The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-10-24
SPIRIT OF THE DRUG TRADE
The Interests That Come Before an AS
ISOLATION of Men of Large Capital.
Wholesalers Relations with Customers as to
Credit and Collections-Repeal or Reduc-
ton of Internal Revenue Recommended.

1t was after IL o'clock yesterday morning
before the Wholesale Druggists Associa-
ton came together to begin its third ses-
sion. The matter of credits to retail pur-
chasers was preached early in the proceed
ings. and it was given as the sentiment of
the wholesalers that theret should be short
time and speedy payment in the selling of
goods. Mr.. Eliel, chairman of the committee
having charge Of this branch of the associ-
atoms business, reported: 1T is impossible
10 adopt a rule. but ii is the belief of the
committee that the matter should be
treated locally by exchanges organized for
that purpose; say thirty days time. and
per cent. discount for cash and that a legal
rate of interest be charged on past-due ac-
counts.D The committee also favored the
passage of a bankrupt law by Congress.
The transportation committee next called
the attention of members to its delibera-
tions, and advocated the appointment of an
official to be known as a general freight
agent, " whose salary and expenses shall not
exceed 5000 per year. and whose duty
shall be to procure proper adjustment of all
freight controversies as to what are suita-
BILE rates. The report and recommendation
were referred.
AT the opening of the afternoon session
Robert Browning. of this city, was pro-
posed as an honorary member and elected
with prompt and cheerful unanimity. Mr..
Browning made a brief speech. thanking
the convention for the honor conferred.
The Peacock Chemical Company, OF st.
Louis, and the Pabst Brewing Company, of
Milwaukee, the latter represented by A. c.
Morrison. were elected associates. and ,. r..
Dickson and James ii. Fahnestock, of Dick
son & Co., Pittsburg.w were made active mem
bers. A Communication from the Harter
Medicine Company. of St. Louis, was then
read. calling attention to the fact that
Texas now had a law in force by which
taxes are assessed upon capital stock
against q house selling in that State by
agents. Mr.. Noyes thought such q law
could not stand, and said 1T houses were
called upon to pay according to- capital, 1T
would be we'll to rate capital invested as
some of the banks do.
The report of the committee ON the drug
market was referred without reading to
the board of control. TIL committee on
fire insurance made q report relating to the
Druggists Mutual Insurance Company.
showing that the total insurance written
from Sept. 3, 1888, to Oct. 1. 1889, was S.
2SS,434.S7, the total premiums being $685.
S22.97. The total losses paid from Sept, 3,
1888, to Oct. l, 1889, were SCI, 1868 Of that
amount, ON drug and allied business, $780,
29S.27 was paid, and in other branches S4,-
S57.71 The report notes that had the same
liberal subscriptions been made to the
guarantee fund by a majority of the men,
bers of the association as has been made by
seventy-three subscribers. the company
would ave a large capital and command
ing position. A vast majority of this assoc
citation has not subscribed at all, and 1T is
to these that the company looks for con-
tinued existence. The report is signed by
Erastus III. Doollttle. Theodore w. Hinch-
han and J; NJ. Peters.
Robert Shoemaker, president; Of the COM
pany, submitted a supplements report on
the subject. He said the company would
go down unless S100.O 900 was added to the
guaranteed capital, and that w hen it went
down there would be even greater difficulty
in druggists getting rates. This was fol-
lowed by a dozen or more brief speeches. in
which the association was urged to stand
by the company. About $4,000 of the
needed 100000 was subscribed, and the
matter will again be taken up this morn
ing.
DR.. Rust. of the board of control, SUBJ
mitted a series of resolutions, the first be-
ing to The effect that each member CORE
spond with his Senator and Representa-
tive In Congress with regard to a repeal or
reduction of internal-revenue tax. This
referred to the tax on alcohol. and was
adopted. The second resolution also was
adopted. 1t related to each member famil-
iarizing himself with the questions in
volved in the first. so that he can write in
diligently to his Congressman on the sub
JtCt. lutIc WIS eOilc uisCueSlOu VI tnt
third resolution, but it was formally
adopted. as follows: 1t recommended the
adoption of specific duties on imports in
stead of ad valOrem duties.
The committee on credits and collections
presented the following, which were adopt
ed:
Resolved. That we favor a uniform term Of
thirty days for all drugs, patents, etc., with q
discount not greater than 1 per cent. for cash in
ten days.
Resolved, That we call upon the wholesale
druggists, members of this association, to take
such steps through local exchanges and other
wise as wiz enable them TO make the rule gen.
eral as soon Ia possible.
Resolved, That we call upon Congress to pass
a SIMPLE, economical and equitable national
bankrupt law that will to justice alike to in
solvents and their creditors.
AT the meeting this forenoon the first
business to be taken up will be resolutions
of the board of control on proprietary
goods.