Business Hints for Men and Women

A >> Alfred Rochefort Calhoun >> Business Hints for Men and Women

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The last will cancels all preceding wills.

An addition to an existing will is known as a "codicil."

A man making a will is called a testator.

A woman making a will is called a testatrix.

LIMITATIONS OF WILLS

A man has a right to dispose of his property by will or gift as he
chooses, but if he is married the law compels him to consider the
rights of another.

The husband cannot, by will or otherwise, deprive his wife of her
"right of dower" in his real estate and appurtenances.

Unless she chooses to accept, the wife need not accept other
property that is bequeathed her in lieu of dower.

The wife's dower interest in her husband's estate is a life
interest only. On her death it goes to the husband's heirs, as if
there had been no widow.

In some states there is no right of dower.

HOW TO MAKE A WILL

The will not only shows the purpose of the testator, but it serves
as a bar to litigation among the natural heirs.

Any man or woman can write out his or her will, but unless quite
familiar with such work it is better to employ a lawyer for the
purpose.

The person named in the will to carry out the purpose of the
testator is known as the "executor".

No person, not twenty-one at the time the will is proved can act
as an executor.

Neither a convict, an imbecile, nor one known to be a drug fiend
or an habitual drunkard, is eligible for the post of an executor.
If an executor be appointed against his will, the law does not
compel him to serve.

There must be at least two witnesses to a will, some states
require three.

The witnesses need not know the contents of the will, but they
must understand before signing that it is a will, and they must
see it signed by the testator.

Under the common law the will is void if the witnesses are
beneficiaries.

In some states a will so witnessed is valid, except that the
witnesses cannot receive their legacies.

All the witnesses should sign at the same time and add their
addresses.

If an heir at law, say a child, is not mentioned in the will, the
law assumes that he was forgotten by the testator and generally
gives the share the heir would be entitled to if there were no
will.

At the end of the will the testator, in the presence of the
witnesses, should write his name in full.

AN EXECUTOR'S DUTIES

An executor is the legal representative of the testator. It is his
duty to see that the provisions of the will are carried out.

No man is qualified to act as executor who is not competent to
make a will. Executors, unless relieved by the provisions of the
will, are required to file bonds, proportioned to the value of the
estate, for the faithful performance of their duties.

Should there be no executor named in the will, or if the person so
named refuses to act, or if he dies or resigns, the court will
appoint a person to act in his place.

The executor appointed by the court is known or called an
"administrator with the will annexed."

In some states the court having jurisdiction of wills and estates
of deceased is known as "the probate," in others it is called the
"Surrogate's Court," and in still others, "The Orphan's."

ADMINISTRATORS AND THEIR DUTIES

If a man, owning property, dies without making a will, the judge
of the proper court will appoint an administrator to settle the
estate.

This is the method of procedure:

1. A person, interested in getting the estate settled, goes before
the proper judge and asks him to appoint an administrator.
2. The administrator must give the same bond as an executor. Their
duties are the same.
3. In settling the estate the administrator is governed by the
law, and by the special directions of the officer having
jurisdiction in such matters.
4. He must make a careful list of all the property belonging to
the estate. The value of the personal property is estimated by men
specially appointed by the court for the purpose and known as
"appraisers".
5. The administrator must account for every item of property that
comes into his possession.
6. All debts of deceased must be first paid, including funeral
expenses. If the proceeds of the personal property are not
sufficient for this purpose, the administrator may, if there be
real estate, sell the whole or part of it, on an order from the
court.

DEBTS

Debts must be paid in an order prescribed by law. The following is
the usual order:

1. Funeral expenses and expenses of last illness.
2. The widow's allowance or award.
3. Debts due the state or municipality.
4. Claims of other creditors.

Whatever property is left, after paying these obligatory sums, is
divided among the rightful heirs under the direction of the court,
and in the manner provided by law.

The administrator must advertise, in one or more county papers the
fact that he has been appointed to settle the estate of the
deceased, whose name is given, and he must ask that all claims be
presented within a given period, usually fixed at six months.

When the estate is settled to the satisfaction of the court, the
same authority releases the administrator and his bondsmen.

All the fees connected with the settlement are regarded as debts
and must be paid from the proceeds of the estate before closing.

THE FINAL SETTLEMENT

When the debts are paid and the residue divided among the heirs,
the administrator files his account. If it is allowed the case
ends.

The parties of interest in an estate may agree to settle it out of
court. This saves expense, but it is not the safest way.

CHAPTER V

LETTER WRITING

What has been said about deeds and mortgages applies not only to
the farmer, but also to every owner of a building lot. The same
may be said of wills. They have a business interest for the town
as well as for the country dweller.

BUSINESS LETTERS

The purpose of this book being "strictly business," no attempt
will be made to instruct the reader in anything not connected with
the subject under consideration.

Social, friendly, and such letters are matters for individual time
and taste, and no rule can be laid down for their writing, but the
business letter is a different matter, and one which deserves
special consideration from every man or woman who receives an
order by mail, or who sends one.

To write a good business letter is no mean accomplishment, and
although a gift with some, it can be acquired by all.

A letter is, in a way, a testimonial of the character and ability
of the writer.

The purpose of a business letter is to express just what you want
and no more.

Any man with a good common school education, and a little patient
practice, can soon learn to write as good a business letter as the
college graduate.

Correct spelling may not be general, but it is certainly
desirable.

Letter writing, as in the preparation of other papers, has its own
well-recognized forms, and these may be easily learned.

Every properly constructed business letter should consist of the
following parts:

1. Where written from.
2. When written.
3. To whom written.
4. Address.
5. Salutation.
6. Introduction.
7. Purpose of letter.
8. Complimentary ending.
9. Signature.

THE HEADING

The letter should begin by giving the address of the writer,
followed by the date on which it was written. This will enable the
recipient to direct his reply.

If from a city, the street and number should be given.

If many letters are written it will be convenient to have the
permanent address of the writer printed.

The writing should be plain, and there should be no doubt in the
mind of the reader as to the proper spelling of the address and
signature.

Avoid the hieroglyphics which some vain men adopt in signing their
names. It may be fanciful, but it does not imply consideration for
the time and patience of strangers.

The following forms will serve to illustrate the type of heading
used in ordinary business letters:

1

124 Smith St., Brownsville, Mass.
September 4, 1910.
Mr. John Smith,
Doylestown, Penna.
Dear Sir:

2

Leroy, Mass.,
September 5, 1910.
Messrs. Brown and Jones,
Denver, Col.
Gentlemen:

3

4 Seminole St., Fort Smith, Ark.
September 6, 1910.
Mrs. Mary J. Robinson,
Lansing, Cal.
Dear Madam:

The "Mr.," "Mrs.," "Madam," and "Miss" are titles of courtesy and
should not be omitted. The abbreviation "Esq." for Esquire is
sometimes used; but the two titles Mr. and Esq. should never be
used with one name, as "Mr. John Smith, Esq."

If a man is known by a military or other title, always use it, but
never precede it with "Mr." nor follow it with "Esq."

Clergymen should always be addressed as "Rev.," the abbreviation
for Reverend. If he is a doctor of divinity, add D.D. to the name,
as "Rev. John Smith, D.D."

Medical doctors may be addressed as "Dr. John Smith," or "John
Smith, M.D."

THE GREETING

The greeting or salutation is a term of courtesy or esteem used in
addressing the one to whom the letter is sent.

"Sir" is the formal greeting, and is used in addressing officials,
or any strange male person. "Sirs," or "Gentlemen" may be used in
the plural. "Dear Sir," or "My Dear Sir," is the usual form of
greeting when a business letter is addressed to an individual.

Where the writer is acquainted with the person addressed, the
usual form of greeting is "Dear Mr. Smith."

THE LETTER ITSELF

If writing in response to a letter received, the writer should
begin in some such way as this:

Mr. Thomas Brown,
Newburg, N. Y.
My Dear Sir:

Your favor of the second inst. is just to hand. In reply permit
me to state, etc., etc.

This should be followed by the necessary statement, set forth in
clear, simple words.

Be sure of yourself.

The secret of good writing is clear thinking.

ENDING THE LETTER

There is much in the proper ending of a letter. In the ordinary
business letter the usual ending may be, "Yours truly," "Yours
very truly," or "Yours respectfully." Other endings used in
writing to business acquaintances are, "Yours sincerely," or "Very
sincerely yours," or you may substitute the words "Cordially" or
"Heartily" for "sincerely."

SIGNING THE LETTER

The name of the writer should be so clear and distinct as to leave
no doubt as to the spelling.

The name should always be written in the same way.

If your name is George W. Brown, do not write it at one time as
here given, and again as G. Washington Brown, or G. W. Brown.

Adopt one form and stick to it.

If you are writing for a firm or for another as clerk or
secretary, always sign the firm name, and below it your own name
preceded by the word "per," meaning "by" or "through."

THE MATERIALS

Never use scraps of paper or soiled paper to write on if better
can be had. The materials of a letter affect the receiver,
particularly if a stranger, just as one is affected by the garb of
a stranger before he speaks.

Use a good pen and black ink.

Fold your paper so that it will fit the envelope.

Avoid blots and erasures; they indicate carelessness or unbecoming
haste.

Address your letter distinctly.

Here is a good form:

Mr. George W. White,
Boston,
1101 Sioux St. Mass.

LETTERS OF INTRODUCTION

At some time or another one has to write a letter of introduction,
and sometimes he has had to pay for it.

If you should give such a letter to a man to introduce him to
another with whom you trade, the law has held that the introducer
is responsible for any reasonable bills the introduced may
contract with the receiver of the letter.

Never give a letter of introduction to a man you are not sure of.

In addressing a letter of introduction which is to be handed in
person, do it in this way:

Mr. George W. Brown,
Washington, D. C.
Introducing
Mr. Henry Wilson.

This shows on its face the nature of the communication.

Here is a good form:

111 Payne Ave., Montrose, Ill.
September 27, 1910.
Mr. Norman R. Lloyd,
Chicago, Ill.
Dear Mr. Lloyd:

This will introduce my esteemed
friend Mr. Thomas T. Fletcher, of this
town. Mr. Fletcher contemplates opening
a drug store in Chicago. Should he do so
he will prove an acquisition to your City.
Any favor you can render him will be much
appreciated by,
Yours faithfully,
George W. Brown.

RECOMMENDATIONS

Every man of standing and every employer of labor is at times
called on to certify to the character, or to give a testimonial to
some esteemed employee who is about to seek his fortune in another
place.

If you are about to hire a stranger, it adds to your confidence
and to his chances if he have a testimonial as to character and
fitness from his last employer, or from some man whose word you
value.

The letter of recommendation is usually of a general character and
not addressed to any particular. It should open in this way:

"To whom it may concern."

Follow this with your testimonial and sign it.

TITLES

The President of the United States is addressed as:
"His Excellency,"
William H. Taft,
Executive Mansion,
Washington, D. C.

Cabinet officers, Senators, Congressmen, members of the
Legislature, and Mayors of cities are usually addressed as "Hon.,"
the abbreviation of honorable.

The title "Hon." like "Esq." is often misused. After all titles of
courtesy are not obligatory, unless we regard the unwritten law of
custom in such matters as binding.

The very best kind of a letter, and perhaps the hardest to write,
is that in which the writer appears to be talking to us face to
face.

CHAPTER VI

BILLS, RECEIPTS AND ACCOUNTS

Try to understand clearly the meaning of all the business terms
you have to use.

The terms "bill" and "invoice" usually mean the same thing, that
is, a "bill of sale." This applies to goods sold, or services
rendered.

The merchant sends you an itemized invoice of the goods you
ordered and he has shipped.

The carpenter sends you an itemized bill of the work done by your
order.

Such a document should be regarded not as a "dun," but rather as a
record of the contract or transaction.

In the foregoing case the merchant and the carpenter are the
creditors, the recipient of the goods or work is the debtor.

BILLS FOR GOODS

In writing out a bill the date is the first thing to be
considered. This should be the same in form as a business letter.

This form will serve as an illustration:

Glenwood, N. J.
October 1, 1910.
Robert Brown
To George L. White, Dr.
Sept 2. For 25 lbs. sugar, at .06 . . .$1.50
" 6. " 30 lbs. ham, at .20 . . . . 6.00
" 14. " 100 lbs. flour, at .03-1/2 . 3.50
----
Received payment, $11.00

SIGNATURE ON PAYMENT

Wholesale houses send such bills as soon as the goods are shipped
or delivered, though the payment, as per agreement, is not to be
made for thirty, sixty or ninety days.

Where there is a running account, that is, frequent orders, with
total payments never completed, it is customary for the seller, at
the beginning of a calendar month to send to the creditor a
"statement." This statement does not repeat the items of the bills
rendered, its purpose being to show the balance due to date.

BILLS FOR LABOR

Where a mechanic or laborer is employed by the day at a fixed
wage, the length of time and dates should be given.

Richmond, Va.
November 3, 1910.
Charles M. Pratt,
To John Smith, Dr.
To 4 days, from Oct. 1st to 4th
inclusive, at $2.00..........$8.00
To 2 1/2 days, Oct. 10th, 11th
and 12th.................... 5.00
To 3 days, Oct. 17th, 18th and
19th ....................... 6.00
------
Received payment, $19.00
Signature.

This bill is just as transferable as a mortgage. If for any reason
Mr. Smith should decide to sell it, say to Robert Brown, he should
make the following endorsement across the back:

"In consideration of ------ dollars, the
receipt of which is hereby acknowledged, I
do hereby sell and assign to Robert Brown,
the written account, which is justly due
from the within named Charles W. Pratt,
and I hereby authorize the said Robert
Brown to collect the same.
"John Smith."
"Newburg, N. Y.
November 1, 1910."

Regarded simply from a business viewpoint and without considering
ethics, "Honesty is the best policy."

Bills, where possible, should be promptly paid.

Prompt payment is a guarantee of credit and credit is the heart if
not the soul of business.

Never, if it can be avoided, buy goods on the installment plan.

Be sure to get a receipt for all payments you make, and be equally
sure to keep the receipt where you can find it.

Examine all bills and invoices; compare them with the goods
received, and no matter what your faith in the seller's care and
honesty, calculate for yourself the price of each item, and be
sure that the total is correct.

DISCOUNT IN TRADE

It is a business custom, when a bill is paid before it is due, to
allow a discount. This may be the legal rate of interest, or any
percentage agreed on in advance.

Sometimes wholesale merchants or manufacturers grant esteemed
customers, in consideration of prompt payments, a discount from
the regular prices. This is known as "trade discount."

We often read of two or more discounts. A store keeper buys a bill
of goods for $350 and is granted 20% and 5% from the selling
price.

This does not mean a discount of 25% as the uninitiated might
think. The 20% is deducted from the $350, that is, $70, leaving
$280. Then the 5%, $14, is deducted from this, leaving $260.

Partial payments are not endorsed on the bill. The receipt is
written on a separate piece of paper. It differs from the usual
receipt in that the one is "in full payment" and the other "on
account."

Receipt no bill before it is actually paid.

Some one has translated the letters "C. O. D." into "Come omejitly
Down." The Collect on Delivery usually accompanies goods sent by
express.

FORMS OF RECEIPTS

A receipt for a partial payment:

Leavenworth, Kansas.
December 7, 1910.
$75.00
Received from Charles Long seventy-five
dollars on account.
Henry S. Somers.

A receipt in full:

San Diego, Cal.
July 27, 1910.
$260.75
Received from N. O. Taylor, two hundred
and sixty 75-100 dollars, in full payment
to date. Samuel G. Novris.

Another form:

Portland, Me.
October 20, 1910.
$40.00
Received from Thomas Moore, ten cords
of hardwood, at $4.00 a cord, the sum to
be applied to his account.
Daniel Forman.

In payment of rent:

$17.00
Received from William Forbes seventeen
dollars in full payment of rent of premises
No. 24 West Street, for the month ending
October 31, 1910.
Philip F. Ross.

Where one person pays for another:

Wilmington, Del.
August 17, 1910.
$80.00
Received from Alfred Thompson eighty
dollars to apply to the account of Hiram O.
Wells.
Baker Jones & Co.,
per, S. N. Thorp.

Receipts and other documents signed with a mark X should be
witnessed.

Payment on a note:

Bridgeport, Conn.
July 1, 1910.
$150.00
Received from Casper N. Work one
hundred and fifty dollars to apply on the
payment of his note to me for six hundred
dollars, dated March 8, 1910.
Ruben Hoyt.

The maker of the note should, in addition to getting his receipt,
have the amount of his payment endorsed on the back of the note by
the holder.

Where a receipt is given to the administrator of an estate his
position should be named as "Robert Fields, administrator of the
estate of John Jones, deceased."

WHAT IS AN ORDER?

An order is a command or instruction by one person to another to
do a stated thing.

An order may be given for the delivery of goods or the payment of
cash.

This is the usual form:

Dayton, Ohio.
August 3, 1910.
Mr. G. W. McBride:
Please deliver to Edward Lott goods
from your store to the amount of ten dollars,
and charge to my account.
F. T. Leroy.

This would be an order for cash:

Holden, Ind.
June 18, 1910.
$30.00
Mr. P. T. Mayhew. Please pay to Thomas
Jackson thirty dollars and charge same
to my account.
F. R. Wilson.

A DUE BILL

The customary form of a due bill is:

Durham, N. C.
May 1, 1910.
$10.00
Due George Smith ten dollars, payable
in merchandise from my store.
S. T. Long.

CHAPTER VII

WHO SHOULD KEEP ACCOUNTS

To have any value, business accounts, whether of a great or a
small concern, must be accurately kept.

Every man and woman, having unsettled dealings with others, should
keep some sort of book accounts.

Storekeepers must keep accounts, and every farmer and mechanic,
who would know just what he owns and what he has spent during the
past month and year, should keep an exact account of every cent
received and paid out.

Lawyers and doctors know how to keep accounts, or if they do not
they are neglecting their own side of their professional duties.

Workers, skilled and unskilled, and even the hired girl who is
paid by the month, should keep a record of the compensation
received, and how the whole or the part has been expended.

No woman can be called a really good housekeeper who does not know
to a penny what has become of the money she has received for the
upkeep of her establishment, whether she have a score of servants
or does all her own work.

In order to keep such accounts, as have just been indicated, it is
not necessary to be a trained bookkeeper, or to know anything more
about the art than a good common school education gives.

Another word as to the farmer. I am not thinking in this
connection of the old-time, deep-in-the-ruts farmer, who never
learns and knows nothing to forget, but of that wide-awake
producer who tries to keep up with the times.

Not only should the farmer keep cash accounts, the form may be
quite simple, but all his business affairs should be kept in the
best possible trim.

Personal agreements without some kind of writing to back them up,
are dangerous.

Verbal contracts feed the lawyers.

All transactions involving labor or money should be recorded in
black and white.

Don't trust to your memory.

Don't rely on the memory of another.

AN ACCOUNT WITH CROPS

Every farmer should keep an account with each crop he raises and
even with every field he cultivates.

Against the farm should be charged--

1. Its annual rental value.
2. What all the labor would cost if hired.
3. New machinery.
4. Wear, tear and repair of old machinery.
5. Taxes.
6. Insurance.
7. Doctor's bills.
8. Interest on mortgage if any.
9. The cost of fodder, fuel, etc., consumed.

The farm should be credited with--

1. The rent.
2. The cost of everything produced and consumed on place.
3. The farm products sold.
4. The stock sold.
5. Increased value of stock.
6. Increased value of property, if any.

Such accounts you say will cause trouble; well, you cannot do
anything of value without trouble. The question is will the effort
pay? Those who keep such accounts say it does, and they are
usually the successful, progressive farmers.

WORKING-MEN'S ACCOUNTS

The working man, skilled or unskilled, and the working man's wife
as well, should keep some form of cash book that will show from
week to week the receipts and expenditures.

One can be thrifty without being miserly.

Where did the money go?

Look at your book, where every cent expended has been set down,
and you will be surprised to find how the little sums total up.

Look over the list of little things bought and you will be
surprised to see how many were not needed.

Here is a simple form for a home record:

Cash Received
1910.
Jan. 2. Balance on hand.........$45.50
" 3. Work for Mr. Jones....... 1.75
" 3. Smith paid bill......... 13.75
" 9. Work for Mr. Brown....... 7.50

Cash Paid
1910.
Jan. 2. Two shirts...............$1.50
" 3. To wife for house........ 8.50
" 4. Doctor C's. bill......... 6.00
" 5. Fare to Troy............. 2.25
" 6. Horse car................ .20
" 6. Postage.................. .06
" 7. Church Contribution...... 1.00
" 8. Shoes mended............. 0.60
" 9. Newspaper bill........... 1.00

Never "lump" what you receive or what you spend.

Set down each item separately, even to one cent.

When you have filled out each page of "received" and "paid" foot
it up and carry it to the next page set apart for the purpose.

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