Pike County press. (Milford, Pa.) 1895-1925, 1900-03-02
UP TO THE MINUTE
TRIALS OF A NEW YORK CREDIT
MAN.

Tricks Some Persons Use to Defraud
Big Stores and Measures Taken for
Their revention--People Who May
Be Trusted-References
Up to date is not enough for the cred
It man Of a big New York department
store. He must be up to the minute.
The tricks that were tried on him an
hour ago are ancient history, pigeon
huled In his memory. His business
al the present moment is with the
rick which the latest seeker after
credit may be trying to play on him.
He must be careful not to drive away
a good customer whom II is safe to
rust, and he must be equally, or more,
careful not to give credit to one who
cannot or win not pay. His employers
do not accept any excuses. He must
not say that he did not know about
So-and-SO's financial condition. 1t is
his business to know. His value 10 his
house depends on The amount of cred
Il he grants and the small per cent of
loss which comes of 1t. There is abso-
lutely no sentiment about the matter.
Suppose a man whom you knew to
he perfectly honorable, but in tempo
rary straits, should ask you for cred
itY' This was the question l put to
the credit man of the department store
doing the largest credit business in
New York.
HE would not get it," was the an
swer. Intention does not count for
much. Ability to pay is the thing"
Last year this store lost barely one
half of one per cent. of the credits it
extended
The credit methods of the several
large stores in New York are substan-
tally alike, the only essential differ
cnce being in the degree of skill with
which the various credit men deny
people without Offending them. First,
there is the Retail Dealers Protective
Association, composed of most of the
New York retailers who do any credit
business For the benefit of its mem
hers this association issues from time
to time book of ratings of habitual
credit seekers. Tie latest book con
tains more than thirty-two thousand
names, the ratings being based upon
actual dealings with members. The as
sociation also makes special inyestiga-
tiOns for its members and undertakes
the collection of accounts.
Supplementing tEis, each large store
has system of cards, on which are
written the standing of every known
New Yorker who il at all likely to ask
for credit. For instance, a white card
indicates that the person whose name
it bears is worthy Of credit. Memoran-
da of the extent of his credit and of
any facts concerning him are recorded
| there. Should future information show
| that he is slow in his payments, his
name is transferred to a red card, and
| the reasons recorded there. Should he
at last turn out to be unworthy of
| credit his name is placed on a blue
card, and he is stopped from getting
anything save for spot cash.
The credit mans assistants are con
stGntly at work Oh these cards. They
study all the daily newspapers and ev.
cry other source Of possible informa
ton concerning the financial condition
of New Workers. A birth may mean
that the parents have an added ex-
| pense, which makes it the harder for
| them to pay their way. A death may
have lessened the earning power of a
| family. A marriage or a divorce may
either increase or diminish a mans
or woman's financial responsibility, ac
eording to the circumstances of it.
Ii judgments are entered, if mort
cages are given, if any kind of trouble
comes to anybody whose name is card
ell in the credit department, note is
made of it.
But the shrewdness of the credit
man is most called into play when he
has to deal with persons of whom he
has no record; and these come by
scores every week
Il g,.aA
| BEST" said one of these keen men tC
me. "'The first time l see a person
am on guard with all my faculties. TIL,
next time | may be influenced by som,
little thing which would have made NJ
Impression at first. don't believe
ever changed my first impression tina
l did not make a mistake one way OIL
the other; and it is as bad for me t
refuse credit to worthy person as t.
give 1t TO an unworthy one.
I'VE don't care much for bank ref
erences," he added. "They are apt t.
be too sanguine. / know that bankers
are often loose in their recommenda
tions, so | set the Retail Dealers Pro
tective Association to making speca
| Investigations. They often find tina
large properties are more than covered
/ by mortgages. that unsatisfed iudg
uents stand against very well recon
mcnded names. References are neces
sary OF course, but we have to tax,
them with many n grain of salt"
We divide people into three genera
classes. For example, the recommen
| datiOns of public men are seldom O
any value. A politician viii USUALLY
recommend anybody who has a votl
or can influence one. And as to clergy
men. their sympathies get away witt
tlicir judgment. The woman VIII,
comes with the recommendation of he
pastor is pretty sure to be disappoint
| ed"
what general class do you regar,
as the safest risk -
Army and navy people can have al
the credit they wish and no question
asked. The standard of business mo
nss. L.. a.. =