The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-02-15
FURNITURE DEALERS.

CLOSE OF THE OBSERVATION-DISCLOSURES PLANS
ADOPTED.
The Convention Of the Furniture Exchange Boards
held Its third session yesterday In the Of the
New York Furniture Exchange, No. $50 Canal street.
Tho meeting called to order at eleven O'Clock, but
Immediately adjourned to give more ume to the COM
mttees to complete their reports. Mr.. +. NJ. Homes,
the President, had returned to his homo in Boston
after the session Wednesday afternoon. Mr.
Christopher Blake acted Mr.. Holmes proxy iii Che
Convention, and MIR. George Brown, First Vice Presi
dent, occupied tho chair At quarter before two
O'Clock the meeting was again called to order; the
MINUTES were dispensed with and the committees
called upoh for their reports.
MIR. A. Mellen, Jr, Of the Committee Credits, re-
portsdhat the prevailing system OF almost
runously defective The old fsliacy OF customers de-
mandtng credit right should be discarded. As TO
length Of credit the committee advised that after the
Gays and that after inc rt thirty days from date Of
shipment all such amounts OF indebtedness should Dc
settled by notes Az to cash discounts The committee
advised that the rates prevailing be fixed by each
change board OF trade ana reported TO tAe Others
Az TO conditions Of credit no credit shall be gwen
longer than thirty days to any ono who, on demand
q either OF tho exchanges, shall refuse neglect to
furnish q Statement. OF his condluon; such state.
ment 10 show the liabilities, Including notes pay.
able, book accounts payable, mortgages, deeds
oil trust and preferred iiablites ar nsses Including
book accounts receivable not overdue ono year. notes
receivable actually owned, case actually owned and
hand real estate unencumvered, stock on hand,
amount Of insurance and other assets. As ~ den-
quents the penalties 10 be affixed lett 10 indi-
exchanges AS to Interchange Of Information
the COMMITTEES deem present action inadvisabe., The
adoption OF this report was moved by Mr.. kehr aud
II was Carried unanimously.
FAILURES AND BANKRUPTCY.
The Committee Bankruptcy aud Failure was
called upon. Mr. Brown, on the part OF the ma
jority OF the committee, reported that IL would be
uuwise 10 recommend the unconditional repeal OF the
Bankruptcy law, but rather 10 protest against any
sucn action. The report advocated Mem0raiizug
Congress to reduce the number Of creditors
CURED 10 Institute proceedings IN bankruptcy anu to
increase the number required for debtor to obtain
his discharge.
Mr. George II. Clarke, Of Cincinnati, presented 4
minority report, nding tho unco re-
peal Of the bankruptcy law, ana that Congress DO
petitioned TO that effect Mr.. Kchr seconded the
minority report, and on Cali OF tue yeas and nays
seven were found 10 be III favor VI II and eight op-
posed. The majority report was adopted, alter much
debate, by "a vole Of ~ TO 8, two members having
changed their votes IN the course Of the dtscussion
Mr.. Brown presented very long report, The object
Uniform, method OF setting all failures coming within
the province Of tho furniture trade This report
cited considerable DISCUSSION, but was finally
adopted nearly as read.
The minutes the whole session oil the Convention
were then read nnd ordered TO be printed for dis
trbuIion after which the Convention adjourned sine
die.
The following members we're appointed a. stand
ing committee to settle all disputes That may arise,
Tor calling the annus. Convention ~. b. Met
cais, OF PAwtuoket A. H. Mitchell, OF Cino.nnat,; L.
N. Angle, Of Chicago; George Brown, OF New YORK,
and Charles l.. Long, vi Louisville