Truman & Jacobson failed in 1922. After much discussion, the partners decided not to file for bankruptcy—and thereby wipe out their debts—but to try to pay off their creditors as best they could, little by little as time went on. The business was approximately $35,000 in the red. Eddie, who went on the road as a shirt salesman, did all he could to meet his part of the debt, but in three years, unable to keep up, was forced to declare himself bankrupt. Some time later, when the two friends met for lunch downtown, Harry, seeing Eddie’s frayed suit, gave him some money and told him to buy some new clothes. Fifteen years after the store went under, Harry would still be paying off on the haberdashery, and as a consequence would be strapped for money for twenty years. But like his father, he never ever neglected appearances.
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