7. Cost of the agency cost of the mercantile agency service (Dun's or Bradstreet's) varies somewhat according to the subscriber's terri tory, but is approximately $150 for two half-yearly rating books and one hundred special reports. Quar terly rating books, instead of half-yearly, may be had at a correspondingly extra charge. Additional spe cial reports are furnished by the agencies at an average rate of fifty cents each.
8. Special trade addition to these two large general agencies, there are now a number of special agencies operating within a single trade or within a few allied trades. It is claimed for these special agencies that they are better able to serve the needs of the trades to which they cater than are the larger agencies, which attempt to cover all lines of trade. This advantage is denied by the advocates of the general agencies, who maintain that the latter, by reason of their wider contact with business and with trade conditions in general, obtain information that is inaccessible to the smaller organizations. Whether or not this claim is justified, the continued existence and apparent growth of the trade-agency idea justi fies the belief that this form of service possesses defin ite merit.
Like the general agencies, these special agencies usually publish quarterly or half-yearly rating books, issue monthly or weekly information sheets embody ing all recent trade information and furnish special credit reports upon request. As a rule, the special trade agencies employ a finer division of capital and credit ratings than do the general agencies, frequently including a third or "pay" rating, the object of which is to avoid, if possible, mere generalizations with re gard to the person or firm under investigation.
9. Special credit agency in the metal trade.— Among the various special trade agencies may be mentioned that of the metal trade, which bears the name of the Iron and Steel Board of Trade. This agency, with headquarters in New York, enumer ates the following special lines as among those that it serves directly: Manufacturers and distributors of iron, steel, brass and copper; hardware, stoves, fur naces, steam and hot-water heaters; plumbers' and steam-fitters' supplies; engines and boilers, explo sives and contracting supplies; foundry, factory, mill and electrical machinery and supplies; automobiles and accessories ; carriages, wagons, agricultural im plements and all other metal products.
The Iron and Steel Board of Trade issues semi annually its "Blue Book" of credit ratings, in which are listed, according to the agency's claim: "all buyers of metal goods or goods into which metal en ters in any way." The Blue Book is a volume of some 1,200 pages and contains more than 200,000 names.
In addition to its rating book this agency issues a four-page weekly supplement sheet, by means of which all changes in credit ratings are noted, so that by entering these changes in the rating book, sub scribers may keep the latter corrected until its next revision.
It is claimed for the special reports issued by the Iron and Steel Board of Trade that they "include an epitome of the ledger experience of a number of those who sell the subjects of inquiry, as well as signed statements, local records as to character, habits and ability, and also bank references, and comments." This agency will send inquiry forms to subscribers who are believed to possess information with regard to a dealer whose credit standing is under investiga tion. The form shown on page 108 is used for this purpose. It is mailed to, say, twenty-five subscrib ers ; the resulting information is tabulated, and a re port is prepared and issued, one copy being sent to each of the twenty-five subscribers who contributed the information upon which the report is based.
Still another feature is what is called "The Watch Service," whereby the agency offers for a nominal fee to "watch" a subscriber's customers and give im mediate warning whenever any of them appears to be weakening financially. This service requires that the subscriber file with the agency a complete list of his customers.
A collection department is also operated by the Iron and Steel Board of Trade for the benefit of its subscribers. This department is conducted upon the usual collection agency basis of contingent fees.
10. Special agency in the jewelry trade.—The Na tional Jewelers' Board of Trade is the title of an agency that caters to the need of manufacturers and sellers in the jewelry lines. This agency, with head quarters in New York City, has branch offices in Providence, Chicago, Cincinnati and San Francisco. The branch offices are operated under the direction of local members of the board of directors, and are in a position to deal promptly with local questions as these arise, without having first to consult head quarters.