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stry, he has never had a strike, a shut-down, or a lock-out, and no concern has more employees who have grown gray in its service. They number many scores of men and women who have worked for it from a dozen to twenty years. At the other end of the line in Boston, the work is done with equal zeal and discretion. Over twenty traveling salesmen and thirty office-employees are engaged in distributing the manufactures of the company, while the branch stores in New York, Chicago, St. Louis, Denver, and San Francisco almost double this staff. It is not often that it can be said that a young man undertakes the management of a business within a year of graduation (Mr. Davis is a Harvard ‘83 boy), and builds it up to so high a plane, without a single period of relapse. In each year since 1882 the annual sales have increased, the credit has bettered, and the standing of the concern become more firm. It has steadily discounted its purchases of raw material, and even during panic years ha