It is
said that his own early experience of buying on credit, and selling on
credit, drove him to this rule.
"A fourth principle with him was to conduct business as business--not as
sentiment. His aim was honorable profit, and he had no purpose of
confusing it by extraneous considerations."
While still engaged in his first struggles in his little store, Mr.
Stewart found himself called on to make arrangements to pay a note which
would soon become due. It was for a considerable sum, and he had neither
the money nor the means of borrowing it. It was a time when the
mercantile community of New York regarded a failure to pay a note as a
crime, and when such a failure was sure to bring ruin to any new man.
Mr. Stewart knew this, and felt that he must act with greater resolution
and daring than he had ever before exhibited, if he would save himself
from dishonor. To meet the crisis he adopted a bold and skillful
maneuver. He marked down every article in his store far below the
wholesale price. This done, he had a number of handbills printed,
announcing that he would sell off his entire stock of goods below cost,
within a given time.
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