New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1921-10-26

NEW ULMs MERCHANTS: FAVOR
MOVE TO WEED OUT
DEADBEATS.
MINNESOTA n RETAIL HARD
WARE ASSOCIATION TO
GIVE ASSISTANCE.

Some SO or more New Ulm business
men attended meeting at the Com
mercial Club rooms in this city, Friday
evening, for the purpose Of listening to
ID. NJ. Andrews and W. H. Mathews,
Of Minneapolis, representatives Of the
Minnesota Retail Hardware Associa-
ton, explain a plan for d local credit
guide. Both gentlemen are experts in
this line Of work and by. means Of a
chart demonstrated the method Of se-
curing the necessary information for
and the preparation Of a credit guide
for the use Of local1nerchants and BUSH
ness men.
Unanimously Favored.
AT the close of their dissertations
and after a number Of those present
had had an opportunity Of expressing
their views on the subject, the question
of establishing credit guide here was
voted on and adopted unanimo usly.
The chairman was authorized to APP
point committee of seven, with full
power to act, to take the matter up in
more detail with Messrs. Andrews and
Matthews. A meeting between the
committee members and the Mill City
men was held at the Commercial Club
rooms, Saturday morning, with the
result that a contract was entered into
with them to have the Hardware As
ociation carry out the work Of gather
ing the necessary information and pre-
pairing the credit guide.
Misapplied Credit.
The vast majority of retail mer-
chants today are carrying too much
money on their. books and all because
they do not know how to extend credit.
They have no system Instead Of
controlling the extension of credit by
debating the terms, the average mer-
chant allows his Gust omers to run his
business by telling him when they will
or will not pay. The merchants, how
ever cannot tell their bankers or their
jobbers when they will pay.
There is no law in the land that
forces a merchant to loan his goods to
everyone asking for credit. But, on
the other hand, much business is lost
by reason of the fact that merchants
sometimes refuse credit to honest, re-
Isponsible people, because they have
no way Of ascertaining their financial
rating. A credit guide paves the way
I for a better understanding in this re-
gard, as it shows a merchant exactly to
whom he can afford to extend credit
and, to whom he had better not loan
any goods. It is a simple process Of
wedding out the hahitual deadbeats
and admonishes the "slowzpay' Gus
TONER to adopt a more prompt pay
ment Of his bills. Anyone worthy 81
receiving credit will have better
chance Of obtaining it under credit
guide system, whereas the losses sus-
tanned by merchants through people
failing to pay their debts will be great
fly reduced.
Already on the Job.
Experts in the employ Of the Hard
ware Association arrived in New Ulm,
yesterday, and are already busy
gathering the necessary information
on which to base the ratings in the
credit guide Members Of the local
committee have been busy since
Saturday afternoon, soliciting the
signatures Of New Ulm merchants,
business and protest. nal men as mem
lfbers of the New Ulrn Credit Bureau
which has been chosen as the name D
The local asso alton. As large majority
of those solicited have signed up a1d
another meeting will soon be held t.
perfect permanent organization.
4 PAY YOUR TAXES.