Evening star. [volume] (Washington, D.C.) 1854-1972, 1886-04-06
An Old.Tisne Merchant,
HOW AMOS LAWRENCE, OF BOSTON, STARTED
HIS SUCCESSFUL BUSINESS.

HOW AMOS LAWRENCE, OF BOSTON, STARTED
HIS SUCCESSFUL BUSINESS.
From the Dry Goods Chronicle
According to the usual custom In New Eng.
land, the first experience OF Amos Lawrence in
the sphere of business was that OF shop boy,
and subsequently that OF clerk. When Mr.,
Lawrence rented q shop on Cornhill, Boston,
and commenced business, he says, in the mat
Ter OF property he was not worth dollar. His
lather, however, by placing a mortgage on his
farm, helped him to the extent of . 900. His
own words on this point are very interesting:
''My honored father brought to me 81 900 and
asked me to give him my note for IL. L told him
he dld wrong TO place himself in situation TO
De made unhappy II L lost the money. He told
me he guessed wouldn't lose it, and gave
him my note.
'The first thing 1 did was to take four per
cent premium on my Boston bills-the differ
ence, then, between passable and Boston
money-and send 81 600 in bills of the Hills
borough bank to Amherst, n. H., by my father
to my brother Luther, to carry to the bank and
get specie, principally ia silver change, for the
bills and he returned il To me in "a few days.
In the meantime, or shortly AFTER the bank
had been sued, the bills discredited, and i'm the
end proved worthless 1 determined not to
use the money except in the safest way, and
l had entire confidence. After had been in
business and made more than 81 900, 1 felt
could repay the money, come what would Of
ii, being insured against fire and trusting no
one for goods. l used it in my business, but
took care TO pay OF the mortgage as soon as it
Here We have a concise, graphic account of
the beginning OF the business career OF one Of
New Englands most successful old-time mer-
chants.
According to reliable accounts, I'm the first
year of his business experience Mr. Lawrence
cleared $1,000, and in the second year his
profits amounted to $1,000, and grew larger
yearly thereafter as he increased the scope and
extent OF his business. 1t is also said that he
regarded excessive credit the rock upon
which SO many business men are broken"
AT the very start OF his business career he
adopted the wise and judiciOus plan OF keeping
an accurate account OF the merchandise bought
and sold each day, together with the computa-
ton of the profit and losses thereon. He states
that by the means OF keeping this daily system
OF accounting he never found his merchandise
fall short when the semi-annual and annual in
ventOries were taken. By the observance of
this course he was enabled at almost any mo-
ment to form more or less accurate opinion of
the state OF his business.
He also, some years later, made several good
rules for the government Of his business affairs
One Was to have property represent at least 40
per cent. more than he owed, and the other was
never 10 be in debt more than two and a half
times his capital. All the regulations OF his
business Life were most careful and upright and
10 which in all transactions lac unswervinglv
adhered. He amassed an immense fortune.
which was largely expended in comforting ben.
efits upon his fellow men.