The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-11-24
EMO PAYS AFTER So YEARS.
MAYBE HALF MILLIoN FOR DEBTS
OUCLlHED AND FORGOTTEN.

Several Of the old firms, or the successors Of
old firms. in tho dry goods district have re-
Gently been notified by Mr.. Amos Il. Emo that 1t
10 his desire to pay his share OF the debts OF the
dry goods firm Of which he was a member and
organizer in 1860 and which suspended with
largo liabilities at the breaking out Of the war.
The notices have contained checks for Mr..
Eno's share Of tho principal Of the debt, some
to the amount Of many thousands OF dollars,
and In addition to the checks assurances that
as soon as the exact amount of the debt 10
known and the interest on it can be computed
there will be a further check sent representing
the interest at 4 per cent. from 1851. Further,
the notices were marked strictly confden-
tial."
Tho firms that received the notices and the
inclosed checks were so astounded that some Of
them, In spite Of this injunction, could not
keep the secret, and tho matter has been the
talk Of the dry goods district, with many a wish
expressed that there might DO other visitations
of Providence and old fashioned commercial
honesty.
Even after the matter became public, Mr.. Emo
refused absolutely to say anything about It. At
his office in the Trinity building, Ill Broadway,
m effort was at first made to deny the fact. Then
1t was asserted that MIR. Emo would not permit
anybody to speak Of it. Mr.. Emo himself was
seen AZ the Fifth Avenue Hotel and tried to
laugh the matter off with a remark about n few
Southern credits and the emphatic declaration
that he couldn't zee that 1t was a matter Of any
general interest and that certainly he would not
consent to give any information about 1t.
The story that THE Sun gives 10 gathered
from trustworthy sources.
Mr.. Emo is the eldest son Of Amos r. Emo of
tho Fifth Avenue Hotel. Amos r. Emo. some
years before the war, was the head OF the firm
of Emo. Roberts, Rhodes & Co., which YVES In
the dry goods business. Amos +. Emo was
taken into the firms employ to learn the bust
ness. In 1857 his father withdrew from the
firm and was succeeded by the son, who took
his place at the head. BY the terms OF the
partnership there vas q dissolution in 1859. and
on Dec. 81 that year Amos +. Emo became the
head Of the firm Of Emo, Buoren G. Valentine.
The old firm had dealt in cloaks, mantles and
the like. The new one dealt exclusively in silks
and fancy dress goods. The partners were
Amos F. Emo. George D. Bueren and David T.
Valentine. John Allen was n special partner,
who contributed 10000. and the firm had q
special capital of 800 600. Mr.. Emo con-
tributed $4,000 cash to the firm. The store
was at 3l1 Broadway. Its business was prin-
cipally in the South. In those days there were
Judged BY ePpe aran9es; The firm Of Emo,
Der It say it did about a million-dollar business.
Gai'R wa as i in1sG eniI th srs v was LITE iufs' rest taouSn
81 credits betwoen me North and the south.
IoG the T besi ins ser Of the war; vor business almost up
The firing on Fort sumter in April. 1861,
y. ~ the bs SeEinning Is Of fbs business %sr Th smash Sshs as vel Vel
had large dealings with tho South and conse-
aaG os 2 .I mssot S,Sii'S xo ,GSiS MOI SS nnx a iSsi4 ds The
and had for an excuse that their creditors We're
States. Emo, Bueren Il Valentine hung on for
two weeks after the firing on sumter and then
Coffin. Later nl that it was possible was real
lied from the sale of the stock and the business,
tirm. The dividend was small. bu, tho credit:
ors were glad to get it and the members of the
The release OF course settled everything. 1t
wiped out forever all the debts of the firm that
n %srS a 1nSG,a Mr. Emo II . atter q a's short sf e ssqsa e%s,,
in the armv, did go into business again In tho
HIT Hrm t d, t old ds6, sR We're f1; taas by Est that he time time.
and probably, from that time to this, until the
letter. and checks were sent out by Mr.. Emo.
they were not again thought of by any one but
Mr.: limo. Thirty, six years Is a long time, in
business, and scarcely any OF the firms that
Valentine ure in business now. Even where
the original names were maintained the mem.
bcrs Of the firm have changed. In many cases
no: u single member of the original creditor
lirm survives, In some cases the. men in the
firm are grandchildren OF the original mem
oers. In others they are nephews or even moro
distant relatives, and in some cases the bust;
ItNo Ia puoStil lllbb OlllBE dliS tIlllItIy anu
manning
This. ruK Sun is informed, is the condition
that Mr.. Emo found when he began recently 10
hunt up the creditors of the old firm with tho
interest thereon; In no case was there q man
who remembered that such a debt oYistod. In
VERY many ny, cases ,Ss,. the :. old d books ss;ksr had tb been tbd de-,
ever had been such a debt. But in no case. it Is
said, DID M; Emo hesisats to put the DEBT into n3
these circumstances the surprise that overCame
the recipients OF the notices and the checks
ined, AND 1t y not much wonder that some of
THE Sun reporter has talked with several Of
these creditors, who saw the uselessness Of
trying 10 conceal the matter once 1t had got
sstounded that we seriously. discussed keep,
ing the check and framing 1t. We were not
s sSseF 70 th nSxs NJ c dolisrs:. 'hS %s ih bs aaHpt thsl s 70
nm much 9e; ss the is, eSsb t II sG}p II rsSrs It wss worth as
mined to have I the tor 'I printed I'd until Hnd they they
learned that Mr.. Emo was strenuously opposed
TO it.. Then, In view Of tho fact that they were
beneiciaries, they did not feel at liberty TO do 1t.
II never had heard Of Mr.. Emo" said one
had heard OF Mr.. Amos +. Emo, and never i'm
aglned that any person of that name had ever
b berH" '''e''e' 10 the hrm OF "hich l am " mem
One of the Older creditors Q, the firm Of Emo.
thought ths. i wsSogid.very likely cost Mr., Emo
witt interest to date. The thirty,sizx years in.
tercst., without compromising, amounts TO a
good deal more than the original debt. At 4
per cent; the interest is $144 on every 500 OF
principal.
Instances similar to tho ono related-that is,
the payment OF debts after release when they
are no longer legally binding are not uncom.
mon to-day, but tho record here does not show
any other case OF payment with interest or
WITHOUT after thirty-six years have elapsed.
The record does not show cases either where
old debts after release are paid OF their having
been paid withsso little oslentation. The Gus
tomary way is TO have a dinner with the cred.
itors and put their checks under their plates.
Il remember one case OF this kind" said a
man with whom THE Sun reporter talked yes.
terday, where the host made out two checks
for each guest. One check was for the primer.
pni OF tho debt, and the other for the interest.
When al the guests had turned over their
held.high office In the State and nation, turned
:he check Tor the interest face down on the table
The other he put In his pocket. The otheI
guests. with a single exception, followed him
The exception ,~pocketed both checks. The
- AA.l IND