As to the real ability of Watson, few were apprised, for he never
made a display for the sake of establishing a credit. But it was
known to some, that he generally had a comfortable balance in the
bank, and to others that he never exchanged notes, nor asked an
endorser on his business paper. He always purchased for cash, and
thus obtained his goods from five to seven per cent cheaper than his
neighbors; and rarely put his business paper in bank for discount at
a longer date than sixty days. Under this system, his profits were,
usually, ten per cent. more than the profits of many who were
engaged in the same branch of trade. His credit was so good, that
the bank where he kept his account readily gave him all the money he
asked on his regular paper, without requiring other endorsements;
while many of his more dashing neighbors, who were doing half as
much business again, were often obliged to go upon the street to
raise money at from one to two per cent. a month. Moreover, as he
was always to be found at his store, and ready to give his personal
attention to customers, he was able to make his own discriminations
and to form his own estimates of men--and these were generally
correct.
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