Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-10-12

IOnS urge greater vigilance ana more
y "any and all improper or mistaken
into bankruptcy practise in our midst"
. The resolutions suggest as remedial
measures:
That creditors should elect their own
trustee.
That appraisers should be business
men qualified in some one or more of
the special branches involved in the
failure"
That receivers familiar with the busl-
ness in bankruptcy should be named.
That such appointee should "be left
strictly unbiased"
The resolutions nevertheless staunch-
ly upheld the federal bankruptcy act.
which Is characterized as the "wisest
and best law ever given to the business
men of the United States. They also
make reference to adjustment bureaus.
Mention Is made of the need for
Supervising more carefully the work
of agents entrusted with adjustment
work and whilst appreciating faithful
work yet Of repressing and moderating
too great zeal therein"
The resolutions further declare that
in the future business men should see
that creditors of bankrupts should feel
1t incumbent upon themselves to at
tend the election ,of trustees and that
the referee should notify these credit
ors of the election to take place. The
trustees in this resolution urge the
need of appointing business men to act
as receivers and trustees and only such
men as have q knowledge of the busi-
ness in question.
At the present time this work is done
largely by the attorneys, who COM
pose the alleged Bankruptcy syndi-
cate"
/ VIII Discuss Adjustment Bureau.
| The resolutions will be offered to the
association at the meeting of that
body next Tuesday night. 1t Is ex-
pected that the meeting will be we'll
attended for several matters apper-
tanning to bankruptcy practises and
to the management of the adjustment
bureau will be taken up,
The proposed credit interchange
bureau" designed to take the place of
the present adjustment bureau, which
! prominent members of the association
J admit has proved a failure, is hoped
| will be acted on favorably by I'D
: body IL the proposed new cre63
bureau prove popular with the mem.
bers, and some say that it undoubtedly
! WILL 1t will mean the automatic drop
ping of Senator Osborne from the posi-
ton of manager, that he now holds.
Conservative members of the associa-
tion c clare that the new bureau Is
the only relief from the embarrassing
/ ~.
placed at the present time.
That the old bureau has not been
successful has been asserted before.
Albert c. Courier, the first chairman Of
the adjustment bureau committee, can
| didly ~aid some time ago that tho
bureau had failed of It's purpose and
that Harry v. Osborne had "been tried
and found wanting" The resolutions
in full follow:
The Resolutions Adopted.
Be it resolved, That 1t is the sense
of the Newark Association of Credit
Men that the bankruptcy law is
the wisest and best law ever given
to the business men of the United
| States for taking care of the rights
of creditors and debtors in the event
of commercial failure and that its
| provisions are framed to afford most
complete, efficient, just, flexible and
economical administration of in
solvent estates; that indiscriminate
attacks upon the law itself are to
! be deplored as most unpatriotic and
unmerited; that it's repeal would
be a distinct and irretrievable loss
TO the people; that not only are It's
remedies swift and drastic towards
fraudulent debtors. but that its op-
portunities for examining into the
affairs of insolvent debtors are spe-
cially searching and summary that
its provisions for prohibiting prefer-
ences to favored creditors out of in
solvent estates and seizures there
from by legal proceedings on the
eve of business failures are most
salutary and effective; Chat it gives
opportunity, impossible if ii were
repealed, for creditors and debtors
to arrange peaceable settlements OK
business failures out of court, that
it furnishes one vast uniform sys-
tenn through the United States in
place of forty-six differing and
confusing systems of State laws, so
that business men may know their
rights when dealing in other Statesi
and we call attention in particular
to the fact that the bankruptcy law
is the most democratic of all laws
ever enacted in that it requires no.
tces to every creditor of each step
taken and invites creditors to choose
trustees and to take practical part
N the administration of the assets
fcontinued oa Page 2 Column a.