El Paso herald. (El Paso, Tex.) 1901-1931, 1920-08-14
By NORlIAN 2. vEAzEY

TTTEBSTER defines credit as follows:
w Credit IS the expectation Of
money within a limited time" and
credit Is the mercantile reputation
emitting one to be trusted" Credit
rs Of no value except as e Is really
needed. cOuservatively used, never
distended and never abused Credit
or deferred payment IS the means by
which 80 percent Of the real estate
transactions IN growing cities Is
made and IS the active agent for 50
10 Is percent OF the purchases Of the
necessities OF life.
with the open account" nothing
but the belief that the buyer viii pay,
comes the necessity for organizations
for the purposes Of investigating,
listing, classifying and reporting on
every applicant for credit. These
organizations are called credit agen-
ciess reporting and reference agen-
cies. collection agencies and pretec-
tive associations.
In cities Of large floating popula-
ton the activities Of these organiza-
tons are greatest. Most Of the mer-
chants IN any city are members Of the
local Organization and they are al
lowed to obtain Information relative
TO persons residing IN other localities
who are listed in the files OF the as
ISOLATION OF that place Most Of the
credit agencies throughout the cCun-
zaticn and cooperation IS very active
between the members
"a Habit with Some.
Credit. for some. IS a great con-
veuience. while for many Il is moth
ing but q habit. have known per
sons to whom credit had been al
lowed who had made payments
moved away. "eTaporateo" leaving
unpaid accounts behind. Some OF
these same persons have later applied
for credit TO members OF the national
organization Sometimes the old &C
count, left behind and long forgotten,
Is recovered in this manner
Few men can say Il don't need
credit" and yet there are many who
don't know some Of the very simple
ways Of building up their credit In
this connection I an reminded that
some years back had occasion TO IN
quire OF the local agency az TO tbs
rating OF q man whom 7 had known
all OF his life and who knew was
fairly wealthy. I was told that he
had no rating whatever. This ]
readily understood when I was told
that he had never bought on credit
Particularly 20 the young business
man 7 world advise the purchase OF
at least the necessities Of life on
credit, at least three firms being my
creditors and these firms being mem
Certainly you intend paying your
debts promptly as long as you live.
Never, through carelessness. let a
creditor have to dun YOU Re
doesn't Ike Il. you don't ike q and
the next man you apply 10 FOR credit
won't Ike It
Keep A Bank Account.
Keep a banking account The first
time you deposit your pay check in
the hank, the teller interestedly
smiles At you, thanks you for your
account and tenders you a signature
card. As you pass out Of the bank
YOU have q pretty good feeling some
thing Ike this. "Wel, I've got the
bail rolling now-hope ith work Ike
a snow ball and roll up big In time
A mighty good feeling and one OF
the best for which you should be
complimented- But, don't stop at
that Every pay day thereafter see
nat you trot right down TO that bank,
n fact get that teller 10 where he
an Just about tell the time OF day I
md the day OF the year, by the degree