Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-08-28

Of goods has it come into possession
tains a staff of salesmen.to sell shoes.
automobiles, h%airpins. steam shovels,
chemicals and a wide, variety of other
commodities.
A notably curious example Of this
nank merchandising took place in
New York when the depression WAS
at its worst. One of the larger man
ufacturers Of sweet chocolate was
forced by the BUSINESS situation into
a position where 1T could not meet
promptly a note for some $4,000, 900
winch was secured by the product of
the plant. When the loan was made,
the bank merely. named the product
as a matter Of form. The result was
that when the manufacturing COM
pany could not pay, this bank found
user IN the possession of what to any
American small boy would seem the
greatest treasure Of which tie human
mind could dream-$2,0 OO, 900 worth
OF savory and succulent sweet choco-
late, all done up In tin foil packages
OF 5 and 10 cent sizes.
Unloading Candy.
In the slang Of trade, the bank was
stuck II ever a bank was. What q
bank could do with 100000 worth
or sweet chocolate was too much for
the staff of competent financiers at
n head of the institution. First
they turned to the usual channels of
trade. the Jobbers> and wholesalers.
There Was no market; the stores were
not buying chocolate. They were
stocked up.
Finally, in despair, some brilliant
executive of the bank conceived an
IDEA. He thought OF the army of the
unemployed CONCERNING which there
mad been much publicity. He realized
that' while 1t would be hard to sell
$4,000, 900 worth O fchocolate.
he might sell 5 or 10 cents worth Al
a tllne.i He arranged with employ-
nhent and through want ads
Tor workers. Within a short time
literally thousands Of people, out Of
becsuse Of the depression, and
eager TO 90 ANYTHING, were standing
on n street corners Of New York
offering sweet chocolate for sala at
cut rates. The bank took on ANYBODY
|that turn up. The metropolis
was thronged with statesmen waving
fbunches OF the toothsome sweet at
the passing crowds. One could not
walk down the streets without being
onered sweet chocolate-as little OF
as much as might be wanted.
IT took only a few weeks. The pub
Nc was accustomed. to buying an oc-
casional bar Of chocolate at a news
stand et at a, candy store. In such
normal times h desire on the part
OF n customer created the sale, He1s
things We're reversed. The Chocolate
came to the customer. It met him in
the subway. on the elevated, in the
alter lobbies. on every street corner
IN short 1t was next to impossible 10
walk a block without being offered
chocolate at a bargain. It was In
evitable that the psychology Of the
situation succeeded In selling the
|gweetmeat. New York surrendered.
~ millions Of people bought the
c19colate IN 8 and 10 cent lots. The
oank eot out with little II any loss
ana had been given for
Instances could he multIpiied. A
great Chicago bank became an az
porter Of food products, so much Of
this sort OF security came into ia
possession. y sent great shiploads
OF goods abroad !. Other banks tx.
came auctioneers.
Those times are passed. The xoy.
ernmsnt figures show that liquidation
tho paying up OF loans-is prac-
tically complete and the banks are IN
perhaps a stronger position, than ever
before In their history. But thou
sands OF bankers have learned that
banking q not always q mahogany
bankers ret Into the fur business
whether they want to o not. q
ts f.aIsNas --s- s E "
ANswEns TO QUESTIONS.
Q. How many coAl strikes have
there been In the United States? f W.