As in other lines of business the agency issues twice a year a reference book, a weekly confidential sheet and special reports.
"Observation Reports" is the title given to reports furnished by the members' traveling salesmen. Upon a special form which they carry with them, the sales men enter such information touching the dealer's credit as they are able to gather during their periodi cal visits to his store.
The agency also issues "emergency reports," for the purpose of giving early warning of impending business embarrassments. These reports are sent only to such members as are known to be interested in the subject of the report.
One unique feature of the service of this agency is the maintenance of a prosecution fund, used for the investigation and prosecution of fraud within the jewelry trade. This fund has been repeatedly used in bringing about the conviction and punishment of fraudulent debtors. The false stamping of jewelry is another evil for the suppression of which the agency's prosecution fund has been successfully em ployed.
The agency has special committees for dealing with the problems that are peculiar to the various branches of the trade, such branches being designated as the gold, gold-plate, silverware, platinum, diamonds and gems, optical, watch and clock branches.
11. Special agency in the furniture trade.—At least two agencies cater to the credit information wants of the furniture trade. One of these is the Furniture Commercial Agency Company, which has offices in seven of the important furniture centers of the country. This agency publishes a "Red Book" I of credit ratings, and does for its subscribers substantially what other trade agencies do for theirs.
The main ratings are three in number, viz., credit, capital, and pay ratings. In addition, a list of numerals is employed, each of which denotes a certain condition or fact relating to the credit standing of the subject. A key furnishes the interpretation in each case. Some of the conditions indicated by the use of numerals are the following: Discounts bills.
Prompt at maturity.
Satisfactory pay.
Fairly satisfactory; occa sionally slow.
Slow pay.
Exceedingly slow pay.
C. O. D. or cash transactions recommended.
Usually settles with note and pays at maturity. Complains of goods without cause.
Troublesome to do business with.
Pays at convenience, no re gard for terms.
Deducts discount in violation of terms.
Kicker, or very arbitrary and exacting.
Will not answer letters. Forces extra time when giv ing notes.
Claim placed for collection. Would now refuse to sell. Caution recommended.
Seems to be ordering too freely, appears suspicious. Will not accept drafts.
A weekly Reporter, containing records of fires, failures, dissolutions, new dealers, bankruptcy in formation, collection items, etc., within the furniture trade, is sent to subscribers, as is also a weekly "tracer" for the collection and exchange of trade in formation.
As evidence of the thoroness with which such trade agencies collect and disseminate credit information, the report on the following pages is interesting. It is of the kind commonly prepared by the Furniture Commercial Agency Company.
In addition to its reporting service the Furniture Commercial Agency Company also operates a col lection department.
12. Mercantile agency in the shoe and leather trade. —Still another prominent trade agency is the Shoe and Leather Mercantile Agency with headquarters in Boston. Its quarterly rating book covers manu facturers and dealers in leather and shoes and in kindred lines of trade. In addition to its large quar terly rating book, this agency publishes a smaller book of rating, limited to manufacturers of boots and shoes. This book is issued for the special benefit of the agency's leather trade subscribers.
Special credit reports, a daily bulletin of failures, changes, etc., a tracer system for procuring ledger information and a collection department are nent features of the service rendered by this agency. The subscribers for this service include a majority of the tanners, manufacturers and wholesalers in boots and shoes thruout the country.