Evening star. [volume] (Washington, D.C.) 1854-1972, 1884-09-05
Fathers and Sons.


An auctoneer is now selling in Broadway to the
highest bidders the great stock or a bankrupt dry
goods firm: but the sum obtained from the sale,
together with the other assets OF the house. ia
likely TO yield the creditors OF the bankrupts only
a small proportion or what is due them Yet ths
house was one OF the oldest I'm the trade In New
York, and one OF the most respectable and most
trusted
II was case where sons had inherited from their
fathers "A splendid business and an unblemished
credit. one generation built up the house from
small beginnings, and gained for IL a trade and a
reputation winch extended throul lout the coun-
Try; the next generation diSsipated that trade I'm
the course OF comparatively few years. and broughu
the firm TO bankruptcy and the vast stock OF goods
t ~ Iny & fruits ga.hersd py lhs
nrm which ought TO have gained a power and
credit by the lapse OF years, dwiEded instead In
Importance, until finally IL was wiped exist
unpaid.
Ii is true that the house encountered very bad
Times this spring. and was unable TO sell its paper
or get Il discounted at the banks but the old firm
had passed through even worse periods OF business
or late years. too, great changes have taken place
In the dry goods trade, changes radical that they
have almost revolutionlZed the business In New
York; but the house was originally built up by the
ability OF It's founders TO meet all the necessities OF
the trade. Moreover, younger concerns have stood
the strain, and now have all unimpalred credit
The failures in the dry goods trade have been
comparatively few. despite the many Disadvantage
from which IL has suffered long IL has withstood
the shock OF declining prices with remarkable fr-
hess. and other houses In the business ranking with
this bankrupt concern have all along maintained
and justified undimlnished confidence.
The SONS do not seem 10 have inherited along
with the business the ability TO manage IT. They
were probably brought up under the operation Of
circumstances very different from those theiR
fathers had TO contend with hey were surrounded
with wealth, while the old people had 10 fight for
their dollars. The younger men, very likely played
two partS-that OF men OF business and that OF
men or lelsure-Uhile the founders OF the house
gave their whole thought and energy TO building
IL up, ana had their greatest pride ana pleasure In
Its success. They were not gentlemen or leisure
and of elegance, but simple dry goods merchants
who looked after their Affairs with the most as
slduods care, and could not be oyertaken unawares
10y catastrophe, as their successors seem TO have
been.
This wide gulf OF separation between the habits
and aspirations OF the older and younger genera
lions IS frequent In this country and IL has become
broader since the rapid Increase OF private fortunes
daring the last quarter OF century. IL is i'm
probable, therefore. that we shall hereafter sec
many eases where the unfitneSs the negligence
and the folly OF the sons bring to ruin the great
houses established by the industry and prudence OF
the fathers.
But there is compensation. Fresh blood and
fresh Industry Will have the better chance. Al
ready the young men who are trained 10 work, and
who are not afraid TO work. are taking the business
prizes away from the more faStidious youth who
have had a softer rearing.