When Peter Cooper, who founded the Cooper Institute, New
York, had completed his apprenticeship, his employer esteemed
him so much that he offered to give him the capital to start
in business, but Cooper refused because of his invincible
repugnance to debt. At the end of three years he had saved up
$500, but his father being prest with debt, young Cooper gave
the entire amount for his relief. He purchased a glue factory
and soon obtained the reputation of making the best glue in the
country. He became interested in many successful enterprises,
employing thousands of men, and conceived the idea of an
educational institute for the advancement of the sciences.
Abram S. Hewitt, with a son of Peter Cooper, took over the
father’s iron business, and at one time over 3,000 men were
employed, and for six years they ran the business at a loss of
over $100,000 a year rather than bring upon their employes the
distress incident to shutting down the plant. Partly for this
reason the business was run for forty years with only sufficient
profit to pay the men, and still by judicious foresight in
buying iron the firm cleared over $1,000,000 in one year. Their
policy toward their workmen was always to take them into their
confidence.--JAMES T. WHITE, “Character Lessons.”
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