The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-11-30
Situation Is Discussed ut Il Dinner
Attended by Many State
Legislators.
CRITiCISE THE MISSOURI LAW.
President Francis Declares That
Success Of Worlds Fair Is Ham
pered by Inability to Get
Policies on Buildings.

Former Governor David F.. Francis. one
OF the speakers at the banquet given at the
Mercantile Club last night. in honor of the
members of the Missouri Legislature. by the
ST. Louis Credit Mems Associat ton, criti-
cised existing insurance conditions.
| He said that unless the laws We're modi-
fled it would be impossible for the Louisiana
Purchase Exposition Company to insure
both the Worlds Fair buildings and the ex-
hibits.
The latter" Governor Francis stated, lis
absolutely necessary for the success of the
enterprise"
His remarks were in line with the utter
ances OF the speakers who had preceded
him. j. C. Birge spoke on the insurance
question from the standpoint of the manu-
facturer. He said that the laws passed
by the last Legislature. which were ex-
pected to protect the insured. had com
pietely missed their mark and that the
merchant and manufacturer had been the
sufferer.
1t was shown that the rate of insurance
mad been increased nearly 100 per cent in
some instances since the passage of the
"Valued-policy'' law, and that this was not
the only Disadvantage. as it was practi-
cally impossible for local merchants to Sc
cure the amount of insurance necessary for
their protection.
The effect OF the law" said Elias
Micnael, who gave the merchants view
point mas been to decrease the number of
companies dong business in this CITY until
" mas become a question not of the amount
or insurance a merchant Will carry. but the
amount he can secure"
COMPANIES WANT NO CHANGE.
a letter was read from +. c. m
ADVISORY director of the Simmons Hardware
company, embodying the same views ey-
pressed by the speakers. MIR. m in
ADDITION, held that the insurance comma
mes haa reorsanized their BUSINESS methods
10 meet present conditions - IT,. -.
were not desirous of a change.
IN support of thus sta cement, George ID
ma1khaIn' VINO represented the insurance
ln.erests, said that so tar as the insurance
companies were concerned that there was
mo mo agitation Tor legislative action. Speak
ing as a resident of Missouri continued
the speaker, "and as a local man inter
ested In the financial growth of our CITY
anu State. l VIII pace myself on record by
the insurance companies completely failed
10 accomplish their purpose, and ii is the
freight" ~ pays Tie
The discussion of the insurance question
.o,l3wea q speech by William A. Prender-
tioDal Association Of Credit Men. Mr.. Prem
aergast spoke on the Fraudulent Sales of
MeTchandise in Bulk" In part. he said:
chandise in bulk has been reduced to a
science that has become more and more
popular. because We have found to our sor-
row that there is no law that enables the
creoitor to secure redress from the pur-
chaser when a debtor has sold his stock
and departed with the proceeds.
TO HONEST MERCHANT.
.Inere are men in this country who make
1t a business to buy up stock in this man
ner. Ihe debtor may agree to sell his en-
tire STOCK at a reduction of from so to 80
per, cent of the cost price. After the ne
EQUATIONS he notifies the house from which
ne purchased the stock that he has decided
to retire aad that some time in the future
he Will meet his obligations.
The evil of this system carries itself into
every DIanGh nI Trade afanfu AL- L--@-A
merchant who is forced to comDete with
the purchaser of this bulk stock. the lat
ter being able to sell goods at a REDUCTION
profit. -"
The only relief from this condition is to
pc found in the law. The facts must be
brought to the attention of the legislators |
and statutes must be enacted that will regu- |
late the manner OF sale. not the sale itself.
The latter would be Infringing on the So |
called vested rights of a citizen.
The law should provide that the intend |
ing seller should notify his creditors at least
nve days before the sale is consummated.
protect themselves"