Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-05
GOSSIP OF
THE STREET


Convincing testimony of the earnest
effort hoino ,nodo hn ,ho ,norauemcnt of
49, "''uo .,, o' wv 49, a. -
'ne Ieadlng utillty companies W o'"e
down operating cost so as not to en-
danger net earnings was given ycster-
do,, hr o,,.o,,,,.. - ,a 90 ,be lend.
~ u" ,"'. ''''e Vi o''' VI
ing lhterurbah companies.
Some time ago" he said. eve sent
ont ;mper,tive ordors IN district man
o.o., - ..t..,. ,..I,i. oro,or.
as'r' vi our various u""er'N ms p'op
ties demanding an immediate cut I'D
operating cost of their particular divi-
sions NJ rot lo,s ,bo, ~ nor cont This
.,,,,., D-',,, =. .io,,
oruer applled TO every department a'o"S
,,
.,", '""' '''', ou' M ,a,. :,
"a turrltu out 70 ,ne eyer OF tne Ia"
Nv ,s rul'Inueu' SeVphi uirecIoIS nv
llsseli Ilau' an exhaustive lhspectioI "
every pant ana system IN our orgahI"a
!lon. we touhd IN qultp nuino'r vi
instances reluctance on the part OF tne
dlstrict manager to pare down SUI
nclehtiy 10 MAKE the necessary 10 PIT
cent reduction. some claimed they coulu
not operate with any less numDer OF ihri
IN the various departments under thpr
supervision. Others vigorously op'
posed redu'tion OF the cxistlhg Wage
scaie. opposition. however. IN every
individual case was overcome wheh
theX reailzed we meant business;
In other words. he continued. We
nave eliminated the least suspicion ot
unnecessary cost. which has resulted IN
number OF Instances in the abolishm"nt
OF otncers and departments which were
regarded as wholly essential for tn"
welfare and success Of the organizations.
Inc retrenchment policy was considered
unusually drastic by some of the district
managers. but II is the consensus OF
opinion of tn" board of directors that
thr hour has arrived for such drastic
steps.
M o,hor Alternative I.u
In discussing the adjustment of the
business situation. the credit manager
of one of the largest manufacturing
concerns of this city said yesterday that
most OF tho large business houses were
granting long extension of credits to
their customers.
AS n matter Of fact he said.
what other alternative have we. When
one of your principal customers. who up
to recently had always been prompt in
liS st''IeHlcHlS' OF Wnetner one WHO nus
been slow in paying up. requests an
extension of time to pay for his mcr-
chnndisc. what can you do? Why just
the thing ! and all others are doing
oaa;nst tho si,s oroins ~ ~ o,i,nSa um ond Fra
il hurts, and hurts badly when YOU
must sit down and dictate polite let =
ter granting the requested extension.
while YOU recognize that such philan
thropic action IL practically doubling IN
troubles for Yourself.
'In ordinary timc4 il is n good policy.
II means Won have cinched your man as
perpptual customer How il is going
to work out this time il merely con
lecture, We are nil taking n chance.
Some of us big ones. The only thing
left is TO trust TO luck"
Curtaiiing Copper production
Walkers Weekly Copper Letter
says: The principal asset of each cop
per producing company is the copper
locked up in its own resources. 1t is,
of course, not good business to exhaust
these resources when operating costs
are abnormally high and the market
price of the metal abnormally low.
From the business point of view there
is nothing else for the mining com
panies to do but curtail productions
and when they once operate
definitely upon such n policy the situa
tiop will undergo n morked change fnI