The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-08-11

pay dollar for dollar, because I haven't
the money. The goods did not bring in
that much. They were sold at a
frfghtful sacrifice
"A compromise was reached and he
agreed to pay rs cents on the dollar. It
was good settlement, considering all
things, and the creditors were glad to
get it. The New York and Chicago
dealers wired to allow them to stand
all the expense of investigation, but
we didn't
The Honest Mans story shorter.
1.-The other case" continued Mr.. Fos-
ter, catching a, long breath, demon
strates the desire of mankind to be
honest and how a credit man can Of
tentimes save a business from eternal
wreck and ruin. This happened in a
little town upon the Illinois Central
Railroad. An old gentleman. who had
been conducting good store for many
years and whose credit was first-class,
finally, upon growing older shifted his
cares and turned the store over to his
two sons. himself paying attention to
other interests.
THE sons ran the business without
consultation with the old man, and the
first thing we knew they were indebt-
ed to this market some $4,000 or $1,000
I and another credit man of the city
jumped on a Sunday train one day, af-
ter the failure of heated correspon-
dence to do any good, and went up
there. We looked over the store and
found the shelves empty and the stock
run down. We called the old gentle
man out, and sitting down on a pine
log, told him the true status of affairs,
and that the bills were far over
due. He called up his sons to
find that the letters had been suppress
ed and that the facts had been kept
from him. He told us he would turn
over all his property, which he consid-
cred worth $4,000. 1 ran over the
list of assets and found that if placed
on the market it would not bring
enough to pay off the Indebtedness.
told him So and suggested that take
the matter under advisement for ten
days. and at the expiration of that
time he should meet me in the city
He did. When he came I turned to
him and told him / was his only cred
itor; that had bought out all the 9TH
ers. 1t had occurred to me that by
working the matter deliberately and
cautiously the Indebtedness might be
paid Off and save the man, too. Ha
was asked to deed over every piece Of
| property to me, which he did. Then. as
he was able to buy it back from me, ]
would pay off the creditors with this
proceeds. In four years he had bought
back every piece of property and owns
1t to this day, while his creditors were
paid dollar for dollar.
Here Is a case where with honesty
IN the heart we were able to save him
and get the creditors money at the
same time. II his business had been
closed out he would have been ruined
for life and the creditors wouldn't have
gotten rs cents on the dollar.
There are three things that muse
be considered in passing upon a mans
credit-and they do not come in the
order you may have thought either
for the average person would say hon
esty should come first. But not so.
First Is mans chances for success;
second. his honesty, and third, the
amount of capital which he has. Be-
fore the question of honesty, the credit
man must determine the chances for
this mans success. II he prospers he
will be very apt to pay, whether he
Is overly honest or not, but without
prosperity he cannot"