The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-08-04
How Palmer Established His Credit

| A. T. Packard tells Chicago Post reporter of
| a deal that once occurred between A. T Stewart
| and Potter Palmer. 1T was during the early
| days of Palmer's career in the dry goods busi-
| ness-1S62, l think. He enjoyed a good credit
| in Chicago, but in New York he was not much
known, and for that reason he went there him
| self to buy his goods and pay cash for them
| Every day and sometimes twice day the re.
ceipts of the business in Chicago would be sent
| to him and he would place the funds in n safe
| in his quarters at the Fifth avenue hotel untll
| he went out 10 buy, and then he would carry
| the money with him. His banking business
he did in New York, One day friend advised
him to buy prints, as a boom in the price
was about to occur. Palmer posted off to A. T.
| Stewards wholesale establishment and
was shown through the print department, in
which were 400 cases of the goods. After look
| ing them over and getting the lowest price. he
| remarked as calmly as if he were purchasing one
! yard, III take the 400 cases, and then went to
| his hotel. The sale caused a futter in the
| house. Who is this Potter Palner?' was the
query. And as the bill amounted to 5000 900
the clerk. unwilling to take the respQn siblty of
| SO large credit upon himself, re ported it to
| Stewart.
| The next morning Palmer received word that
Stewart wanted to see him and thither he
| posted In the meantime, l should say, the
| price of prints had already advanced a couple
| of cents, and Stewart madeup his mind to can
eel the sale if by any possible honorable means
he could do So You know that in the dry
! goods business cash goods sometimes means
| payable in ten days and sometimes in thirty
days, fact upon which Stewart relied to help
| him out
Mr.. Palmer, he said when the latter an
peared, you bought pretty large bill of goods
yesterday. suppose you know on what terms
you purchased?'
- Certainly; thirty days Palmer replied.
| :" Not at all. responded Ste wart in his sweet
oily way. They are ten days good> and on no
| other terms can sell them
AT this Palm r was silent a moment while
| Stewart chuckled nwardly at the thought OF
| the ease with which he had saved the profit of
the rise to himself But wishing to appear
! liberal he said
| Yes, that is the best can do; but if Won
can pay spot cash can give you a good dis
count
How much of discount auerie Palmer.
after the manner of man thinking of some
thing else.
"'Oh, can give you 10 per cent. for spot cash:
| otherwise, must have the money 10 ten DAYS
or no sale. Stewards manner was that of n
fisherman playing with we'll hooked trout
Palmer remained lost IN thought for about two
minutes and then, while his face grew longer
than ever, though inwardly he was laughing at
the glee in Stewart eyes, said, slowly drawing
big wallet from his inside pocket
well, guess III pay spot cash. and to the
astonishment OF Stewart Palmer counted out
the amount, less the discount, and asked for A,
T. S receipt The latter's admiration for bis
Chicago customer went up like rocket where
70 the day OF his death, IL remained. Ever after.
ward Potter Palmer's credit was AL. and he
paid Tor his goods when be got ready"