' i ":,,. wxtJ ''5r- "-T ' .V t r" "i. '! rJS T , 'q? t V '.$: iff"1 CUV P '"Sj ' 0 1 X' n b.t . ? EVENING PUBLIC ' LEDGER-PHILADELPHIA, MONDAY, JUNE 13, 1921 15 IM i': , wj. . .!.. 4k- 4 ' h;i". "'SO"' ' i-.t" a v.'xtM h'Sk &!.y!r UN; .) .1 1 ""Vj V . " ''V' ' ''i " , ' , i ' " "mmmimmmtmmmiM y v, m 1 -.... -n..--,..!... .,...,, w.....-. ,i. Has The Spread of Competition the Basis of Credit Changed .V A Factory Without Sales is a Liability 1 A Product Without a Name is a Product Without a Future The modern basis of business credit is demand for a known product, ex pressed in terms of sales. In the past the chief impersonal assets of an industrial enterprise were largely physical property. Bankers have been accustomed to judge a busi ness by the extent and tangible value of its manufacturing plant, its facilities for production, its stock of raw mate rials, materials in process and finished goods, and liquid assets. This was because the demand for most commodities was greater tlan the supply. There are today few commodities for which the present consumption is equal to the total national plant ca pacity. Supply has outrun demand. The American genius for large-scale . pro duction has developed an industrial machine whose efficiency far exceeds that of our distributing organism. Each year witnesses the failure of businesses which have magnificent producing equipment and personnel, but which have no sustained demand for their products. The financial risk is increasing rapidly in any business which has not a widespread demand upon which to depend. Correct finance today requires that the basis of credit must be not bricks and mortar, steel and concrete alone, but DEMAND expressed in present sales and prospective sales demand from millions of consumers, in every section of the country, in every season, year in and year out. For a worthy product, such demand is generated and sustained by the cor rect use of national advertising. THE CURTIS PUBLISHING COMPANY v INDEPENDENCE SQUARE, PHILADELPHIA The Saturday Evening Post The Ladies' Home Journal The Country Gentleman r' r r-iL l ' I life. 91 4 . &- ? , sjfr
Significant historical Pennsylvania newspapers