New-York tribune., 1900-04-16

10 interpret the act at present constituted That
widespread dissatisfaction is felt toward the exist
ing Bankruptcy law is made evident by the fact
that bill has been introduced into Congress with
a view to amending II -
Edward Burns cashier OF the American Ex-
change Bank said yesterday that while he be-
lieved the law TO be great Improvement over the
system of individual State statutes he was strong
ly OF opinion that an amendment should be added
which would prevent men who had shown an IN
tention of committing fraud from getting their dis
charges In bankruptcy. w. G. Peckham. the law
yer. whose firm of Peckham, Warner & Strong Is
counsel for more than one local bank. takes the
same view. He said yesterday:
We have always had collection business mess for for
morning, this Bankruptcy leaves 1t so that an
honest man has to pay his own debts anG also hs his
Bankruptcy law is direct encouragement to dls.
debts. but il licenses fraudulent iebtors to commit
new frauds The referees amendments should be
increased by amendment to refuse a discharee
TO a fraudulent debtor.
The sentiment of the mercantile classes may
fairly be presumed be reflected in the opinions OF
the National Association of Credit Men William
A Prendergast. the secretary of that organization
is heartily in favor of amending the present law.
while convinced of the unwisdom of its repeal He
says:
There has been no question that the re Rt
kind ever presented to the American people; IT is
farer more S moe to be-
marks advance in bankruptcy legislatton t, .mat
Its repeal would carry with it q return to .S the
chaotic. the unjust the diversified State laws,
eredpors credit by permtting references in shape Of
elils OF sale cnatte a be Other forms resorted
to under them.
STATISTICS UNDER THE LAW.
The records obtanabe show that from the e me 1sas
there have been 20 ss4 voluntary petitions and 10 Ss
adjudicatons Ten thousand eight hunafed and and
thrty-two discharges refused The liza billties under
sents period of fifteen months, and the fact that
the total liza bilites is only 100000 less than the the
bsse fss cases old and that
sufficient opportunity has not as yet been arorded %
to test completely the merits of the law IN re-
The Involuntary cases afford better index Of the
and Of in ths the 5 an ss Of @
adtudicated from November l 1898 to September 30;
this class amounting to s7o nS 4s; percentage OF
almost 90 This law has had the effect of re-
stricting credit to legitimate lines.
Mr. Prendergast agrees with the bankers and
lawyers already quoted in commencing as a prac-
ticaI corrective of the fraud evils Of the present
act the so-called Ray Bankruptcy bill, which was
introduced last month in the House of Representa-
tives by Mr.. Ray, of New York, and which, 1t IS
understood will soon be reported favorably from
the House Judiciary Committee Of which MI Ray
is chairman The Ray bill amends in whole or in
part nine of the seventy sections of the Bank
ruptcy law the most important sections sought to
be amended being those defining acts OF bank
ruptcy and persons who may become bankrupts.
and treating OF discharges in bankruptcy.
AMENDMENTS IN RAY BILL.
Under "acts of bankruptcy" the bill amends
Head of Subdivision A, "or made a general
sgnment for the benefit of his creditors" by
the addition of the words 'or. If a corpora
tion applied for been put in charge of
a receiver or trustee under the laws of a State
or Territory of the United States. the ground
of insolvency" The amendments to Section 4.
who may become bankrupts" include in the list
of corporations which may become voluntary bank
rupts corporations engaged principally in mining;
and in place of ANY person who owes debts ex-
cept a corporation substitutes any natural
person and any unincorporated company owing
debts' entitled to the benefits of the act
voluntary bankrupts Under the law at present
ANY person may, after the expiration of
month and within the next twelve months subse-
quent to being adjudged bankrupt" file his ap
plicaton for a discharge The Ray bill amends
this section by limiting the provision to ANY per
son corporation and by fixing the mini
mum time at two months.
An exceedingly important amendment after pro-
viding present, that the judge shall grant
the bankrupt his discharge unless he has Q)
mitted offence punishable by imprisonment
herein provided: CO with intent conceal his
financial condition, since the passage of this act
destroyed, concealed failed to keep books of
account records from which such condition
might be ascertaned," adds these stringent pro-
visions "or 90 obtained property on credit which
has been paid for restored the time the
petition is filed by or against him. upon a ma
| terialy false statement In writing, made by him
to any person for the purpose of obtaining credit
or of being communicated to the trade, or to the
| person from whom he obtained such property on
credit (this amendment covering the of a
false statement submitted to mercantile agency:
! (4) made fraudulent preference which has not
! by a receiver or trustee: or 90 made fraudu-
lent transfer of any portion of his property to
person; or 90 materially contributed to brought
! on his bankruptcy by gambling: or % been grant
! ed a discharge IN bankruptcy within six years
! (theIe are instances of persons having obtained
two DISCHARGES In bankruptcy since the present
proceeding refused to obey any lawful order of or
| to answer any question approved by the Court"
| vision of the list of provable debts from which
a discharge I in bankruptcy shall not release a
obtaining property by false pretences or false
representations, or for wlfu and malicious in
lureS 10 the person or property of another for
alimony due or 10 become due for maintenance
or support of wife or child for seduction of an
The Ray bill has the approval and support also
OF the National Association of Referees in Bank
ruptcy, some of whose recommenda tions for the
! betterment of the law embodied in the pending
measure.
P. B. OLNEY FAVORS IT
Peter b Olney. the well known LAWYER who is
one of the referees for this city, said Yesterday
that the Ray bill step In the right direction
1t is Mr.. Oneys opinion, however. that National
bankruptcy law should not be too specific and full
general principles the rounding out of the struct-
ure being left to the courts as Congress and the
! the United States AS to amendments he takes
the the sam, same ground holding that only features of
be defective should be amended
ANOTHER VICTIM MAY DIE.
! FOURTEEN FIRENE,N IN pOcprTAr VINO