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Business Exposition. Part 2

Checks should be deposited or cashed promptly. You have only until the next succeeding business day in which to collect, or deposit for collection, any check. If you hold a check longer than forty-eight hours, and the bank on which it is drawn should fail in the meantime, you have released the drawer and must take your chances with the other claimants against the bank. For this reason the banks send out all checks deposited with them for collection on the same day, or the next succeeding business day; otherwise they have released both the drawer and the endorsers, if the paying bank should fail or any loss should result by reason of their delay.

Checks drawn on banks in the same town, and which are deposited after the clearing hour, are held over at the depositor's risk, until the next day. - Humphrey Robinson: A Simple Explanation of Modern Banking Customs.

2. An Advertising Exposition Of Method. Safety And Sanity

An Advertisement by Elbert Hubbard Life insurance eliminates chance through the operation of the Law of Average. The knowledge of the Law of Average as applied to the duration of human life is gained in but one way and that is through statistics. Now, there are accurate statistics, not only as to the average life of individuals, but also as to the life of a legacy; that is, how long five thousand, ten thousand, or twenty-five thousand dollars will last the average person who is not used to handling such sums. A widow with money is a shining mark for the mining-shark. I am sorry to say it, because I think well of woman's ability to manage her affairs; but the fact is five thousand dollars usually lasts a widow three years, and ten thousand is dissipated in five years. Doubtless, the average man, not used to having such lump sums come to him, would do no better. Money in a lump sum in the hands of those not versed in finance is a burden and sometimes a menace. It lays them open to the machinations of the tricky and dishonest, also the well-meaning men who know just how to double it in a month. Realizing these things, and to meet a great human need, the Equitable is now issuing a policy which, instead of being paid in a lump sum on the death of the insured, gives a fixed payment every year (or more often) to the beneficiary as long as she shall live. On her death any unpaid instalments are to be paid to her heirs in one sum or in payments, as may be desired. Here is a plain, simple, safe plan whereby you can insure those dependent upon you against want and temptation, by insuring them against their indiscretion, and yours. It is the Equitable Way.

§ 93. 1. An Ordinary Business Exposition Of Causes. Causes Of Bankruptcy

A mercantile agency recently stated that where bankruptcy was due to the fault of the trader, the causes, as seen in the analysis of a year's figures, were (1) incompetence; (2) lack of capital; (3) unwise credit; (4) speculation; (5) neglect of business; (6) personal extravagance; (7) dishonesty. There are many interesting features [conclusions?] suggested by a study of these causes of failure, not the least of which is that bankruptcy is more often the result of a lack of ability than of a lack of capital. It may be interesting to compare these official statements with those of a great commercial magnate, not long deceased. He was asked why people failed in business, and he gave the cause as (1) lack of originality; (2) lack of concentration; (3) the right business, but the wrong man; (4) ignorance of human nature; (5) long credits; (6) failure to read the signs of the times; and (7) dishonesty. Here, then, we have two commercial death-charts, one official and one personal. In some respects they are identical, [different?] but in one particular matter they are absolutely of one opinion, viz. that the greatest capital in business is brain power. You may call it competency, efficiency, originality, or what you please, but the fact remains the same, and places penniless ability in the most hopeful position. Bankruptcy returns are not inspiring reading; they make too great a strain on one's sympathies. But viewed as trade documents, they contain nothing to unnerve the man who is determined to succeed. - Knowlton: Business!

2. Two advertising expositions of causes:

(a) The ADDRESSOGRAPH pays:

Because - With it an office boy can address as many envelopes, cards, etc., in one hour as the best typist or penman can in twenty hours. Because - The work is typewritten and absolutely accurate; consequently no waste of postage. Because - It .facilitates getting circulars and advertising matter out promptly while their thunder and order-getting qualities are best. Because - It makes it possible to follow up prospects and customers systematically and frequently, which is out of the question when the regular office force is depended upon to do the addressing at odd times.

(b) The Pennsylvania Railroad Terminal in New York City is the central feature of an improvement whose total cost will reach $100,000,000. It is a magnificent structure built for efficiency, almost regardless of cost.

It is covered with a Barrett Specification Roof, with vitrified tile surface.

Would such a roof have been used on this magnificent, modern, fireproof structure if anything better could be obtained at any price? Surely not.

The fact is, a Barrett Specification Roof is the most economical roof covering yet devised. And it has a record of 50 years of satisfaction behind it.

§ 94. 1. An Ordinary Business Exposition Of Classes. The Two Kinds Of Corporation Law

From this brief statement of the nature, functions, and relations of a corporation it will readily be seen that there must be two main departments in the whole system of corporation law.

On the one hand there must be a body of law which defines the conditions under which, and the manner in which, corporate entities can be brought into existence; which determines the legal status, that is, the powers and capacities of such entities; and which specifies the conditions under which, and methods by which, their existence can be terminated.


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