The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-11-06
Credit and Trade

morning the address delivered Friday
evening before the ST. Paul credit men
by F. r. Boocock. secretary of the Ma
ti0nal Association Of Credit Men, of
New York. This is done because of
the comprehensive and lucid way in
which Mr.. Boocock deals with one of
the most important branches of trade,
and because, also, of the wholesome
theories advanced. The object of the
Credit Mems association is to encour-
age and promote the adoption Of more
reliable practices in the dealings be-
tween merchants, wholesale and re-
tail, where credit is a basis for their
satisfactory and successful co-opera-
ticn.
1t is doubtful whether the great
masses of the people realize, as COM
pletely as they might, the value of
credit as a basis Of trade Without
some such system transactions would
be much more restricted, and our gen
eral industries much less active There.
is an affinity in trade extending all the
way from the manufacturer to the con-
sumner. The producer of raw
material, as rule, finds
ready market on cash basis The
manufacturer must sell on the credit
plan to the jobber; the jobber to the
retailer, and the retailer to the con-
sumner. If the consumer who secures
credit from the retainer is lax in his
views and practices as to thrift and
honesty and sense of liability for the
debts which he thus 1ncurs, he SUBJ
tracts, in the degree Of his dealings.
just that much from the ability of the
retailer to maintain his own credit with
the wholesaler; and, advancing still
farther, the wholesaler with the manu-
facturer Hence it VIII be seen how
important it is for even the humblest
among consumers to apply themselves
to the maintenance of their credit.
The object of this association, how
ever, is in the direction of elevatine
the general tone and expanding the
sense Of reliability, based on a founda-
ton Of justifiable confidence, between
the retailer and the wholesaler or job
Der. The poor man represents, perhaps
the most reliable class in the com
mCnity, because he must practice fru-
gality, and for the further reason that.
not being possessed Of property, he is
required to pay cash. The retailer, if
he is not honest, will sometimes shirk
or evade payment to the jobbef, thereby
abusing the confidence that has been
placed in him and inf1icting loss like
WISE
The true spirit Of trade is to foster
confidence between the dealers in their
respective classes. The jobber, who
soils n tho -
the granting Of credit, entitled to an
equity in the stock of the smaller deal
er. He has an interest, consequently,
in that mans success to the end that
not only shall he receive payment, in
due time, for his goods, but that he
shall be possessed OF his patronage in
the future. 1t is obvious, therefore.
that the jobber can have no interest
to subserve by the oppression of his
creditor. If, for any reason, payments
shall be slow and credits enlarged be-
yend a line that may be esteemed nor
NAL, the jobber, by reason Of his
equity, may fairly be allowed an op-
pCrtuDity to investigate the affairs Of
his patron, and this is a privilege
which every honest dealer should be
willing to accord. Through this
mutually of confidence, valuable ad-
vice may be Forthcoming and in some
instances substantial aid may be ex-
tended to enable merchant doing
business in a small way and becoming
honestly embarrassed to tide over his
difficulties. To promote this spirit of
confidence is one of the aims Of the
Credit Mems association.
Another interesting feature is that
which is directed to the improvement
of the system of appointing receivers
for the closing out or the bridging over
of establishments that are suffering
from financial embarrassment Law
yers, for instance, are frequently ap-
pointed by courts TO conduct this serv-
ice, and in many cases the selections
are of men in no way possessed of the
business or mercantile instinct and who
are absolutely incompetent for the du-
ties imposed upon them. One of the
purposes Of the association is to cor
rect the evils so often springing from
this source. Failures. in business NAV
come from many causes other than
those cl1argeable to absolute dishonor.
| 1t is essential that one who assumes
| to carry forward to successful liquida-
| ton the business Of another should be
J familiar with the particular line in
viewed. Many small merchants become
eRtangled because Of their disregard
to method in the conduct of their af-
fairs. This feature also the associa-
| ton is striving to correct and improve.
| The address Of Mr.. Boocock should Do