The sun., 1903-11-13
Wall OVER INSTALLMENT LAW.
Jewelry Dealers Meet to See What Can
BE Done to It.

A meeting of lower East Side dealers in
clothing and jewelry on the installment
plan and pedlers Of the same goods on that
plan met at the Cafe Liberty in East Houston
street last night to devise ways and means
of doing something to the law passed by
the Legislature providing that body exeou-
tions might not be issued against debtors
owing a sum less thah 500. The meeting
was called to order at 10 o'clock by Joachim
Spero, who was made chairman, and 1t
was still in session at midnight. At that
hour persons who wanted something done
to the law were still being heard.
Most Of the proposals were stated in
Yiddish. Adolph Cohen. q jewelry mer-
chant OF 1928 Essex street. explained to a
SUN man what the discussion was all about.
Mr.. Cohen said:
This bill of Senator Elsberg became a
law last April. From the day the Governor
signed it agents selling goods on the Install
ment plan and the purchasers Of goods on
that plan have been taking advantage Of
the law to defraud their creditors. As a
result, wholesale merchants doing an ag-
gregate business of 20,000 600 year have
had to go into bankruptcy. And this is the
way it happened:
-The jewelry and clothing business
south of Fourteenth street is peculiar.
The manufacturer or jobber sells to the
retail merchant or the pedler on memoran-
dunn. The retailer OF the pedler sells, in turn,
to his customers on the installment plan.
After that bill became a law few OF the
retailers and some of the pedlers took
good care not to take on memorandum
more than s99.99 worth of goods from
any one wholesaler or pedler. When pay
day came these debtors said they had
nothing to pay with. They had no property
which could be attached and 80 they have
never made good.
the custom of the retailers and the ped
lers who sold on the instalment plan.
The stomers, after it became a law,
soon learned about the bill. The way
they laid in supplies Of jewelry and cloth
ing, always for an amount less than 500,
was a caution. They'd wear what they
bought until the newness was of then
they'd hook it and take the money to buy
more.
or the retailer. and he had to default, in
consequence to the jobber or wholesaler.
The latter had notes out, which, because
he could not collect from his customers,
he was unable to meet. There was nothing
left for him but to go into bankruptcy.
know of one firm of Maiden lane jewellers,
in business twenty-five years, who had TO
go through bankruptcy on account of these
defaults. Since the bill was passed last
April, it Is estimated that more than 81 00O,-
600 has been lost by persons doing busi-
ness south of Fourteenth street owing to
aSome lawyers, who are looking for our
money, have had representative here
tonight to say that. " we will raise fund
of s5, 900, they will est the constitutionality
of the law in the courts. We don't want airy
litigation. We want to 60 right to the Leg
islature and get the law amended so that
body executions may be issued against
persons who are debtors for less than 500
"A committee will be appointed before Il Is
meeting adjourns to devise ways and means
for getting the law amended, and our COM
mittee will confer with committee from
the Maiden lane jewellers, who will act in
dependently at a meeting to be held IN .
few days.