East Oregonian : E.O. (Pendleton, OR) 1888-current, 1911-02-22
FACTS FROM A BANKERS STANDPOINT
Address Today L. Thompson
gether' Convention.

would enjoy better and more lib
eral line of credit, make your set
Elements early; sell your crops in
season. If you give your paper to
the banker. give ii to him with a defi-
mite maturity, Be prompt in attend
ing to it when It is due.
The farmer and stockman who dis
poses of his crops early and at the
market and makes his settlement at ,
the bank and with the merchant
when such settlements should ue
made enjoys and receives a more lib
eral credit than the one who carries
his crops over into the next season,
and justly so. The merchant, depend
ing upon his fall settlements to meet
his obligations for merchandise, if
these settlements are not received, is
compelled to carry his accounts over
into the next season, and he in turn
is unable to meet his obligations at |
the bank. The bank in turn is un- |
able to meet the legitimate demands |
for loans for the same reason. I !
simply call your attention to this to
show you the hardship that the pro-
ducer who speculates works upon the |
community. The business interesrs
of the community are just as anxious
as the producer and that the latter
secure the highest market price for
| his products and oftentimes the urg-
| ings of the banks to their custom
are misinterpreted.
Trading.
There is another matter l wish to
| speak of before I close, and that is
your trading. From my position in
| the bank 1 am aware of the large
amount of money which is sent out of
| this community to the mail oru-r
| houses. 1 believe you farmers are as
willing to concede to the merchant
a legitimate profit as he is to you and
from my observation of the merchant
in this community l am satisfied
that he is only charging you rea-
sonable profit. You are as we'll aware
as 1 that we have no merchants in
this city who are rolling in money or
any who are making more than a
comfortable living, and when you
take into consideration these outward
signs of their financial condition, and
when you take into consideration
that they are carryig many of you
for twelve months, without interest,
you will 1 believe concede that the
profit made by them is a reasonable
one.
Many of you are buying merchan-
disc from the mail order houses, en-
closing cash with the order. Many of
you are, at the same time, in debt to
the merchant. Many of you are in a
position to pay cash to the merchant
as well as to the mail order house.
There are but few of you, however,
who have not, at one time or anoth-
; er, received long time credit from the
local merchant. AS fair minded men,
do you not believe that you should
patronize your local merchant when
ever possible Whenever you are in
position to pay cash for your mer-
= chandise and whenever you pick up
the mail order catalogue and make
comparison of prices, do so with
these thoughts in your mind. Re-
member that your local merchant
too could afford to sell you mer-
chandise cheaper for cash if you did
all your business with him on a cash
basis. Remember that the mail order
house does not pay any taxes in this
community; does not help keep up the
roads; does not assist in maintaining
our schools and churches and does
not extend any credit. If you are a
credit customer of one of our local
, merchants make your settlements
. with him oftener. Require of him
that he give you monthly statements
ments with the memorandum slips
l. which the merchants make practice
of giving with an immediate sale
avoiding thereby the mistakes which
are bound to creep into any system
= of accounting.
;, Whenever you are able to nay cash
- do not avoid the merchant, who is
extending you credit, but spend
the money with him, giving hin
the benefit of your business as wei
as the burden. A word to the mer.
chant would not be amiss here. Make
it a point to keep your customers
posted as to the condition of theil
account, whether they ask for {
statement or not.
Let your customers know that yol
can sell cheaper for cash than OF
long time credit. Ask them to le
you quote prices against the mail or
der catalogues. Show your customer
the advantage of seeing the article
which he contemplates buying, givint
him the privilege Of exchange or re
turn Of the article, all of which arr
impossible in dealing with mail orde
/ houses.
With an honest and frank argu
ment, setting forth these points yol
will promote better and more friena
ly relations with both your cash anC
credit customers
I thank Won for Your attention.