Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1915-12-21
Business Doctors
Nsv roAk Commercial

a
self losing ground steadily lie had several bills that
were overdue and as far es he eouio see o.
paying them. II seemed 20 him az u there was no'"
| Ing ahead but the bankruptcy court FOR aho.ne'
r,on losp from n hank might have saved the situa-
ton hut he gave this up impossible In his case be
cause Of his previous connection with smah depaV
men store that had failed short time oeiore In
bank he Imagined would require an endorsement ana
he aid not see his way 20 providing this one OF
his creditors suggested that he call on the representa-
tive Of the Wholesale Mems Furnishings association
and talk over his difficulties. This he DID WIZARD D.
stevens secretar Of the organization found that the
young man very earnest in his desire 10 MAKE
good 80 much in fact. that he would not thihk OF
asking help from his father. who Is man OF means
Mr.. stevens convinced the young man that his rear
over the banks refusing him loan was ungrounoeu'
suggested that he put his case clearly before the
bank officials The result Of this advice was at tne
bank withoutrequrng any Endorsement whatsoever OK
cent the young mans responsibility supplied him with
sufficient funds to meet the emergencies in hts busi-
Today he is doing nourishing business ana
calls up association every now and then to report
OF the progress he IL making.
To quote Mr. Stevens. this young man was good
moral risk" and deserved the help he got The
newly formulated plan Of the association TO extend
advice and assistance to those merchants who find It
temporarily impossible to meet their obligations
promptly s designed help Just such deserving cases
as the example cited
Another instance Of the associations work in this
respect is narrated by Mr.. Stevens Upon investigation
Il found that merchant who had his place OF
business nopelebeiy
the only possible way, out for him was to wind up his
affairs. II bankruptcy resorted to the mans
creditors would have been left with merely pittance
their claims and the debtor himself left penniless
Through the sale OF the merchandise by a creditors
committee OF the association 80 Is per cent was rea
lied. and enough TO give the mans family to tide It
temporary difficulties. Besides this a position In
a store found for the erstwhe storekeeper. with
the result that "everybody's happy"
The association. in short is through with post
mortems' and the mad scrambling to realize cents
49,
ruptcy and concentrating its efforts preventing
business catastrophe while there lie still time TO
Jack UP the structure" The advisory and adjust
men committee of the association meets Tues
day and considers the reports slow pay accounts
II report shows that is slow pay for 80
cent OF Its Indebtedness. the debtor is re-
quested to meet the committee and give the members
an idea of just what Is wrong In every case Of the
sort that has occurred far the debtor Is only
glad TO take advantage Of this opportunity For the
committee is made up Of men who are long expert
enced In the right and wrong methods Of conducting
retail business. They business doctors. and
get at the bottom of the merchants troubles in
fifty. They men OF good judgment or else they
would be paid the large salaries they receive from
manufacturing firms of worldwide Tepute Further.
more. they demand nothing for their expert services
of the debtor They willing to spend and have
spent, two or three hours Of their well paid time q
week. TO help deserving relatives, they
WINGED of the Importance of this work.
A simple. but we'll thought put reporting plan
OoteTmlne
II the retail merchant is In hard straits The
blank which the report In given shows the source
OF the inquiry gives the key number OF the
that have supplied the information key
TO indicate their business and ledger experience with
stress laid the highest credit amount past
due Under this vigilant system II q impossible for a
retail 10 it's Of Indebtedness BY
means OF the key letter giving the business OF the
creditor firm tho man who checks credits able 70
determine at glance whether the purchases are
properly apportioned Whether for instance too much
stock OF of merchandise is being bought com
pared with another stock
dry goods concern that is now in bankruptcy
and offering cents the dollar in settlement was
going to seed since the early spring The credit
reports show that in April II per cent slow in
its payments 1t is conceivable that II the present
committee had been in existence together with its
plan for succoring sick businesses the firm might
have been pulled through its difficulties
outside Of the steady decline there s another type
OF failure that Is watched closely. He is the cleanup
man" Hts finish In the bankruptcy court always
leaves dark brown the mouth OF the credit
checker His plan OF operation is to all the mer-
ehandise he can lay his hands preferably before
the holiday sell goocs at cost or below and
with comfortable "salted away" declare him
self a bankrupt The reporting system OF the assoc
citation usually prevents this schemer from &C.
complaining his fraudulent purpose The report wiz
show in this case number Of inquiries from firms
where request has been made credit for the first
time, Ths, top of the record of debts still out.
standing Is sufficient to label the credit seeker as
fraud.
It Is undertaking to advise the retailer who has
not prospered In the conduct OF his business poinf
the association Is the value credit He Is shown
how necessary II is TO discount his bills or at least
meet them promptly.
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