The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-11-05
MAKING CREDIT SAFE
j. F. BooCOcK,r oF NEW YORK, AD-
VOCATES SOME IMPORTANT
METHODS THEREFOR
LOCAL CREDIT MEN BANQUET
They Add to Their store of Knowl.
edge, ms WeIIaas Prom citing the
Social Purposes of Their Assoc
ciatfOn-C.. w. Wellington Also
Addressed the Association-Met
at the Minnesota Club.

| sAHC uAAhHeSOIa OluD.
A thoughtful address on the protec-
ton of creditors was delivered last
| evening by f. e. Boocock, secretary of
the National Association Of Credit Men,
OF New York, before the ST. Paul Cred
IL Mems association at the Minnesota
club.
1t was the first of the series of
mcnthly meetings which the associa-
lion Will hold this winter, and about
| torty-nVe members were present. q.
"A. Young, president of the association,
presided, and after refreshuents were
served he introduced Mr.. Boocock, who
said in part:
MI. Boocock urged that the objects of
the association We're primarily the mu-
tual benefit of all the members, and
without advantage to amy man or class
OF men, To this end, the association
mad worked to prevent fraudulent fall
| ures, 1t had sought uniformity in
bankruptcy legislation, a field in which
there was still much room for efficient
work to be done. 1t had succeeded in
| gcttlng better service from the mer-
| camille agencies, and it had establish
ed q helpful cooperation between the
| wholesaler and the retailer The
abandonment by legislation of unjust
exemptions Of large amounts of prop
| erty was urged as necessity Of the
future, and 1t was suggested that much
| good might be done by the adoption Of
UNIFORM system of accOuntancy for
| retail stores. He said
Ihere is great diversity In the character
OF businesses, and that no one set form Of
oookkseping is practicable. While we con-
cede this, however, we contend that there is
uniformity in accountancy which Is posi-
BILE, and which, while recognizing and OBJ
serving certain cardinal facts, permits Of
such elasticity in 10
every complication. If we can perfect such
system and establish 1T in fifty or 100 retail
stores before the time of our next convention
we Will have performed labor of incalcua-
Die significance to business interests. Such
a system would show at the conclusion of
each days or each weeks business, as might
De elected, the exact condition of the stock
pront or loss sustained, volume of trade
and every detailed knowledge so essential to
prosperous management. The possibility Of
this field of activity is to me alluring, por-
tenltous and suggestive,
1t has seemed to me that it might be DOS
Slple Tor some agreement to be reached be-
tween our organization and its members
whereby the latter would bind themselves, in
case Of any failure followed by an offer of
compromise to take no action in relation
thereto until the proposition has been re-
ported upon by our Investigation committee
IN my judgment such a method of treatins
failures would go far. towards enforcing in
tegrTty OF action, and thus reducing by O.
disasters
The appointment of experienced men of in
tegrity and Judgment to act as assignees or
trustees is more difficult, but still reasonably
possible; the establishment of bankrupt stock
clearing houses in the principal trade CEN
ters Is business proposition of conservatism
ana logic, and the preparation and enforce
1nent OF some system Of censorship over
commercial failures is a development which
can be attained through the cooperation and
support of business houses
Z. w. Wellington spoke briefly, ad-
Vocat1ng legislation to prevent insol-
VENT debtors living in luxurious. homes
while owing thousands of dollars to
creditors.
The idea of the present law. said Mr..
Wellington, is to allow a debtor to re-
tain his home, but dishonest debtors
take advantage Of 1t and live in luxury
while their creditors are unable to OBJ
tain a cent from them. He believed
limit Of $4,000 or $4,000 should be
placed upon the value of home re-
tanned by an insolvent debtor If he
occupied g. more valuable place it
should be sold and all in excess Of sa,-
OOo realized from the sale should be
erplied to the payment of his debts.
AT the conclusion of the addresses the
association organized q round table
and questioned Mr. Boocock as to the
best methods Of cultivating retail trade
and to insure more prosperous condi-
tto11s in the affairs Of jobbers and re-
tailers alike. Mr.. Boocock offered many
suggestions Of value to his question
ers.
Among those present last evening
were:
J. H. Beck. g. D. Maclaren, George L.
Beerdsley, T. D: Lowering, J. H. skinner.
S. L. Sewai Alfred Scheffer, A. K Alness
H. A. Boadman, S.. S. Crooks, F. A. FL
dredge. Claiming seabury. G., H. Kellogg
Hinrichs, W. D. Kirk D. P, Moreland, J.
4: Gregg, John =. Kelly ]. 3, A. williams,
W. H. Conyer, 4. K. Pruden, George Som
mers. A. W. Ritzinger, w. H. Dickerman.
F. L. Chapman, G. W. Crosby, g. L. shep.
ley, E. N. Saunders, Henry schurmeier
George Thompson, B. S. Sperry, @. g. Town