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cents? there is no mark on it," or to keep a customer waiting until you find out whether an article sells for forty-five or fifty cents.

Summarizing the main points of this chapter proves the advisability of buying opening bills of goods, including labels, glassware, stationery, store supplies, drugs and medicines in small lots of apportioning the largest part of your capital to the purchase of goods that turn over quickly and yield a good profit of arranging the stock and shelf bottles on a well-thought-out-in-advance plan, keeping in mind the suggestive power and salesmanship of goods well displayed in accessible positions-of the proper utilization of floor and wall space of the careful checking of all invoices and the accurate marking of prices on every article. A careful attention to these points assures economy of time-increased sales-less deterioration of goods-quick moving stock-and in general an attractive, well-balanced and businesslike pharmacy.

DIVISION II

PRESENT AND FUTURE PROBLEMS

CHAPTER VII.

PRELIMINARY PROBLEMS.

THE STORE NAME.-Your own name is the best name to give your store. Some stores are named from their color, their location in the town, or the street on which they are located. The Green Pharmacy-The White Pharmacy-The Twentieth Century Pharmacy-The Central Pharmacy-The Broad Street Pharmacy-The Mariner's Pharmacy-The People's Pharmacy, etc. The writer's store was named The White Drug Store, by the group of men who started it, on account of its being finished in white and gold. Brock's Pharmacy-The Davenport Pharmacy-Litchfield's Phar

macy-Underwood's Pharmacy-The Hutchinson Pharmacy -are stronger names and designate the proper proprietorship. The location may be closely defined such as: second door from the Arlington Hotel-third door east of Main and Summer-right near the Aqueduct-across the park from the Post Office-opposite City Hall-near Union Station-opposite Park Street Subway Station, etc.

ABOUT INSURANCE. Of course you will carry fire insurance. Don't try to reason that it is an added expense, that you never had any relatives or friends who were ever burned out, that the chances are a hundred to one that you never will have a fire. It is the poorest kind of economy to neglect your insurance or allow the policies to expire without being renewed. The writer knows a pharmacist who decided to drop his insurance for one year in order to cut down his expenses, and a few months after the expiration of the policies his store was burned to the ground, and he lost everything. The fire losses in the United States are over a quarter of a billion dollars annually, and your turn to be burned out may come at any time. The wholesale druggist who extends you credit will ask you how much insurance you carry. He has other commercial risks to carry besides taking a chance on your uninsured stock. Besides it would reflect on your business ability to tell your wholesaler that you carry no insurance. Never mind if the premium rate is high in the building you are in. It is high on account of its great risk.

If you are near a fire station where there is no chemical engine, perhaps you can co-operate with the landlords and tenants of your vicinity to petition the city government to get one. That will reduce your premium rate. Well kept premises help to reduce the premium rate. Send for an inspector of your insurance company, he will tell you what to do to get your premium rate lowered. Do not be afraid to insure for a good sum. If you carry a stock of $6000 insure it for at least $5000, then you will come under the provision of the eighty per cent. clause in the policies, which reads as follows:

EIGHTY PER CENT. CLAUSE.

[COPY OF THE CLAUSE.]

"It is a part of the consideration of this policy, and the basis upon which the rate of premium is fixed, that the assured shall maintain insurance on the property described by this policy, to the extent of at least eighty (80) per cent. of the actual cash value thereof; and that failing so to do, the assured shall be an insurer to the extent of such deficit, and to that extent shall bear his, her, or their proportion of any loss that may happen to said property. Provided, however, that in the adjustment of any loss or damage by fire on stock or merchandise, no inventory for the purpose of ascertaining the application of the foregoing clause shall be required, unless the amount of damage is at least five (5) per cent. of the amount of insurance on such stock or merchandise. It is expressly understood and agreed that in case there shall be more than one item or division in the form of this policy, this clause shall apply to each and every item or division separately."

Effect of Co-Insurance.

1. The Co-Insurance Clause has no effect in the adjustment of losses under either of the following circumstances; that is, the assured would recover the same amount, in case of loss, as under a similar policy without the Co-Insurance Clause:

(a) When the guaranty is complied with, that is, when the amount of insurance carried is equal to, or greater than, the guaranteed per cent. of the value of the insured property at the time of the loss.

(NOTE. This is true whether the loss be partial or total.)

EXAMPLE.

The 80 per cent. Clause being attached to policies:

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30,000

Amount that assured would receive...

(That is, the assured would receive the amount of his loss up

to the amount of his policy.)

(b) When the loss on the property is equal to, or greater than, the guaranteed per cent. of the value of the insured property at the time of the loss.

(NOTE. This is true whether the amount carried is equal to the per cent. guaranteed or not.)

EXAMPLE.

The 80 per cent. Clause being attached to policies:

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(That is, the assured would receive the face of his policy, although he did not carry the per cent. guaranteed, because his loss was not less than that per cent.)

2. The Co-Insurance Clause has an effect on the adjustment of losses, and the assured would be called upon to contribute with the Companies in the following case only:—

(a) When both the loss and the amount of insurance carried are less than the guaranteed per cent. of the value of the insured property at the time of the loss.

EXAMPLE.

The 80 per cent. Clause being attached to policies:

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(That is, he carries three-fourths of what he guarantees, and therefore he receives three-fourths of his loss.)

3. Always bear in mind that the Co-Insurance Clause does not compel the assured to carry the per cent. named in the Clause; it does not compel him to carry any particular amount; it simply is an agreement on the part of the assured that if he does not carry a certain percentage to the value of the property at the time of any loss, he shall be considered a co-insurer, and will bear a part of the loss himself.

Rates.

4. If the 80 per cent. Clause is attached to policies, risks are written at printed rate without regard to the amount of insurance that is actually carried.

5. If a clause is attached guaranteeing 70 per cent. or more, but less than 80 per cent., 10 per cent. is added to the printed rate.

6. If a clause is attached guaranteeing 60 per cent. or more, but less than 70 per cent., 20 per cent. is added to the printed rate.

7. If a clause is attached guaranteeing 50 per cent. or more, but less than 60 per cent., 30 per cent. is added to the printed rate.

8. If a clause guaranteeing less than 50 per cent. is attached, 50 per cent. is added to the printed rate.

9. If no Co-Insurance Clause is attached, 50 per cent. is added to the printed rate.

10. Where 90 per cent., or more, is guaranteed, allowances in rate are made, according to circumstances, particulars of which will be furnished at the office.

11. Briefly, the rate is determined by the per cent. guaranteed in the policy, and is in no way affected by the amount actually carried. If the 80 per cent. Clause is attached, the policy is written at the printed rate without regard to the amount in dollars carried. If a clause guaranteeing less than 80 per cent., or if no clause is attached, the proper percentage is added to the printed rate, even though the property may in fact be insured to its full value.

READ YOUR POLICY.-Always read your policy, and if you do not understand any portion of it, seek an explanation from the insurance agent. Don't be afraid to ask your wholesaler to look up the financial responsibility of the insurance company you intend to patronize. So many insurance companies have gone to the wall in late years that such a precaution is justified. After you have been burned out, then it is too late to look up the company's record or make any changes in the policy. Have all your electric wiring inspected to eliminate possibility of fires from that source. This is required by law in many cities. Keep excelsior packed in boxes and not thrown loosely about in the cellar. Don't pile boxes on top of each other until they reach the rafters. All these details affect your insurance rate. The rates are fixed by a board appointed by the different companies, and these rates are governed by the conditions existing in a town. Pay the prevailing rate, no matter how high and be sure not to allow your insurance to fall below four-fifths of the value of your stock. Keep your valuable papers and books in your safe, for you will need your records to show to the insurance company in case of any loss by fire. The better records you can show the company, the more prompt they will be in settling your loss.

The writer found that it pays to insure plate glass show

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