Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1886-04-08
An Old-Time Merchant
How AMOS LAWRENCE, OF BosToS, STAR
TED HIS SUCCESSFUL BUSINESS.
From the Dry Goods Chronicle !

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 a shop
boy, and subsequently that of a clerk. When
Mr.. Lawrence rented a shop on Cornhill, Bos-
ton and CONNIE need business, he SAYS, in the
matter of property he was not worth dollar.
His father, however, by placing mortage on
his farm, helped him to the extent of 81 900.
His own words on the point are very interest
ing: my honored father brought to me
81 900 and a.ked me to give him my note for
il. | told him he did wrong to place himself
in a situation to lie made unhappy If lost
the money. He told ne he guessed
wouldn't lose it, and gave him my note.
The first thing | did was to take per
cent premium on my Boston bils-the dlf~
terence, then. between passable and Boston
IN ,ney-and send 81 900 in bills OF the Hills
borough Bank to Amherst, n. H., by nv
father or my brother Luther, to carry to the
bank and get specie, principally in silver
change, for the bills, and he returned it to
me in few days In the mean time, or
shortly after, the bank had been sued the bills
dscredited, and in the end proved worthless.
determined not 10 use the money except in
the safest way, and therefore loaned it to
Moses Parkman, in whom had entire conf
dence. After | had been in business and
made more than 81 900 felt could repay
the money. come what would of it, being in
sured against fire and trusting no one tor
goods. used it in my business, but took
care to pay of the mortgage as soon as it
would be received"
Here We have concise. graphic account of
the beginning of the business career of one of
New England's most successful old-time mer-
chants.
According to reliable accounts. in the first
year of his business experience, Mr.. Law
renee cleared 81 800. and in the second year
his profits amounted to 81 1000, and grew
larger yearly thereafter AS he increased the
scope and extent of his business. 1t is also
said that he regarded excessive credit as the
rock upon W hich 40 many business men are
broken At the very start OF his business
career he adopted the wise and judicious plan
of ke.p ping an accurate account of the mer-
chandise bought and sold each day, together
with the computation of the profit and losses
thereon He states that by the means
Of keeping this daily system of account
ing he never found his merchandise
fall short when the semi annual and annual
inventories were taken By the Observance
of this course he was enabled at almost any
moment 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 forty per cent more than he owed,
and the other never to be in debt more than
two and half times his capital. All the reg
uatinns of his business life were most care
tul ard upright, and to which, In all transac-
tons he unswervingly adhered. He amassed
mr. immepsp fortune which largely Y