, 1881-12-04
A BETTER BANKRUPT LAW.


New SOrl1 Trade 0rwu nfxations RECON-.
1aending tfap Lowell 1siii AZ Il zs..aIs.
-Nftp 1Drt SIN, Not. ~.
X meeting was held In the Fifth Avenue Hotel
last evening OF the "committec ou Bankruptcy
Legislation OF the New York Board Of Trade
and Transportation, with delegates from various
other organizations, to tukc steps to urge upon
Congress the enrichment OF a uniform Nationul
bankrupt law. The Hardware Board Of I's4st}e
the Produce Exchange, the Mcrcnants' Club, tho
StMtoners Board Of Trade, the Mercantile job
bers' Association, the Mechanics anu Traders
Exchange, the Jewellers Association. tho New
York Petroleum Exchauge, und the Cigar
manufacturers Legal Protective Asso-
ciatlon were. represented. The meeting
was called to o.tlcr by a. i. Miller.
Gardner +. Colby, OF the Merchants Club, WINS
Manager Of the american News Association.
Secretary: 81. s. Wise. Walter II. Lewis. and
TrunsAln Edison were appointed u Committee on
.Neshntiolt;, AND repaired tic fDlt0wauR:
"'rhat il, tho Judgment Of this contention the
best intcres1s of MI caasscs Of the business com,
II Uniform National bankrupt law. Of such II
character As to- discourage frAud III mercantile
traslsac1ons t. afford ready and eliicIent relief
to honest debtors, to place NIL creditors
wherever loc.itrt. upon an equal footing, to es-
tablEsh uniformity: Of admnlstr: son Through
nut the country, ,ild to secure the prnmot and
equitable distribution OF the assets Of i.4sulvent
estates without preferences. ut The least possl-
bic expense. THAT suel, i Inv snn11Ii in
Ciiuca 1ttt:ct0u& system OF cOrlOSiptiUn Whcrt.-
hy settlements may be effected In proper c,.srs
upon sitch terms as t1.yy Ue satisfactory 10 IL
sufficient majority Of creditors. without the de-
fuy aud expense incidental to tutf tsnEruptc;
proceedings. aud thar we do respectfully urge
upon Congress the Necessity for immediate uc-
ton thereon
Another resolution said that {, hill based on n
plan Similar tn tho Lowell bjt would form II
proper basis for tho best practical construction
Of suitable l0ss, and Il third expressed the con-
yiction:
''That any system which compel5 tho settle.
1ncnt Of bankrupt or inSovent estates iii courts
of equity or chuncery, according 10 their estnh-
l1shed procedure, would involve undue delay.
confusion. and expense. and would utterly fill
TO prove either uniform. equitable, or Salisfac-
tory. Or permanent III its operations
Mr.. Young warned the gentlemen present no.
to vote for the adoption OF tue resolutions
through mere coHlplAlsance and without full
Of them.
Mr. II. s. Wise urged that by these resolutions
this convention did not adopt even inuorse,
the Lowell bill but simply recommended it Us Il
basis OF action. and the best ht. Thought which
had thus fur been offered
The resolutions were then adopted serutiul !
An Executive cOmmtttce will he formed to see !
that che views of the Convention are properly !
to Congress. In the course OF con- /
yerSarion 1t WIS rc1nurkcd that il luan was go
Ing bout getting signers to petition, to which !
he clamcd to have alrendy ontnined s10 U0o |
names, aglinst the proposed bill, md thar this !
antaHonistic movement was the work Of :. Mr. J
Gould"