Evening journal., 1912-07-16
NEW NEWS OF YESTERDAY
The Misfortune That Be-
came a Fortune
By Holland

"In the early sixties of the last CEN
tury, when I was considering an offer
made to me Of the presidency of the
old Sixth avenue horse car line in
New York city. / met John Stephen
son for the first time" said the late
G. c. Clarke, who was for many years
vice-president Of the New York Cen
tral Railroad and at one time assist
ant treasurer of the State of New
York.
u was very glad TO meet Mr. Steph-
enson because | had heard of him as
the inventor Of the first street car
ever made anywhere in the world.
Mr.. Stephenson designed that car for
the company which was organized
10 construct and operate the first
horse car line ever put into operation.
The tracks of this line we're laid
from City Hall Park Of New York city
northerly, the greater part OF the way
over fourth avenue. The northern
terminal was the little village Of Har-
lem. Out of that venture grew a few
years later the Harlem Railroad
Company. which was the first steam
railroad to be built out of New York
city.
'Stephenson's car was no admir-
ably adapted to horse car service that
be found himself speedily overwhelm-
ed with orders both for horse cars
for the business Of constructing horse
railways grew very rapidly-an also
for omnibuses. Stephenson in fact,
undertook too much. His business
far outran his capital and when the
severe panic OF 1897 burst upon the
country he was obliged to go into
bankruptcy. But what seemed al
that time to be a misfortune proved
afterward TO be the making of John
Stephensons fortune.
Mr.. Stephenson settled with his
creditors for fifty cents on the dol.
lar Having done this he took up his
business again. Seven years later he
paid every one Of the creditors in full
although under no obligation to dc
that, and in addition he paid inter.
est on the amount due to these cred.
itors.
There was one man. however. in
New York, man who was an init.
mate friend of Commodore Vanderbilt
who had been a creditor, who refused
to take the cash which Mr.. stephen.
son offered to him in settlement ot
the full amount Of the debt stephen.
son said TO this man:
Well, you'll have to take some.
thing, If you won't take cash, will
| you take as fine a truck as I car
make for use in you business?'
This man replied that he would
have to see the truck first. In the
course OF a few weeks Stephenson
sent TO him a large and finely bull
truck. The man took IL, but sem
word to Stephenson that he was 90.
ing to make use of il in new way
He had great placads painted with
these words See how one bankrupt
pays his debts. This is the way Hon.
est John tSephenson pays his Thes,
placords were placed on either sid,
Of the truck and then it was draw
by gaily caparisoned horses though
every business street of New York.
The result was that John Stephen
son speedily became known as Hon
est John Stephenson pays his. Thes,
business were offered to him in
plenty. and he accumulated a yer,
large fortune. He was, in fact. knowr
ever after as Honest John Stephen
son and that term became a sort O
personal trademark.
When I met Mr.. Stephenson in tn,
early sixties l said to him; Mr.. ste
phenson, are you any relation e
George Stephenson, who invented
the locomotive engineer
That question has been asked m,
hundreds of times Stephenson re-
piled. In England to this day, ther,