The New York herald., 1878-01-10
BOARD OF TRADE.

THEIR ANNUAL MEETING YEsrEEDAY-A PLAN
TO PREVENT LOSSES BY COMMERCIAL FAIL
UREs.
A regular meeting OF the Noy York Board OF Trade
and Transportation held yesterday afternoon at
their Office, No ITO Pearl street. PrcsidentF b. Thur
Der In the chair Messrs. L. j. N Stark, Ellis Knapp Il
Co. and James G. Dimond were elected members. a
communication was read from the Pttsburg Board OF
Trade calling for convention at Washington tho
22d inst to gvc expression to views in favor OF cx-
tending mcrce with foreign nations, conccvng II
to be tho duty OF tho government foster such ca-
tions. Mr.. snow said that ho thought tho scheme
sayorcd OF subsidies. Mr.. A. B. Miller spoke in favor
OF subsidies al element OF prosperity, instancn na
Great Britain example. Mcssrs Charles Wat.
rous, Ambrose Snow and A. b. Miller finally ap-
pointed delegates TO the Convention, and UNDER
stood to 90 unpcdgod other Tor or against subsides
The most important subject o discussion ut the
meeting was letter from Mr.. F. j. Martin, in which
he developed new plan OF protecting mercantile in
tercsts from loss by failures special committee
VINO had onsidered the letter embodied 1t III their
report The plan consisted Of making LIE insuran CO
element in all forced settlements resulting from
solvency The creditor according to this plan would
give extension to his debtor the sum hich no
could not pay and permit him 10 pay In instruments,
in the form OF premiums 10 insurance conipauics on
policy OF assurance covering !hc amount Of tho
dcbt and IN iavor OF the creditor or creditors. This
manner OF paying debts Mr. Martin argued occa.
sionally pracliscu in individual instances and Was
fully recognized by the courts. The statue
OF limitations did not extnguish debt pro-
lected IN this way. ''Crednors' Bureau" should
be established 10 carry out tho details OF
the plan and to follow the transactions to tho close
Mr. Farrelly, President of the American News Com
pany argued IN favor OF the plan He thought that IL
would certainly secure great deal OF tho losses that
now occur through a,n nrcs. BY general consent the
discussion OF the report postponed until the new
directors should meet.
DIRECTORS ELECTED.
A meeting OF tho directors was then holi, and tho
AR AFT "a ic
Adjournment had. The result Of tho election
chosen Ambrose snow, l.. X. DurKee, IL. B Cailin
George Opdyke, John f. Henry, John Ii. Kemp,
Watrous William Duryea, }. 7. RoDlnson,~J. r.
Townsend, IL =. Baker, George A. McrwiE, ID. H.
HoughtaIing, Harvey harrington, l.. j. n. stark,
John Dwight, W. /. Preston, ". H. Wiley BenJam n
Llcntenstein, James 5. Barron, Henry f. HawIcy, Il
+. Browning, William 0rton, f. a. Conkling Darwin
H. james, simon slsrne, William IL. LIBBY. William
!. PeaKc, Emerson Opdycke h. A. Pots, l.. Farrelly,
George Is Saticrleo ana Frederick Tay ylor
A dominating committee was appointed and tho fol.
low ~ins officers were elected Tor lhe ensuing year,:
President, Ambrose snow ; vice presidents, John f.
Darwin X. James; treasurer, T.. X. Durkeo.
The debate on Mr.. Martins plan was resumed. Mr..
James said that the lie Insurance companies were
well known Tor the ability they dispIaycd getting
up business, aud ho thought the committees report
only modified form OF working up lie insurance
interests One would be better OIL II he could got tho
debtor pay directly him money he ow ed than
to pay ups premium through iiie insurance com
pany, where oneinrd OF twould nave 10 DO divided
up to pay agents throughout the country.
Mr. Miller said that he had been victim OF the Goa.
tincnttl LIfc, but was perfectly satisfied with lie
Insurance. By II money could be secured could
DO secured IN no other way. Alter long debate the
The late Canal Board was thanked la a resolution for
thor acton IN tho adoption OF the Tree ls aud
low tolls also their earnest and elective abors
OH bohal OF tue public interest.