Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1901-10-10
FIXBANKRUPTCYLAW
A Move is On Foot to Amend It's
Provisions.
5000 PETITIONS FILED N IOWA
National Association of Credit Men
Want the Law Abridged Rather
Than Have 1t Repealed-Ad of
Business Men Is Asked.


Business Men Is Asked.
Des Moines, Oct. 9.-Oficials of the
federal court and business men
throughout the city are in receipt Of!
announcements of the movement OF
the National Association of Credit
Men to secure the modification of the
present bankruptcy law. as opposed to
the total repeal of the law ana it's con-
tinuance in it's present state. Des
Moines members of the association
and leading business men are asked to
join in the movement and to inform
their congressman how they stand on
the matter and what benefits can be
secured to trade by the desired
amendments.
The letter sent out from New York
and received here inviting Des Moines
cooperation is as follows:
"An investigation of the wishes oil
the business men touching the bank
ruptcy law, and the most effective
means of strengthening it through
practical amendments is about to bel
made. In this connection your atten-
ton is called to the following propo
sitions which are borne out by statis-
tics and experience:
"The bankruptcy law of 1898 has:
First: Put an end to chattel mort
gage failures, fake confessions of
Judgment, and, in general, to the old
time race for the registers Office; all
now share alike.
Second: Made preferences, where
creditors are vigilant, rare, if not i'm
possible.
Third: Committed the administra-
ton of estates to trustees chosen fby
the creditors rather than by the fail
ing debtors.
Fourth: Increased dividends, and
cut down the expenses of administra-
ton to minimum.
Fourth: Made, as a rule, credit
more secure, without contracting it.
"One of the principal purposes of
the bankruptcy law of 1898 was the
discharge of DEBTORS, and thousands
have been discharged but the statis-
tics of the department of justice show
that from 80 to 90 per cent of those
discharged were debtors who had fail
ed during the past two decades. and
from none of whom could anything
have been collected had they not been
discharged. The time has now come
to put up the bars; this can only BIZ
done by proper amendments to the
| law.
! Repeating the law at this time
would mean return to the old system
of state administrator. There is no
middle ground. Which do you want,
| the present system, conservatively
amended, or return to those systems
which foster preferences and discrim-
mate unjustly between favored and
general creditors%
you can assist in the investigation
which is being made by passing this
circular on. and advising business men
as to their interests, when they are
called upon to express their views.
| (Signed) National Association of
Credit Men, by William A. Prender-
CAST, Secretary"
Examination at the office of the
clerk of the United States district
court for the central division of the
southern district of Iowa shows that
since the present bankruptcy law went
into effect on July 1, 1898, almost 600
petitions in voluntary bankruptcy
have been filed in this division. There
are six rivisions in the state, so that
| about 5000 petitions in Iowa alone
have been filed in the last three years
The importance, therefore, of the law
and the proposed legislation can be
4 seen.
1t is now proposed to amend the
1 present law so as to become more
| stringent and further operate for the
protection of the creditor class The
movement to abolish the law entirely
is being fought by the association of
credit men, who Believe that the
number should be restricted and the
habit of adjusting old matters, run.
ming years old, be stopped; but that
the present law, favoring as it does
4 both classes, debtors and creditors
\ should be modified and continued
rather than repealed or abridged ma
i terially.
i A careful observation and study OF
the views of the business interests OF
the country has developed the fact
that for the past year there has ex
listed strong desire on the part Of
these interests that the present ma
tional bankruptcy act should be
amended in several material instances
This sentiment, which has found tt
be both positive and widespread ha6
led to a contemplated investigation
into the question referred to by the
matter at the request of the Hon
} George w. Ray of New York, chair
man of the judiciary committee of the
| house of representatives.
To secure the concensus of opinion
among Des Moines business men the
: circular sent out herein is being dis
tributed widely and the views of loca
) business men will be secured and sent
to the investigation committee.
EASoN WAS DEFEATED.
w. S. Milton Elected Junior Sycamore
of Red Men.