PART VII PERSONAL FINANCE Experience has proved that it is not safe to lend money to men who have not proved their ability to save money. -JOSEPH FRENCH JOHNSON. In city and in country, from the captains of finance to the smallest units in the army of business, in transportation, in manufacturing, in trading, even in farming, the corporation has come to be recognized as the best form yet discovered for organizing the production of wealth.-WILLIAM H. LOUGH. This is the time for America to correct her unpardonable fault of wastefulness and extravagance. WOODROW WILSON. CHAPTER XIX THE POWER OF FINANCE It is of no use to have big ideas if you have not the cash to carry them out.-CECIL RHODES. Pushing a Business Project The big ideas of which Mr. Rhodes speaks, and cash as well, were absent in the case of Mary Elizabeth Evans, a girl of sixteen, who some fifteen years ago with her widowed mother and three younger children was living on her grandfather's farm near Syracuse, New York. The death of their grandfather had thrown them on their own resources. The problem of clothes, education, and the many other requirements of a growing family, was very difficult. The task of solving the problem devolved on Mary Elizabeth. To meet the situation, Mary Elizabeth possessed two valuable personal qualifications, neither as yet recognized by her as a business asset. She was a born candy-maker and a born executive. In addition, she was desperately anxious to increase the family income. But what to do, she did not know. Her attitude was one of "watchful waiting." Her opportunity-though not recognized as such at the time-came in the form of a house-party given by an old family friend in Syracuse. Mary Elizabeth wanted to help, and her contribution took the form of home-made candy, sent in a neat box and labeled "Mary Elizabeth's Candy.' The candy made a "hit." It was good, it was attractive, it was different from anything the guests had tasted before, and inquiries soon drew its story from the willing hostess. She also volunteered an opinion that orders would be gladly received. The guests were interested and practically every one of them put in an order for a weekly box of Mary Elizabeth's candy. This was the starting-point of the "Mary Elizabeth" business. The candy was made at home and delivered by the children, collections being made as the candy was delivered. This little trade thus established grew, but grew slowly because of the out of the way location of the "factory." It was too difficult for would-be patrons to place orders and it was apparent that some more effective method of selling and distributing was essential if the business was really to amount to anything. The "Help Yourself" Plan At this critical time it was suggested to Mary Elizabeth that a booth could be rented on easy terms in the Arcade of the University Building. This would give a central and desirable location in Syracuse. The rental was within reach and the opening attractive, but how was attendance to be provided for? Mary Elizabeth herself had the candy-making to look after; the other children were too young; a paid attendant was beyond their means. An implicit trust in human nature finally solved the problem. The customers must serve themselves. The booth was rented, neatly fitted up, and stocked with an attractive display of candy, every box plainly labeled with its price. An open cash box was provided and suitable signs notified the passers-by to help themselves and put the money in the box. Change to the amount of two dollars was placed in the cash box for the convenience of customers and the new venture was launched. The success of the "help yourself" booth was immediate. The excellence of the candy, the attractiveness of the display, the entire novelty of its method, brought a liberal and increasing patronage. The contents of the cash-box sometimes ran up as high as fifteen dollars. Customers, neighboring tenants and even the newsboys who sold papers in the Arcade, vied |