Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-07-24
PROGRESSIVE NEPIIL.
Her Representative Men and
Business Enterprises,

4 J flavor Of a town is repre-
w scented by its foremost citi-
zens and leading business
houses. Some Of these Shall there
fore discuss in the sketches which
follow, regret that space and time
will not permit Of a wider lis; Of per
sonal memoirs:
EXCELSIOR MERCANTILE co.
On August 3, IS9r-the year
that the boom collapsed, enyeloping
business in that atmosphere OF torpor
which always settles down on disap-
pointed hopes-a new firm under the
above name was incorporated with
Mr.. Jas. w. Paxman as manager.
Rather precarious time to
launch a new enterprise, the reader
will say. True enough, but the in
corporators-Jas. w. PAXman, Jos.
i. Wright, Adams & Sons Co.,
Geo. McCunc, I. NJ. McCune and
Thos. Wright Sr.-wcrc men
thoroughly imbucd with new ideas
in merchandising, and were willing
to put their theories and methods to
practical test, in the very teeth Of
the disasters which stared the com
munity in the face. How well they
succeeded the sequel must show.
Knowing how easily bored the or
binary reader is by statistics, gen
orally refrain from presenting them
in these sketches, but here is an in
stance in which | believe they will
serve to excite not only interest but
wonder.
The Excelsior Mercantile COM
pany was incorporated for $50, 600,
of which S22, 900 was paid in on the
day OF incorporation. But the firm
assumed $1,000 Indebtedness, leav-
ing virtually working capital OF
only S., 900. Now for results.
After six years Of business--years,
as every one knows, Of increasing
hard times-the institution makes
the following exhibit: lit is en-
tirely free Of debt. Its paid up
stock is now S+2, 900, all OF the in
crease, save S., 600. being the ac-
crued earnings OF the store. SITS
credit was so good that it was able
last year to purchase a larger store
than itseli-the Bullion Beck Of Eu-
reka-borrowing on its resources
$4,000 outright for that purpose.
4.-From a business Of S22, 900, the
record Of the first year, its trade has
grown to sos, 600, the record OF last
| year. 5.-The Eureka store is
making even a better record, its
first six months business aggregat-
ing S53, which rate it will
soon pay for itself.
Such showing in the history Of
an enterprise makes us eager to
study its methods. At FIRST thought
we are likely to imagine that profits
have been unusually large. The
/ opposite is in fact the true explain
alton. LEADERS in low prices" has
been the motto at the Excelsior from
the beginning. 1t is not that goods
are sold high but often, that has
/ piled up the profits When 4 coun-
try store does a sos, 900 business
annually it is because its shelves are
emptied a dozen times year.
This fact brings me to another
noticeable feature. With such a
trade, there is no time for goods to
get shop-worn. Broken lines and
remnants are disposed of on the
bargain counter at the purchaser )
own price. Not only are goods al
ways new, fashionable, and Of the
highest grade, but the clerks see to
it that they gam in attractiveness
whatever Is to be gained by artistic
display. 1t is pleasure to the eye
| just to visit and examine this splen-
did emporium.
On the lower floor properly class
flied are complete lines OF groceries,
dry goods, gents clothing and fur.
nishings, and line of boots anG
shoes. On the upper floor is G
handsome assortment of furniture
and wall paper, and the beginning
of a stove and hardware department.
The branch at Eureka is, am told,
equipped il much the same way.
All this might be as it is and yet
the store fail, we're it not for the
careful management Of its finances,
During the first five years the losses
in bad accounts did not amount tc
$500. Goods are purchased on q
cash basis and in usually large guam.
titles both for the sake OF cheapnes'
and to secure car rates.
"Our savings in freights and dis,
counts alone came very nearly pay
ing half our clerk hire last year
SAID the manager to me ON my re-
cent visit.
"You are responsible for making
it difficult to do business in Nephi'
is the charge laid upon the Excelsior
Mercantile Co. They plead guilty