Marshall Field
retired in that year, and since then it has been
as at present (Marshall Field & Co.)."
"What contributed most to the great growth of your business?" I asked.
"To answer that question," said Mr. Field, "would be to review the condition of the West from the time Chicago began until the fire in 1871. Everything was coming this way; immigration, railways and water traffic, and Chicago was enjoying ' flush ' times.
"There were things to learn about the country, and the man who learned the quickest fared the best. For instance, the comparative newness of rural communities and settlements made a knowledge of local solvency impossible. The old State banking system prevailed, and speculation of every kind was rampant.
A CASH BASIS
"The panic of 1857 swept almost everything away except the house I worked for, and I learned that the reason they survived was because they understood the nature of the new country, and did a cash business. That is, they bought for cash, and sold on thirty and sixty days; instead of giving the customers, whose financial condition you could hardly tell any-
