Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1918-01-04
BUYERS MUST SETTLE
| EVERY THIRTY DAYS
pullman Merchants Adopt New
Credit System, Following Sugges-
tion of National Commercial
Economy Board

promiscuous longtime credit by
lpnllmans merchants, involving COM
hlexities in bookkeeping and excess
kve overhead expenses to cover extra
labor and losses from failure to col
hect. !" was abolished with the opening
hi the new year, SO far as Pullman is
honcerned, by the unanimous adop-
hon of resolution declaring for a
gO-day credit system at a meeting of
local business men, citizens and
Farmers. The action is in line with
suggestions of the national CONNER
hal economy board, which is trying
10 save the loss to the nations bust
ness occa$ioned by the promiscuous
longtime credit system, making it
possible for the retailer to sell on a
closer margin of profit.
The resolution adopted Tuesday
morning provides that all persons
who are not in a position to settle
their accounts at the end of the 30
bay period give either a promissory
hote, bearing four per cent interest,
br trade acceptance, bearing the
same interest. All of these notes or
trade acceptances are to be made pay
able on October /, 1918, or some pre-
gious date, the plan being to close up
bill the accounts on that date. The
note or trade acceptance privilege
win be granted only to those con-
Bumers who are rated excellent pay,
the granting of the privilege being
made optional with the seller under
The terms of the resolution.
Another clause of the resolution
provides for the assessment of four
per cent interest on all deferred pay
hents when goods are sold on the in
Itallment plan.
The new system of credits became
effective Wednesday morning, when
customers were notified of the new
order of events through notice slips
attached to their staten ents of &C
counts at the various business estab-
lishments.
The meeting also ratified the ac-
uon taken at a previous meeting
when it was voted to curtail the city
delivery system to one delivery each
pay to each family. The new deliy-
cry system also became effective on
Wednesday.
The Pullman business men are
united in their desire to give every
assistance to the work of the COM
mercial economy board, the farm ers
and city consumers, at the same time,
evldencing willingness to accept the
new order Of business events in a
good spirit.
The resolution declaring for a new
system of credits in the interests of
var economy is as follows:
"We,your committee on trade &C
feptances, beg leave to report as fol
lows:
we recommend that at the dis
Pretion of the merchants either trade
Hcceptances or promissory notes be
accepted every 80 days in settlement
or purchasers account.
That all notes or acceptances
praw interest at the rate of four per
feht per annum and that the notes
pr acceptances be due not later than
october /, 1918.
We further recommend that
ereat care be exercised by the mer-
rhants in accepting notes or accept
'nces' and that only those parties
VINO are rated excellent pay be grant
fu this accommodation.
We further recommend that
"nen goods are sold on the install
rHeht plan the deferred payments
ufa" interest at the rate of four per
gent per annum."
me committee which drafted the
''olu'lons also prepared and pre-
on'eu suggested forms for the notes
anu trade acceptances, the forms be-
e adopted with the adoption of the
resolution as a whole.
DUNG SPLENDID WORK