Telegram-herald., 1889-06-30
MINISTER PHELPS
Noteworthy Incldsnts In HIS Busl-
Ness Career.
4 GENEROUS AID CLEVER CE,ILEYis
ns~ Ne s.sss the D~RSsitsrs From Loss
A th@ fsfth-4ss- National s4as-A
Erisaa OF ths >s~sp4pers-A fEip
J0hasts~E.

VII AAADHAg AAl tiatAr ~ wv A'~+
dents ia as life whieh are not - veil
known. and they reflect such great
credit on as ane sense OF honor that
Il : pleasure 70 relate them.
some years ago Mr. Phelps Was a
director IL a New Jersey savings bank.
Ine bank, owing 70 mismansgsfneut,
failed. Mr.. Phelps Was NOT responsible
for the debts of the institution, but he
snes that a maIolty OF the depositOrs
were poor people, who had worked
sery hard SO a. 10 have nest egg for
the proyerbiaily rainy day, and that
they could IN afford % lose their
scanty savings. He had prepared
Let OF the smallest depOs.tOrs and
those on whom the loss would fall
hardest, and paid out OF his own pock-
et very large SUM, said 10 BE- 500 900,
IN reimbursing them. He felt that #
be had looked more closely after the
affairs of the bank 10 might not have
failed, and that as a great many of
these poor people had invested their
savings with the institution on the
strength Ot his connection with It, he
owed % them 10 see that they q ri not
lose any ythlng on account of MS negh-
genCe.
Mr.. Phelps was a director in the
Ffth-ave. National bank AT the time
when young Emo, It's cashier. stole a
million or 80 and then got away IN
safety TO Canada. EnO's father was
one OF the principal stockholders in the
btuk. l think, II | am not wrong,
that be owned controlling interest.
Wuen Fnos villaIny came TO light
meeting OF the directors was held, and
the situation was laid before them.
Emo seufOr was heartbroken at the
terrible disgrace which had fallen on
an honored name, and the bank ap-
peared TO be so badly involved that IL
see med rs II there was nothing left for
the directors but To declare 1t InsOlvent
and wind II up. Mr.. Phelps,
however, opposed this plan. because he
feared that If the bank was declared
irsOlvcnt depOsltors and stockholders
alike would be heavy losers. He made
"a very generous proposition TO MT. Emo.
lie offered TO advance sufficient sum
% tide the bank over It's present diff
NiItltS DfOhlUtu tiltib EuO NOuil tp tic
same thing. He argued that If the cap
ltai and surplus WAS made good, 80 as
10 satisfy the Comptroller OF the Cur
rency, the bank could continue in busi-
mess right along, and IN a short time
would be In as good a financial cOndi-
ton as ever. But Emo would not hear
OF the proposition, and be was inclined to
let everything 20 TO sInasn. Phelps
urged hum to acCede To h,s plan for the
sake OF his family. and At Iast won
EuO's consent. While the details were
being arranged another big defalc1tlOn
by the cashier came TO light. it was Il
crushing blow, a there was no telling
70 what extent the directors might IN
volve themselves. and Is far as Emo
aud Phelps personally were concerned.
Il looked a. IT they would hose every
cent which they were about TO advance.
Old man Emo declared that under the
circumstances he could not agree 10
Phelps scheme, and that the bauk
would have to go into liquidation.
Phelps again renewed his entrcatlcs,
and at last Emo consented. and the
bank was able 20 20 night on IN busi-
ness. As every one knows. the bank
today s As solid ds lt ever was. thanks
to Mr. Phelps. who wouldrather have lost
pie who trusted hum lose ANYTHING be-
cause be had been Teml,s IN ms duty.
such traits are rare. and therefore It
= with the greatest pleasure that |
bring them ont The appointment of
such a man VIII be- sure % reflect credit
On tine country, as e wlll be- incapable
Tor him % DO an unworthy or mean
acton. tie wIll remember that he
ls the ref sentative 81 his country. and
there Is no question bat that our inter-
ssts vii be- safe lr hf. hands Nr.
Phelps va. our minister 60 AustrI
under the Grant administration. and
acquitted himself well there. His ~
cent successful negOt stlUu ot the Sa-
moa treaty shows that hv has a natural
aptitude for diplomacy and that be IS
the right man Co ,elas 90 Berlin.
The appointment -ves much salts
faction here. and especially among the
members OF the press. rs Mr.. Phelps
has always hce1 very popular with the
newspaper men. II nas never made
any difference With mm whether a cor-
respondent represented moCrstlC
oy a Republican p'per. Il he had any
news 20 give out hs gave II freely. and
iiVNS NA'' = -, ~
me Is'l'l w - - ,, ia
tHt ht's t'"'s VIZ
very smart uisi'-
Iiil aa9 ,N as N''~s ~, - - - 80. ~