The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1889-09-19
HONORABLE RECORDS.
from Shoe q Leather Reporter, by
request


for thirty years past there have been
bright illustrations of commercial
rectitude which will bear repetition.
Although q settlement at q fraction |
of q dollar relieves debtors from all |
legal consequences, there are in
stances where they have held views
in close attune with the spirit OF the
Golden Rulc--"Therefore ell things
whatsoever we would that men
should do to you, do We even so to
them" Tho matter has weighed
upon their minds, and being pros
pered, they have discharged what
they felt to be q moral, if not e-
gal obligation. We give few no.
table instances which have occurred
in our trade, as we recall them:
The late Chas. b. Baeder found
ed the firm of Baeder, Adamson &
Co. Previous to that time, when q
young man, he failed in business,
and after experiencing many diff
culties, settled with his creditors at
30 per cent. Fourteen years after
ward he called his creditors and
their representatives together at
dinner at the Continental Hotel in
Philadelphia, a check was present
cd to each person, covering the
amount of the additional 80 per
cent, and interest for the time
which had elapsed. He paid at that
time about 100000. Some of the
original creditors were dead, and in
more than one case the money re-
lieved the necessities of families
which had been left nearly dcsti-
tute.
In the Office of VIM. Clahin, Co.
burn X Co., in Boston, hangs a por-
trait Of Geo. B. Ginnell, shoe
dealer of bygone days, and under it
is the following autograph letter,
framed:
New York, May /, 1873.
LEE CLAFLIN, ESQ,
Dear Sir:-In 1861 my firm Of
Geo. Il. Ginnell & Co. failed and
compromised with you. The amount
lost by you on the compromise was
S4,lSl.S7. now inclose my check
for 81, $50. 6S, being the full amount,
and interest ut the rate of per
cent. Yours truly,
GEORGE B. GINNEIL.
The year 1861 witnessed great
commercial disaster. Shoe and
leather merchants were cut off from
their most profitable trade, which
Law in the South. The firm of Il. &
+. Batcheller & Co. was at the head
of the shoe manufacturing business.
Their sales had been something over
100000 u year. The impOssi-
bility of making collections south OF
Mason & Dixon's line forced them
to suspend. They settled their large
Indebtedness at 80 per cent. and as
signed their Southern assets to 9
body of trustees, of whom Alfred
Fl. Batcheller was one. The senior
partner, Tyler Batchcller, withdrew,
and died soon after. The house was
reorganized as f. 4 A. II. Batchel.
Ter. AS soon as it was practicable
to 90 South, Alfred H. Batchellel
went thither, made collections from
old customers, opened accounts with
new ones and paid the creditors ir
: full, with interest.
, f.. X. Stone & Co., of Quincy
: H., failed about the commencement
of The war. They afterward settlet
in full.
:. O'Brien. shoe manufacturer
of Randolph, Mass. went into bank.
ruptcy in 1874, and settled at 80 PEE
cent. He died, and his widow paiC
the remaining 20 per cent. April 25
1889.
Henry Norman, of Chicago, fail
ed in the retail shoe business il
1874, owing about $4,000. I'll
compromised at 80 per cent. Ii
May, 1885, he visited Boston ant
: paid the remainder of the obligation
! in full.
; Patrick Cox failed in 1868, ant
, settled with his creditors at 40 pc
= cent. lie was then doing bushes
in Brooklyn. Afterward he moye'
: to Rochester, n. y, and commenced
3 making children's shoes. He pros
. pered. and ten years later called hi
old creditors together, at dinner q
Mataran's, in Beekman street, Ne'
York, and paid them GO per cent
E additional, thus discharging his in
G debtedness in full. There were six
e teen firms who participated in thi
!, payment of debt of honor.
: The case of Miss f. +. Hogan, o
Newark, n. j., is fresh in the mind
d of the trade. We published tn
t facts in the Reporter Of May Both
p Her father, Patrick Hogan, faile
in 1881, with S52 ,497.GS liabilities
He settled at 20 per cent. The bu
siness was continued by his daugl
ter, who prospered exceedingly
She was assisted by her father an
g two brothers. 1t had always bee
D. the desire of Patrick Hogan to Pa
y the balance of the indebtedness h
II had incurred; he had about con
u pletcd arrangements to do so, whe
e he died suddenly last March. TIL
;, daughter assumed the sacred trust
> and the past summer she discharge
! tho al ,lan1s IN full IL,