Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1891-08-20
IS MONEY SCARCE HEREs
- N w u WI fft T uAHI
some Very Sharp Rejoinders Made by an
Experienced Business Man.

remark was made by one of small |
knot OF speakers that there Is great
scarcity of money in the city just now.
The point suggested itself as good |
text for an interview al some one or
other of the local finance centres.
A banker was readily discovered who
cid net object to deliver himself or the
important topic.
mo, sir, g emphatically replied,
money IS u scarce In Wilmington,
and discounts are not high"
Anyone who has the right collateral
that is 10 say who can present good
endorsements--can obtain all the credit
and cash 70 which he is commercially
entitled.
Following the recent bank disasters,
the Keystone and Others that have inhu-
enced financial circles, discounts have
been restricted perhaps TO the extent of
80 per cent
"Fhese conditions have reacted on
Wilmington, just as the wave has
touched other business communities,
and has caused the shrinkage. Bnt
have no hesitation in saying that all
clean, straight paper can be discounted
in Wilmington at sight.
There are concerns In this city that
do business Of as much as 100000
month. No single bank in Wilmington
has the resources for such demands.
Each bank must distribute its credits
and share them around equally among
its patrons. But there is plenty of
money owned right here to meet all
worthy enterprise and perhaps to so a
little farther.
"Ilow about the past years business
harvest in the city?n the reporter asked
Il don't think" was the rejoinder, "that
business has been generally profitable
We have seen better years more recently.
'Does John Wanamaker's all-pervad-
ing influence injure our local trade ?"
81 don't think scat any rate not to
the extent claimed by some could
cite you instances of some large store
keepers in Wilmington whose balance
sheets would simply make your eyes
stare.
81 think that if our storekeepers kept
a full line of goods the business would
stay with them all the year round. ANY
one with capital in this city can turn
over his goods at IA sure 10 per cent gain
any year. | know concerns that have
paid off their entire Indebtedness the
past year, poor year as 1t was.
mo, thoroughly believe in this city
as as good a general business stand as
any in America.
success is more dependent on the
man than on his money. And good
management will always succeed in
bringing business here.
There is no reason whatever for that
down hparfpfnacg that raf.r 20, A
little more circumspeetion in the chosen
pursuit, more aptitude, less flyine off 10
Atlantic City, less wastefulness and
more attention to every mnutie in
every department of business, no matter
on how small scale that business may
be, Will ensure success in Wilmington.
The matter is not with this location or
with the public. 1t is too often with
the inapt business man himself.
Il could give you numbers of in
stances of young men wanting to 90
into business. Well, they bring in a
note well endorsed OF course il is i'm
mediately cashed. The endorsers name
is as good as gold. Butin few months
II goes to protest. BY and by the story
gets out on the street. Every one IS
surprised to hear the news Of young
-. All thought he was getting
along splendidly. Why he was met at
Cape May at the House. He
was the best fellow there. He had
plenty of money. lie was not specially
extrayagant. But he gave the idea of
being one of the substantial young bust
ness men OF. Wilmington. In IL short
months his butterfly existence has gone.
This is IA sample case. The trouble was
not with the business. lie had all the
trade any man could reasonably expect
in his first year OF two of business. But
his mistake was in supposing that that
entitled him to living ut the rate of 500
week. He may have been in receipt
of that sum. But instead Of storing his
excess To meet the day his discounts
came due, he misunderstood his real
financial position and supposed the
money he took in was all lis own. 1t
was not his ut all, 1t belonged to his
endorscr and should have been paid
| back with religious exactitude.
This Ignorance of even the most
primary ideas Of business Is too com
mon among our young men here. Ii is
disease that reacts upon the rest Of the
community, upon the storokeepers, gro
GERS and dry,goods merchants who lose
their bills incurred BY his class When
they lose they in turn find difficulty in
obtaining the usual line Of credit from
the bankers. And against the last class
is aroused the general cry that they arc
refusing discounts and then follows the
street talk that there is insufficient
money in the city
wipian M.va,- ,3a,a 4 az
,a,', ian w. i'iI'e 'ne Tug
at, M" 1922 ~ sa's" rtanN iisaehi
NH S,t.i5l5' S sn VI scii2oner payia
,,.,.,. 49,, ,t.;i, - -. -
! Nitl3 IlftI ptlhM lllla CITY On SATURDAY.