Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1892-03-06
WHY MERCHANTS FAIL
The Views of Postmaster Field. of Phila-
delphia, who Is Also Merchant.
Drv Goods Economist,

Dry Goods Economist,
In writing an article on this subject,
I think IL important TO notice part:cu-
larly the credit department., which is
certainly one OF the most lmportanf,
and. possibly, one Of the most difficult
to manage In connection with any large
| business. To manage it successfully
requires not only great experience, but
rare talent and ability. The head OF it
| should be man of affairs, ciear-headed,
a "mind-reader," a judge OF human ma
ture, able TO fathom any one who APP
| plies to him for credit, without
| being offensive in manner or meth
cd. He must not only pass judg-
ment on the man, but on his environ
ments, the population OF his town,
| and the general resources OF the section
in which the man or firm transacts bus
mess. All OF these points are important
| factors In aiding the credit department
to reach decision in regard TO the line
of credit TO which the party may be en-
titled. question seriously IL this de-
partment receives generally the thought
| and attention which its Importance
merits. The competent, solvent mer-
chant should always be willing TO give
| information in regard TO his financial
standing, as no one is more Interested
than he in keeping out OF business the
mushrooms and frauds.
1t is q pertinent question to ask,
| What Is the cause OF so many failures
among the commercial classes? is 1t
through innate dishonesty or is 1t the
"greed of gold" and the "gold Of greed"
that prompts men TO fail and compro-
mise thir Just and lawful indebtedness?
| think not. ! think the causes OF fall
ure may be properly classified as fol-
lows:
Six-tenths ensue from inexperience,
! extravaganza and negligence.
Two-tenths from natural dishonesty.
One-tenth from speculation.
One-tenth, the unfortunate man,
In regard TO the first class, there Is
not sufficient attention given to the
training of men for mercantile life.
Every young man intending to follow
mercantile pursuits ought to spend
some years in preparation in method
cally conducted establishment. If he
enters a hap-hazard, he becomes hap
hazard merchant. lie should be trained
as TO values, how TO buy and how to
sell. and, also as to management, from
the picking up OF the string from the
floor TO the banking Of his cash. IL Is
mistake for a mechanic, the profess
sional man, or the farmer TO rent a
store, furnish limited capital, and start
''the boy" in business. without his hav-
ing had any training or having had
knowledge OF the quicksands, shoals
and rocks OF the sea on which
he is about tn launch his craft.
In some instances, owing to the
peculiar environments OF the case,
and by having secured the services OF
some competent clerk, he may succeed,
| but In nine cases out of ten the venture
will prove deplorabe failure. This
represents a class OF people VINO are apt
TO overlook the difference between the
gross receipts and the net profits OF the
cash drawer, and are, therefore, led into
| eytravagant habits OF life by the hand
ling OF so much money without proper
training for It's care-taking. Further
more, they are the very kind OF people
who will be over-persuded by the plauS-
ible salesman and would be likely,
therefore. TO overstock themselves, in
consequence OF which the fatal error OF
slow payment IS sure to follow.
Every Observation-Disclosures and re-
tail-shouid inscribe as motto on his
ledgers the old German proverb: "Lange
krankheit ist scherer todt"-Long
sickness is sure death. In these days
of sharp competition, when merchant
cannot make his payments so az TO Sc
cure cash discounts, the sooner he goes
into liquidation the better IL will be for
himself aud all concerned.
or course, there are many instances
where men, and women too, OF modest
pretensions have commenced In small
way aud finally succeeded; but their
training comes with the development OF
their business. They know not only
how 20 make little money, but also
how 10 save what they do make. But
In the broad Geld or higher plane OF
business life, II We look at the success
fnl men OF to-day. we will find In al
most every instance that they are well
trained, intelligent men, who take an
inventory and settle up their business
annually-men who know when, where,
and how 20 sell; men who know when
and how TO say yes and no, as the case
demands.
In regard to the second class-the dis
honest. After all light and the good
influence of the present day. the thief
still ''lives and moves and has his be-
Ing" He is confined to no particular
class or nationality. He deliberately
plans to build up his credit, and when
all is ripe, the preference or relative,
without judgment or chattel mortgage,
comes in and sweeps everything. Then
comes the offer OF twenty-five or thirty
three per cent. In settlement. Against
this class there is no protection. pre-
sumo there Is hardly merchant In the
land who has not taken the journey
from Jerusalem 10 Jericho, and, like
the certain man." has fallen among
thieves, who have stripped him OF his
raiment.
Concerning the third class-the spec
ulative. There is no more dangerous
risk for the merchant than 10 20
s.lonp" or "short" on cotton, wool,
corn. pork or stock OF any kind. Ia
fact. II Is purely a game OF chance, on
the basis generally OF "heads ! win;
tails, you lose"
As 10 the fourth class-the unfortu-
nate man. He comes in with his offer
OF thirty-three and one-thIrd or possibly
fifty per cent. He states bis tale Of woe,
and, Of course, he il never 70 blame.
He was induced, perhaps, TO 20 security
for nsighbor r. lie didn't intend 10 do
IL, but-there comes In the But"
never hear or see this word "but" with
out being reminded Of an incident OF
early days. One OF my fellow clerks
mad a sweetheart" with whom be cor