The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-03-16

smoke on Credit Indemnity and its ben
tits to tho Credit Man.
There was d discussion Of the proposed r 's'1'
repeal Of tho national bankruptcy law NV
Mr. George jB. Wilson spoke In favor
Of repeal Those who spoke against re re- I
peal we're N},ssrs. NJ. Allen cha Am Y
\ James Pendtr. Of Tnrporo. N. c.;;5 i, % o
Lane stern. John ID. Metzger and Henry y.
\ w. GRountres5 FL I. IA "a !,
a vote VAS taken on I nc question ana
4 4,c q ssoci,tion put Itself on srccord IN
q, yor &c lie continuance Of tho "a l1 W. Il
Nh. I,eor Wallerstcin spoke on the SUP 'l':g
Acct Of lame Ducks.
Mr.I Campbell's Speech.
IN speaking on the subject O. N \. eau
demnity, S1r. carnphell Oh I. "a i'if1lore'
said In pat; Isl "a &, s !, ,.3f Il, y,
,yherever itidre Is an ext ot Scr ~
here Is njfelelnent of RISK. ana y. NJ ~ y
amount of Ills risk is not 'tiways 5..s,p.S
H hut Is hialen beyond fact ors !" w
Which h the 1cbtor sometimes does not o.,
for these easolls. you u ssl
with iossf I'll your C'rcdit Depart men =!
ii Wit little you Ga !, g est; =,
manufactured output, thereby arriving %
nj the # q profit on your business 2 ~
vance, ii such items as rel saia rlcs,
rents insurance nna si 'r,,'at aa
but tn one disturbing item which ca n
& never ,c figured in advance u the per-
4 ccntat of loss on bad accounts as thcy
may eonlparntiveiy. gilt one SeaT,
4 cultik&it#is TO sell goods. It Is sometimes
inor{ difficult&to collect for8ti,em after ~ r
beiI sold. or In the words of DAVID
Harm: IT IT'S q GOOD sight easier !. Il :! Q
retjSf fish hook In than 1t is to get$it OUT
So therefore, 4 is not otly Impossible to
fosee this percentage OF Sd loss, (Dut y
Z is |apossi,ln 10 avoid 1T. and for ha y rca-
50 the real problem is how to minimize
/ | lois and hold IT ut a fixed amount y
s 81 a 1 n 81 business done. This result an
secured through Credit Indemnity
{rhis Indemnity Is obtained through q
ond which provides for the reimburse
nentito you for all losses In excess Of the
Normal or known loss In your line u OF
8of YOU, annual sales. a Each customers
account is protected In proportion to his
capital and credit rating. i customers
covered accounts aEanss these these
The first or second credit rating are
covered IN full, and hose customers hot
having such ratings. OR without any
Things arscoyere specified po sIs
B Ia liter class Of accounts you become q co.
{B}{ IL Sycu] could see into the loss expert
ence 5of. the 30. 900 DO ndl,olde rs OF tho Com
pany which i have tho honor to represent.
and see the unexpected losses sustained
( on even high rated col cerns, you would
Z at once recognize the risk in your credits.
and no more think Q E dosing your ledgers
Tomorrow light without credit Indemnity
& than you would OF locking up your estab-
s1!shment without fire insurance.
u Gentlemen, you will be astonlshed when
4 from Insolvency were SsGl ,O00. 600, moro
4 than from fire. There Is not the
difference between credit and fire IN
franss 1h abo1 there
can see Is that fire insurance protects
your property, while it Is lin your pos
session While credit Indemnity protects
and i /. has gone beyond your possession
and control. 1t all leads to Rome, but
4 by q fferent. road Some of you may
say say The = opportunity for disastrous loss
place While5o Our credits are scattered ii,
many. It is true. should you suffer Il
Total loss from fire It is possible your
Z excessive credit losses, but the opportunity
3 fora fire loss Is confined to ono pace.
while opportunities for Il credit loss are
1 catered insmany.S Therefore Vol, have
through credits, which In the aggregate
are worthy of protection. This is proven
+ 10y statistics. which show tho fire In
s =. companiess,.adjus.,on only one out
are adjusted. Scattered credits Z are eSi not
Immune from disast rous losses, for were
II not q breach OF confidence, could
81 SlUlt YOU to prnflff5i ipiapnttfV 5 ft,ot,I
holdfr5Nyho carried a $4,000 bond las
Year. thinking that sufficient 10 nrotect
esesssys 9sssS sustanedlosse
Your losses occur where YOU least ex.
pcct& them. Il Is not the accounts YOU
have been watching. most carefully, but
: those lo whom you have been selling fol
almost throughghabit check the account
lose of you selling off ra tod trade Will be
ss sI Whens \ tell you that OLA ijpe,
cent; Of Of the failures In 1904 We're i'm,
( raLed concerns, Can you conseiyatiyely
IN 10 take advantage ofGcolateral SO.
curlty on such risks as these? Carrying
your own risk on this class OF ntcoilnts
IL ilks ear X your own fire rls on
lit IS no reflection upon the credit man
amy moro than i is a reflection upon d
the owners 10 carry fire Insurance, The
credit man, through his intel igenee. mus,
sail ttosa harbor OF safety tho ship sup,
piled through the bond OF indemnity
Credit indemnify lst mot intended as d
nloney,makings propositions, ma It cannot
{. be 50 figured out, hut lis solely ono Of
protection, q oui,ycapital and profits
i extension of trade with worthy debtors
End discourage al RECKLESS transactions
with morally and financially IRRESPONSIBLE
buyers, However,, my discriminate Sc
+ loo /. l.. ii N
enlargement of the line $ofFeredlt ia old
6 mes whossare apparentlY worthy, tl,e
Unidentified can legltimately incyease his
sales 10 an amount. the nroflts Jlpor
which will in,,nlliipnor tlan!geanal I he cx.
nnrse of the bond ii Il, 81 "a
We all nppreciate tile value. OF col,
3slstclal, Credit ndemni smoothing moro
llsp sales VII ~ ~ s{lsss