This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1916 Excerpt: ...pressed by his importing house for settlement of an overdue bill for raw material, he had gone to the bank and borrowed $8,000, giving two notes for $4,000 each, one due in six months, and the other, in one year. The first note falls due February 1, two weeks off. He had expected to meet this obligation in February ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1916 Excerpt: ...pressed by his importing house for settlement of an overdue bill for raw material, he had gone to the bank and borrowed $8,000, giving two notes for $4,000 each, one due in six months, and the other, in one year. The first note falls due February 1, two weeks off. He had expected to meet this obligation in February with remittances from his customers, who by this time should have turned over a great part of their winter stock. In this he was disappointed, however, as collections are extremely slow of late, being barely sufficient to cover the pay-roll. And now as Mr. A. sits at his desk, pondering over the difficulties that confront him, the aged bookkeeper who had served the firm for 25 years enters and sadly lays before him a statement from the bank, showing an overdraft of $900 for the last payroll. This is especially ominous, as another payroll is due in two weeks. Mr. A. greatly dislikes to shut down the factory. It constitutes the chief means of support for the town of 2,500 inhabitants. A severe winter is at hand, and it would work great hardship upon many families to throw his force out of work at this time. Besides, to close the factory would be disadvantageous to the business itself in more ways than one. As Mr. A. studies the situation in all its phases, he sees thaJt it is not perfectly hopeless. He has buildings and grounds worth $75,000, machinery and equipment worth $30,000--all in good condition. His books show bills receivable, amounting to about $10,000, but it should be said in explanation of this that he fears to collect any part of it by pressure, inasmuch as it has been his father's policy to be very lenient with his customers, and since patronage has already fallen off so markedly within the past year, he dares not risk any more defec...
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