so that if during a sale he can give as much as 25 per cent. discount
we can easily calculate the percentage of profit he generally makes.
There are cases where men who started as petty dealers have,
after a few years, become millionaires.

To show the importance of advertising I cite the well-known sanitary drink
which is a substitute for tea and coffee, and which by extensive advertising
in almost every paper published in every country has now become
a favorite beverage. The proprietor is now a multi-millionaire and I am told
that he spends more than a million dollars a year in advertising.

Another thing inseparable from American business is the telephone.
A telephone is a part of every well-appointed house, every partner's desk
is provided with a telephone, through which he talks to his clients
and transacts business with them. In all official departments in Washington
scores of telephones are provided; even the secretary of the department
and the chief of the bureau give orders by telephone.
It goes without saying that this means of communication
is also found in the home of almost every well-to-do family.
The invention of a telephone is a great blessing to mankind;
it enables friends to talk to each other at a distance without the trouble
of calling.* Sweethearts can exchange their sweet nothings,
and even proposals of marriage have been made and accepted
through the telephone. However, one is subjected to frequent annoyances
from wrong connections at the Central Office, and sometimes
grave errors are made. Once, through a serious blunder,
or a mischievous joke, I lost a dinner in my Legation in Washington.
My valet received a telephone message from a lady friend
inviting me to dine at her house. I gladly accepted the invitation,
and at the appointed time drove to her home, only to find