The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-24
PLANS Of CREDIT MN
PRESIDENT E.. A. YOUNG. DEFINES
SOME OF THE NATIONAL ASsO-
CATIONS WORK
REVISED BANKRUPTCY LAW
BUSINESS Men Have Been United and
Protested Against Financial In
juries-CheaD Insurance
Is n Menace.

Elbert A. Young. of the firm of Finch,
van Slyek, Young IL Co, has returned
ffoin Cleveland, Ohio, where he attended
tee annual meeting of the National Credit
MEMS association, and was paid the sig
nai honor of being elected it's president
HIS election, besides a tribute to his
well known business ability. was an
honor TO the West as heretofore the
chlet oncer of the association has been
selected from one of the large Eastern
cities.
The Credit Mems association was or
gained six years ago. principally for
the purpose of bringing representatives
OF large business firms closer together,
and in this its success has been remark
able Most of the representative mer-
chants of the United States are now men,
bers. and large number of prominent
bankers have also Joined. The organiza-
ton has been of immense service to the
credit business all over the United States
as through the efforts of it's members a
UNIFORM system of credit blanks has been
| adopted These are in the form of in
quirles exchanged between merchants as
TO the credit or customers. A uniform
system of credit statements has also
been established. Merchants are re-
CURED to fill in questions on these, rela-
tive to their assets and liabilities and
the uniformity in this respect which has
been adopted as the result of long ex-
perlence of prominent business men,
has simPlitied this department of the
credit system to the profit of both whole
saicr and customer. Another important
result achieved by the association is the
vast Improvement in mercantile agency
service, a department which is in the
hands of such we'll known firms as Dun's
and Bradstreet's.
The convention at Cleveland took I'D
some questions of vital interest to the
credit men, and some important steps
were taken for the protection of large
firms against INSCRIPTIONS retail Gus
toners. Among these may be mentioned
the creation of fund for the prosecution
OF merchants who are guilty of fraudu-
lent failures. Great loss has resulted in
the past from this cause, and it is pro-
posed to punish to the full extent of the
law. all who may be detected of fraudu-
lent work in connection with business
failures.
Another matter that received careful
attention was the bankruptcy law and the
association went on record as strongly
favofing a national law, incorporating
such amendments to the present law as
experience has shown to be eXpedient.
number of amendments were con-
sidered and approved, and these will be
sent to congress in the form of a mem
orial from the association.
III lnelr uelDefallOnS the credit men did
not forget the interests of retailers, and
it was decided to advise them to insure
their stocks in companies of known repu-
tation Heavy losses are not infrequent-
ly brought to the attention of the large
wholesale firms, arising from insurance
placed by merchants with companies
which cannot meet their obligations in
case of serious loss by fire Another
kindly hint which will be sent to retail
ers is that they all adopt a simple but
accurate system of bookkeeping. Loosely
kept books, after fires, cause small mer-
chants infinite trouble in Strengthening
out their business with insurance COM
panies and the wholesale men. 1t was
suggested to them that they adopt a
at any time exactly how their affairs
stand.
Mr.. Young is the fourth president of
the association; the first was W. H. Pres
ton, of Sioux City; the second was j.
e. Cannon, vice president of the Fourth
National bank, of New York. Next came
John Field, of the firm of Young,
Smyth 6, Field. of Philadelphia, the larg-
est wholesale dry goods company in the
Quaker City. Both Mr.. Cannon and Mr.
Field served the association two years,
as president, and Mr.. Young's election
in succession to such eminent men in the
business world, is an honor which credit
men of the Northwest keenly appreciate
1t is regarded as a selection which can
not fail to increase the feeling of cor
diality and spirit of cooperation, which
the association has been instrumental in
promoting.