The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1910-02-03
vestigate the applicants ability as a
credit man and q collector. In order

to conduct any business successfully,
you must be just AS vigilant on your
collections as you are in extending
credit. A poor collector will often
make a loss where's the very best judg-
ment was used In extending credit and
q good collector will often times get
his money wherc. poor judgment was
used in extending -credit.- 1t is there
fore not enough to- use care and good
judgment in the extension of credit,
taking every precaution to protect
your interest-you must also be
prompt and untiring in looking after
your collections. Many retailer re-
ceives line of credit out of all pro-
portion to that which, under ordinary
conditions, his capital would warrant
because he has earned the reputation
Of conducting his = business almost
without loss and getting his money
when it is due. He is therefore en-
abled to do, a large volume of busi-
ness on small investment and mas
all. the advantages of the man with
larger capital except in the matter of
cash discounts.
Selling Is Easy.
The easiest part of the retail I'M
plement business isi selling the goods
the hardest part lis to know when
not to sell and to get your money for
what you have sold: My opinion has
always been that credits and collec-
ttons In a retail establishment should
be handled more, nearly according to
the methods used by the wholesaler.
The principles envolved are the same.
have often taken this position when
discussing this subject with retailers
but while they sometimes admit that
their methods are open to improve
ment, they come back with this stock
objection, "Your system may be all
right in your business, for you are
dealing with business men, but it
won't work with farmers 1t seems
to me the time has come to stop un-
der rating the business ability of the
farmer. The farmers, as a class, are
developing business ability very rapid
ly and that development does not date
from yesterday. They have been using
your money for years to finance their
operations and have even failed to nay
you interest on it oftentimes. You
have stood by and permitted it with
out word Of protest, thereby estab-
fishing a precedent which Is proving
mighty hard to overcome. That does
not look to me, as IL our farmer
friends were altogether lacking in
business ability. How often, when
looking over q retailers property
statement, wherein he shows on Janu-
ary large amount outstanding in
open account, and we ask him, why
in the world are mott those open ac-
counts in interest bearing notes." do
we get this; reply, We'll you know
the farmers in my locality are get
ting into pretty good shape their
land has doubled in value during the
last few years. crops and prices have
been good, and IL were to ask them
for a note l would dose their busi-
ness.' Well, we ask, DO you collect
interest on those accounts?' Yes,
sometimes, but we seldom, get what
We are entitled to- Now, 1 leave 1t
to any fair minded man here - who
has shown the most business ability
in such case, the dealer or the
farmer? It is. about time for the re-
taller to wake up and let his trade
know that he smeans to dictate his
own policy and conduct his business
With them on sound business princi-
pies.
Must Act Quick.
There are many things to be taken
into consideration in handling retail
credits. and as rule, you don't have
great deal Of time for deliberation.