Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1900-03-27

Persons of known ability. prudence
and honesty are to be credited. As
, they are found worthy OF credit it is
extended to them. From either the
demand or necessity for credit, and
its concession in the course of trade,
has arisen what is commonly known
as the credit rating system Business
operations have been widely extended
through this system. Without it
business could not have been conduct
ed to an extent that would insure
growth, development, or even a health
full financial condition.
LAS merchants approach each other
they become more alike; and which
ever has the best thing. of what
ever kind. the other is likely to adopt
it. This will hold true in regard to
credit rating as well as everything
else.
There is obvious need for every
active business man or firm to be we'll
posted as to the standing and credit
of individuals with whom transac
tions may occur, and this necessity
for intimate knowledge of the stand
ing and responsibility of others in
creases as the business becomes more
enlarged and complicated, until in the
case of the association credit man, it
requires knowledge so extensive and
so full of detail as to be truly remark
able. Credit does not depend upon
wealth. A man may be rich and yet
have low standing. A man who has
the reputation of meeting his obliga-
lions promptly. although a poor man,
will have much higher credit than
the wealthy property owner who must
be forced to pay through the process
of law.
Credit depends largely upon char
acter, reputation and antecedents, and
in estimating the credit standing of
man, mis- style of living, habits. for
mer successes or failures, and his
qualities and traits of character have
much weight"
System at GaIesburg.
Mr.. Olson then related the intro
duction of his system in Galesburg,
where it succeeded private rating
conc ,rn, and where it has been opeI-
ating successfully for several years.
1t has grown tillit embraces not only
Galesburg. but the whole of Knox
county. Mr.. Olson said the system
has stood the test of time. Its re-
ports were found to be thoroughly
reliable. The aim of the home credit
rating agency is to collect and furnish
Information as to the credit standing
of all persons asking credit for mer-
chandise. The rule is to collect in
formation through the merchants
themselves, capable and responsible
men, who are bound to devote them
selves to the business in hand, and
perform their several duties in a
manner agreeable to the rules of the
association officers, under whose au-
thority they all act. All reports and
ratings from whatever source are re-
quired to be accurate, so that no bus
mess man, firm or private Individual
case reported, or those interested in
his credit standing, shall have occasion
for complaint against the conduct of
toe association agency or solicitor.
The agency must satisfy the sub
scriber on the one hand and do full
justice to the individual who is re-
ported at the same time. The sub
scriber to the rating agency enters
into written contract with the Sec
rotary. The subscription contract
entities the subscriber not only to the
rating book, which is published an
nually, but also to the daily bulletin
Each subscriber Is furnished with a
rating book, containing also a key
to the same, in which the figures set
opposite the names are explained,
and while the volume would be use
less to a person not subscrib Der, with
a key it becomes perfectly Ineligible,
and discloses the Information sought.
In closing Mr.. Olson said: while
the officers of the Galesburg
Retail Merchants association are
direct sponsors of this new state
work, we fully realize that to the
Rock Island association officers and
active memb ers the credit belongs in
full measure for the introduction
and launching of this work in the
State Retail Merchants conven-
ton assembled and convened in
your city Feb. Is, ii and Is
the present year. and which
has been pronounced unanimously by
old and new state officers, as we'll as
delegates present, the largest in at
tendance-most successful and inter-
esting convention. ever held in the
history of the State Retail Merchants
Association of Illinois,
Banker Routs q Robber.
S. r. Garrison, cashier of the bank