The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1911-10-05
BANKRUPTCY LAW IS
NOT ENTIRELY
PLEASING
Secretary of National Retail
Association Says Changes
Should Be Made

Present bankruptcy laws are not
entirely satisfactory in the opinion of
F. l.. Stockwell, secretary of the Ma
tional Association of Credit Men who
delivered an address before the Grand
Forks Credit Mems association We'd
nesday evening. However, he did not
believe in the adjustment of the law
either. but voiced the opinion that
there should be some changes. F. r.
Salisbury, a member of the executive
committee of the national organiza-
ton, also was a guest of the local club
and made a talk at the dinner.
Waste of Energy.
Cooperation was the key to the ad-
dress of Mr.. Stockwell. IF co-opera-
ton does not cooperate" said he, "it
is of no value to those who attempt
1t. 1t is a waste of time and energy
spent in that direction.
"Co-operation stands out in com
mercial life as n Of the principals of
human progress. The foundation
stone Of the National Association OF
Credit Men is cooperation. Try al
WAYS to keep in mind the primary OBJ
Ject Of the organization-the coop
Grafton of men along n line for the
netterment of business and credit.
Il was once asked what was the
meaning of the word credit 1t might
" ny SItlllluk IL 10 announcer
word called confidence. If anything
else need be added, l might say tact.
Cooperation is the standard Of oul
organization. From the beginning II
has increased to the place where i,
now has a membership of $4,000.
nave seen it grow from a small or.
ganlzation n I know not where the
number will finally stand.
Problems Difficult.
1t is easy to organize an associa.
ton of any kind. but it is not an cas-,
task to maintain it and maintenance
is a problem. There are 336 differen,
lines of business in the United State.
and with one exception. that being the
sented in the national association.
w have only called on the trade
for ten years. Yet we are today tn,
largest commercial body on the con
tlnent n so far as I know the larg
est In the world. If there is anyon,
here that can inform me differently,
would be pleased to have them stand
The capital represented in the Ma
tional Association Of Credit Men il
have a faint idea how much none,
that is. 1t is nearly equal to all tn,
money in circulation in the Unite,
States.
The workings of the credit mel
are rapidly changing. The chair o
credits is being rapidly raised to some
thing of a professional standard
With credits the moss has grown Owe
the old pathways, for there is no on,
TO read them. Improvements hav,
come to us. Each man is trying t
do his part for this cooperation which
will in the end lessen the expense ac,
count. 1t has already begun"
Question of Legislation.
The secretary told something of thu
efforts of the association to get favor
able legislation. Today there ar,
f%orty-five states with credit laws ia,
vorable to the credit men. Incident
ally the laws of the credit men IL
North Dakota were first tested before
Judge Pollock last week and the,
were sustained. although it is under,
stood that the case will go to the high.
er tribunal of the state.
He stated that he did not favor the
present bankruptcy law. although hi
did not believe in having it abolished
Mr.. Stockwell is convinced that the
bankruptcy law should be made so a:
to establish a substantial basis be.
tween the credit man and the debtor
Northwestern Conditions.
The talk of Mr.. Salisbury was NOR
along general lines which %pertained tc
the northwestern situation. Being 10.
Gated in Minneapolis. he is familiar
With the situation in this section o
the country and spoke of some of the