Evening journal., 1893-02-10
A BRADSTREET AGENT TALKS.
Able Address by Lewis A. Smith On
Business Failures and Commercial
Credit to Goldey College Students.

Able Address by Lewis A. Smith On
Business Failures and Commercial
Credit to Goldey College students.
Yesterday afternoon the pupils Of
Goldey Wilmington Commercial College
were treated TO an able lecture by Lewis
A. Smith. Bradstreet's representative in
Philadelphia Mr.. Smiths theme was
Commercial Credit, and 1t was the
first time that such an address had been
delivered here. Mr.. Smith's audience
not only consisted Of students Of all
classes, but of prominent business men.
His address was greatly appreciated by
the students who listened attentively to
every line Of it.
In the course of the lecture Mr.. Smith
said:
"Inexperience caused 500 failures dur
ing 1891. These people are, in large
degree those who having been employed
by others, and holding positions respon-
sible enough to give them fair knowl-
edge of the business. felt they could do
better for themselves by going in bust
ness, which Is often a mistaken notion.
The clerk frequently imagines that he
knows great deal more than his en-
ployer and when he goes in business he
finds out that he does not.
From lack of capital 1859 failures
resulted. This is more than one third
the total number Of failures during 1891
A great many of the business men now
branch out more than their capital per
mits and then they fail Five hundred
and nine failures resulted from unwis'
credit during 1891"
"Extravagance caused POI failures
I ~ . aHNIr
started become extravagant. They have
elegantly furnished offices, well appointed
and fine houses and before long the,
have run beyond their limit and conse
ouently fail. Neglect caused 1893 failures
in 1891. The chief cause which will lea'
a man to neglect his business is intem
perance. The Incorporate man canno
| succeed, because reputable people viii
not deal with him. Some people ais
have a fondness to drive fast horses
which is also apt to lead them to neglec
their business.
Competition caused 1877 failures
Competition is said TO be the life Of trad
but unfair competition is its ruination
Disater caused 2075 failures. Floods
fires and storms are chiefly the cause
such failures Insurance is YER
| nice lulnkf Dul IL 0NNo heA RNhhL
pay for the loss of time in getting &
place rebuilt. Speculation is anothe
thing that causes failures. In 1891, 3il
failures resulted from speculation
Speculation is very risky with ones ow
money, but when IL comes to usinI
another's money 1t is very hazardous
Some bank cashiers would not b
behind bars now if they had not specr
lated.
Fraud caused $50 failures. Whe
unscrupulous people find they are abou
to fail they will buy lot ON cred
and then pay so much on the dolls
, when the cash comes When peop
! begin to buy lot and you think the
I are going beyond their limit you b'
ware.
The book. keeper is in the direct lii
for admission to the firm even If
has not much capital He.is In a positi'
7 to guard the interest of the fri
Never be too tired to work Be car
= full in little things. for If you do the
q ! well they may bring better and larg
= things within your reach and you W
y be rewarded