The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1919-11-10
The Elements of Success
ARTICLE w
SOCIAL RELATIONS"
by
reident Trade tiOnaI Bank
by JOHN II. FRYE
President Traders National Bank

/ that case, also, he should do with his
might what his hama finds to do"
The scriptural- injunction to agree
with thine adversary quickly is a very
valuable one, and If differences have
have occurred, it is wise to smooth
them over promptly. On the same
principle. it is rarely advisable to liti-
gate. bad compromise being prefera-
| BILE to a successful law suit. When
one compromises a matter. he knows
exactly what his loss will be, but when
his case is submitted to a jury. there
| is no means of forecasting the deci-
| sion. Lawyers, being more accustome ed
to litigation than business men, are
sometimes inclined to advise against
compromises.
The writer's father taught him two
| important things among others. First,
| to try to avoid being under obliga-
| ton to anyone, but to reciprocate an
obligation once incurred. Second, not
to iridorse notes for his friends. The
| difficulty about mourning an obliga-
I'tion is that one is very liable to be
asked to reciprocate when he can least
afford to do so. and small favsr may
, sometimes be returned at a cost of
a thousand times its value
1t is rarely advisable to have bust
ness dealings with ones relatives, as
transactions with them cannot be made
as they would be madeNwith stranger.
| And the same thing is sometimes true
! of dealing with close friends. Within
the limit of ones means, he should help
both his family and his friends, but
! in such cases it is usually better to
give than to lend. There is an old
! couplet to the effect, 81 had my money
and my friend" Fortunately. in the
conduct of a business many friend
ships are formed. based on business;
and this is always more permanent
and more to be desired than business
based on friendship.
From time to time there are move
! ments of a political, social. or religious
kind, that are based on expedency,
and not on principle. But principles
and institutions that have been tested
by time are more likely to be sound
and to endure Hence the need to
consider carefully before changing
ones mornings, for not once, but many
times, ITO every man and nation comes
the moment to decide, in the strife of
truth with falsehood for the good or
evil side" When a principle is at
stake one must take sides, and in the
long run. it is good policy to do so.
1t is essential for each person to
save part of his income. and to begin
doing so when earnings are small
However, there is an unfortunate ten
dency to postpone this until earnings
are larger; but experience shows that
unless one is very careful, expense
increases faster than income. There
fore If the practice of saving is not
commenced early, it may never begin.
and for the great majority of people
there is no other way to accumulate.
ON ACCUMULATYNG
If one cannot pay for an article, he
ought not to buy it, and if a thing
is a luxury, it is not always wise to
purchase it. even if ne mas the money
to pay for it. Certainly one ought
not to buy an unnecessary article on
credit Pride. and desire to keep up ap-
pearances. cause many to live beyond
their means; but there is no occasion
to be ashamed of what one has if II
was honestly acquired. Tt is far better
to drive a horse, if one can afford it,
than to keep an automobile that T.
beyond his means.
The accumulation OF a fortune, or of
competency or even the purchase of
a home, is metimes a slow process
and it is easy to become discouraged
but one cannot afford to be too much
| influenced by his feelings, either of
elation or of depression. Because
/ physical conditions SO largely affect
ones hopes and fears, he should not
| take counsel of either. for an un-
/
| way to a satisfactory one, or vice
versa Clemenceau. the French pre-
mier, has recently made the statement
! that, TN all wars he is the conqueror
who can believe a quarter of an hour
| longer than his adversary, that he is
not beaten" And the same principle
applies in civil life.
| AS a rule, it is better to own a
small business than to have an in
terest in a large one controlled in part
by others. In the case of corpora
ton, the only safe plan is to hold a
! majority of the stock for even friends
| or relatives may vote with you at
, one time and against you at another;
and nothing short of 81 per cent of the
stock constitutes control.
There is theory that to go in debt
is an excellent means of getting
! ahead This is on the principle, that
one may buy property on credit that
will enhance in value, or that he will
have a greater incentive to save. by
reason of the pressure of debt. There
are few people who have been fortu-
nate in the purchase. on credit, of real
estate or other property that has en-
HANGED in value. But where one per-
son has prospered through going into
debt, so to 100 have been ruined by it,
And in the effort to accumulate it is
safer to follow the lines which the
great majority must follow, than the
line which only a fortunate few have
followed successfully.
,,,o,, ~, tho stToixr,,itxy IF tl,a