes Of the
same kind that the restored honse received.
A NovII DISH AT 4 DINNER.
Old New-Yorkcrs familiar with the history OF the
late George W. Browne, who kept public house and
restaurant fifty years ago. CT thereabouts in Waerst
few doors north of WGu-st The old houso is still
standing is present proprietor being diligcnt nan in
his year, who began his business
the premises more than forty years ago Browue's
carver the restaurant presently promoted the
post Of general manager, and the death of Mr..
Browne the executor of his estate and subse.
quentiy bought ont the business This gentleman fu Of
"reminiscences Of the Ncwl Ork Of halt century ago
when the city only "A village compared with what it
is The younger generation who have sprung np
stories Of the times, and in the old reatauran should
curiosity lead them 70 explore H. they will frd biz
half century ana old clock OF equal date, one Of
which dspensas Its heat and The ether ticks of the time
with exemplary regularity Ihe present proprietor dc.
lights in relating his rccoectons Of SIR RrowDe OF
suddenly overtaken by financial troubles Mr. BnDwne
found himself compelled 70 make composition with
his integrity and his business capacity. certain per
oentags agreed upon. ana hc was told 10 continue
acknowledging this generous treatment, be fell to work
10 meet his obligations III the true spirit OF commercial
struggle Hs inyolvemonts we're sorious. bat. the
event proved, not insurnountable Several years
he found himself out Of his difficulty.
The next day eaei Of the creditors who had ever him
vitaton to attend banquet to be given at his place
The reclients didn't know exsey What the invitation
omatanrcs Euch beyond his control Besides curiosity
was piqued to know what Mr.. Browne gcing to DO
The evening cano outside guests were excluded |
e IdSr permitted to enter on erhbito of tier invitation
cards The tables were elegantly adorned flowers
II ihd wsre comfepc s filed vii S
r, specive places and awaited Developments Napkins
were unfodad, w,neglasses adjusted, and preparations
made for an attack al along the line Is each man
gray paper Z. check dTa tO tho bearer iD ful;
for fhe balauco uupaid with Interest compounded The
rhec, was electrical and # may safely be said that
vii hin the memory Of tho Oldest New Yorker there
rann scence pleasan: than that which
name Of George w erowno with signal instance of
business honesty
ADRY GOODS MERCHANTS COURSE
A retired dry goods merchant 81 this city, who re-
,uested tliat his shoull not be made public has
also all Interesting history, which furnishes another us-
raor of the commercial integrity which to take
Undue advantage. \ Boston man, nearly seventy
years Of age had been engaged III the dry goods
Tor nf;y ycars when he ualy retired from active busi-
ness pursuits Apprentced a house IN Boston ia 1891