The Romance and Tragedy of a Widely Known Business Man of New YorkRussell, William Ingraham
General
The Romance and Tragedy of a Widely Known Business Man of New York
Russell, William Ingraham
Businessmen -- New York (State) -- New York -- Biography; Russell, William Ingraham
Before leaving the city we were entertained at a series of dinners
and theatre parties given by our friends of the "Immortal Ten,"
and though these occasions were somewhat saddening, partaking of
the nature of a farewell honor to a fallen "Prince," we appreciated
the compliment.
CHAPTER XXXVIII
"W. E. STOWE & CO., INCORPORATED"
At the suggestion of my attorneys, I decided to continue the business
as a corporation.
The reason for this was that I wanted to continue under the same
firm name and not as an agent, and while aside from Caine there were
no antagonistic creditors, it was deemed wise to provide against
any possibility of such appearing later on and jeopardizing the
new capital which I expected to raise without difficulty.
As a matter of fact no creditor except Caine ever assumed such an
attitude.
Under the laws of West Virginia a corporation was organized as W.
E. Stowe & Co., Incorporated.
The charter was made broad enough to cover every possible branch
of the business and the capital stock fixed at twenty-five thousand
dollars with liberty to increase to one million.
The organization was completed by electing as officers members of
my family, and the ten per cent required by law to be paid in was
raised in part by my wife by the sale of personal property and the
remainder by myself in a loan from a gentleman who was one of the
heaviest losers in the operations carried on for our friends.
My bankers, within certain reasonable limits and restrictions,
promised me their assistance, and I believed I would soon again be
on the highway to prosperity.
The first step was to raise the twenty-two thousand five hundred
dollars to complete the capitalization.
This seemed easy; why not? There was my friend Viedler; a man worth
several millions. He had been warmly sympathetic in his expressions
of regret at my misfortune. He and Mrs. Viedler had always shown a
cordial fondness for us, which we reciprocated. The social intimacy
had been close and always delightful.
At first I thought I would ask him for the entire amount, then
concluded to ask for five thousand dollars, really believing he
would comply with pleasure and offer more if wanted.
I wrote him asking for the money as a loan, telling him the purpose
for which it was wanted and offering to give him a lien on my
library, if he so desired, as security.
By return mail came a brief reply, typewritten and signed by his
secretary: "Mr. Viedler makes no more personal loans."
That was the sum and substance of the communication, and the first
intimation I had that another friend had deserted us. It was such
a surprise that I did not fully realize the fact until I had re-read
the letter.
Public-domain text, read in full here on John Shaqi.
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