Word: ittleson
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Dates: during 1930-1930
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Helping to make this money were C. I. T. employees (more than twenty-five hundred of them) throughout the U. S. and in 70 foreign countries. But the chief credit is due, as in every other year, to Henry Ittleson, founder-president of C. I. T. In 1908 President Ittleson was secretary and general manager of the May department store in St. Louis. He saw that credit was necessary to customers, that giving credit tied up the firm's funds. He had an idea which probably led to the birth of instalment financing. But he prefers...
...idea and two assistants he started a $100,000 company to buy receivable accounts of manufacturers and wholesalers. The next step was to buy receivables of merchants covering their instalment sales. With it has grown instalment selling, which is estimated to involve several billion dollars a year. Ably Mr. Ittleson will argue that the growth in instalment selling has been only the increasing demand for new modern appliances- that previously instalment selling was restricted to such things as homes, chiefly because they were the only expensive products in demand. Without instalment selling, he can show, there would be little mass...
...usual amount of soda fountains, scows, refrigerators, machinery. At present retail domestic automobile notes form the largest single item (29.54%) among C. I. T.'s receivables. Last December, however, this business formed 36.71% of the whole. The reduction did not occur because of any question in Mr. Ittleson's mind as to the desirability of receivables covering the purchase of automobiles but because auto mobile production and sales fell so far behind last year that the same amount of business...
...course the present business depression has had some effect on C. I. T.'s condition, but how very little is shown by the fact that the reserves for possible losses were 1.86% on June 30 against 1.73% last December. In making his excellent earnings report Mr. Ittleson said: "The Corporation's commodities are Credit and Service. This specialized combination is in demand and will continue in demand...