Middletown transcript., 1896-12-19
Of Interest
To- Farmers
FIND OUT HOW YOU STAND.

| LAINO w = AOV 4OO o4ANOs
BY A MAN OF BUSINESS.
| Some of my neighbors are better far
mers than am, some are worse, but
none Of them are more systematic in
matters of business. 1t was this close
management that enabled me to make
a success of my factory, and find the
same business principles even more
necessary on my farm or it will s'run
away with me-" Presumably because
my friends say 1 practice with some
success what I preach on this score, I
have been invited to give some brief
talks on business points for farmers
who aim to make profitable business
Of agriculture.
SQUARE UP OLD ACCOUNTS.
In the first place, my plan is to find
out in December just how I stand.
Then one can make a fair start with
the new year. First, if have any open
accounts, ,efforts'are made to settle them.
Most Of US have unsettled trades or
accounts with one or more persons with
whom we have been doing business.
| Too often such a matter is allowed to
run along in loose sort of way until
it gets bigger than was anticipated, or
becomes source of dispute, bad feel
ing and possibly a law suit. 1t is worth
while to make a good deal of an effort
to square up such accounts. If the
settlement shows that you owe bal
ance, pay it if possible in cash or trade,
especially if you can get discount off
for doing so. If it appears that the
other man owes you, it is equally i'm
portant to square up the matter, and if
You have doubts about b is ability to
pay, you had better sacrifice something
now to fix it up than run the risk of a |
bigger loss later. The least that can |
be done is to have perfect understand
ing of the account. Even if the bal |
ance is not settled, both parties then
know exactly how much it is. This
done, you are in shape to
TAKE AN INVENTORY.
l get everything ready for this before
Christmas, so the job can be complete
before January 1. First I make full
list Of everything on the farm-differ-
ent lots of land, the buildings, the ami
mails, all tools, machines, vehicles, etc,
and amount of each crop, feed, man.
ure, fertilizer, wood, lumber or other
stuff on hand that is used on the farm.
This list includes everything, from the
most important and costly down to that
of least consequence. To see that moth
ing is missed, have grand clearing up
about buildings and farm. You may
find lots of little things that have been
lost. Then each article must be closely
inspected to judge its value, and this
leads to many repairs that would be
neglected otherwise, but that can be
easily made during winter at small ex-
pense. The list must include any and
all other property, also debts ow-
Ing to you, notes or cash on hand, etc.
THE VALUATION TO BE APPLIED.
to each article of your inventory is
what it is fairly worth in the business
of the farm. No use deceiving your
self by putting the value of an article
too high or too low. You want to get
it as near right as possible. The value
of real estate as assessed for taxation
is usually as high as farm property
should be put into ones inventory, but
Like to fix value on each lot of land
and each building separately, the total I
of these items not to exceed assessment
TEis compels me to inspect and think
over each structure and lot and this
usually brings out points that otherwise
would escape my mind.
Each tool is fairly valued; a moving
that could be duplicated new
for $50, is valued on that basis accord
ing to its condition Of usefulness and
eficiency-if only one or two years old
and in good repair, 1t may 60 it at $50 t
Or $40, but il it requires costly repairs I
and at best is inefficient. $40 may be its
Fair value. Sometimes machine isn't .
really worth anything, and it is put in
1t q few cents or dollars just to keep
rack of it, in hopes of selling or trad b
ng it off or in some way converting it il
into property that can be utilized. The
I'D garden trowel may be just as good '
or all practical purpose as "a new one
costing Csc; then 10c is fair value for il,
wen though at auction it would not
'ell for anything. v
Crops on hand are put at their fair y
ocal market value-what such quality
ould now be sold for at the farm. Feed
II other bonghten supplies are valued at !. :
What they cost, if they are worth that :
nuch or more In market, but IL you can
uy them at less price, put in the :
over value. Estimate all other pro- 81
erty-a its real worth-if you hold a pl
nan's.note for 500 and you believe you
! be lucky to get $50 for it, put in at
so. 81
ASSETS AND LIABILITIES.
The total OF all these items OF what
gu own makes MP your assests. The y