Inventories

In the business world, with the approach of the end of the calendar year, come thoughts of annual inventories, or the taking of stock. "Inventory" is defined in part as "an itemized list of goods or valuables, with their estimated worth." The listing of the assets of a business concern in this manner is a proper step, because it gives the owner a more definite knowledge of the progress made, or if there has been no progress it affords opportunity to discover and correct past mistakes.

Besides these material assets, intangible but valuable items such as "trade name" or "good will of the business" are recognized. The value of these is based on the extent to which the public has patronized the concern with profitable business. Patronage is largely due to the fact that the management of a business is characterized by qualities such as honesty, kindness, and mutual good will.

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"Hold that line"
June 5, 1937
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