The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-08-09
B Business is Busin ess.

3.F v Suppose a Il man walking by u the d side
6 OF a lake with a long plank under his
Il arm. Suppose him to discover shrleking
81 and struggling in the water and In the
4 act OF Striking the last time, q very
81 eminent and useful citizen. The first
b man would have the right to stop and
I, drive a bargain and to demand all the
" money and property ii the man In the
ii water might possess as payment for five
n minutes use OF the plank Unquestion-
i; ably 1t Is his plank and he need not
N get 1t wet unless he chooses. Business
s. Is business. az is3 y@3 AZ 4 $ #i sss55is
These we understand to be the views
IL Of our esteemed morning contemporary
Ks The Times Dispatch, which seditorially
NJ discusses this morning the ethics Of he
sS transaction between the Morgan syndi-
. cat. OF New York and the Virginia. Caro-
lirlt Chemical Company n Our 5recollec-
stioll is that the syndicate, finding the
corporation In desperate straits, kindly
den: ii ss,0O0,00O and charged IS per cent.
SfoI tile mnney.---R richmond News Leader.
IN the view Of our. contemporary,
4 business is not business. It is phian-
H thropy. It is rescue work It is the du ty
u Of none lenders to seek out and to save
I those who are IN danger OF financial
4 wreck. II Is the duty OF the money
y lender to sit round On the edge Of the
ii business whirlpool with rescue planks
under his arm, ready for the love Of hui
4 mainly. to float a saving board to the
reach and rescue Of every unfortunate
q who may be struggling to keep his head
II above water.
That IS a beautiful theory. but it Il is
- not business. We are not at all sure
a that It would be judicious philanthropy.
y struggle is necessass to DEVELOPMENT. II
men who embarked in business enter
fpr1ses we're sure that philanthropic money
& lenders would always come to the res
4 cue in the nick of time, should they
become involved, business would soon
resolve Itself into recklessness. and 1t
would rot be long before all the phan-
II thropic efforts Of money lenders would
4 he unable to save the world from COM
plete financial wreck and ruin Busi-
ness Is a school. It teaches lessons OF
thrift and prudence. conservatism and
discretion as well as lessons Of enter
Il prise When men understand that busi-
ness is business. that competition is
sharp, that the rules Of business are
strict they are melted to the exercise Of
~ forethought and prudence in the manage
ment Of their affairs.
In discussing the case OF the Virginia
a Carolina Chemical Company, we have
A. been dealing with the rules OF business
rather than with beautiful theories OF
philanthropy. We have pointed out In a
general way that 1t is the business rule
for man to take as high price as he
can obtain for the product which he Of
ters for sale. A few years ago when
there was corner In the stock OF the
Northern Pacific Railroad. the price
jumred up to $1,000 per share. and SC
far as We heard only one person re.
fused TO take the market price Of the
+ stock. That person was a woman, and
iBE that woman was regarded as a curiosity
II on the face Of the earth.
When the Virginia-carolina Chemica
y Company went on the market last sum,
n ,ncs 10 borrow 100000, Wall Street was
y in a slate OF panic and some stocks
were being thrown overheard and solt
I'd for anything they would bring because
58s the hanks were calling their loans. None.
was ruling at high rate of interest
# because 1t was In enormous demand A
81 such q time. men who handle large SUM
Z. 81 Of money are not disposed to lend 1t a
Il II amy reasonable price They prefer Il
invcst 1T In stocks and bonds. which tho
ia know 70 he cheap
Tho Virginia Carolina Chemical Com
ii pany had been IN the habit Of discountin
lis paper largely in Southern banks. an
II had no difficulty in obtaining money !
this way to carry on Its extensive bus
i ness. but in the financial crisis Of $50
II the company was unable toy obtain a.
experimentation throug h' tbs usual channel