Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-10-19
OSBORNE STATES
He EARNED EVERY
DOLLAR RECEIVED
Gives Out Lengthy Statement
as to His Bankruptcy
PractiseS.
REFERS TO WORK FOR
ADJUSTMENT BUREAU
Also Asserts He Has Been UD-
right in His Dealings
sf Throughout.

October 10, 1911.
Dear sir-I hand you herewith a
statement relating to the articles winch
ave appeared in the newspapers re-
gardingA the bankruptcy situation mere
1t is salf-explanatory.
If you publish this statement whlcn
/ presume you will, ! would request
that you publish it as written ana
without excisions. Yours truly,
HARRY V. OSBORNE.
IN The Editor of the Evening star;
Newark. N. j.
s"rhere have appeared recently IN the
public press numerous criticisms OF the
administration of the bankruptcy law
in this city. Most of these articles have
been chiefly remarkable for their mis-
statement of fact and erroneous con-
illusions.
THESE newspaper criticisms IN gen
eral conveyed the inference, first, that
certain lawyers INDUCED in unetnicai
practises in connection with bankruptcy
matters. and second, that teese lawyers
with the acquiescence of the reteree'
controlled largely Ii bankruptcy pusl-
nose for their mutual benefit, and that
/ was a party thereto.
II have practised my profession IN
this city for the past fifteen years, ana
never. to my knowledge, has n charge
been made against me. | have hereto
fore felt hat my conduct was, as l
had endeavored to make it, above re-
proach. | still feel such to be the case
and am confident that the public would
coincide with this view If the whole
truth. and only the truth. were pre-
scented.
1.-THE ~practises in question evidently
refer in particular to certain cireum-
stances arising out of my employment
as attorney and manager of the bu-
reau OF adjustment of ths Newark AS
ISOLATION of Credit Men, a commercial
organization of some $50 members,
affiliated with the National Association
of Credit Men.
This bureau was organized about
three years ago by the appointment
of a bureau committee, It's avowed
purpose was to arrange adjustments
where possible between debtors finan-
cially .emt-~Y ssed and their creditors
in order to save the expense unavoid-
ably inc 'cnt to the administration
of the estates in the state or Federal
courts; and where each adjustment
were impossible. to endeavor to secure
the appointment of receivers, trustees
n attorneys who were competent TO
properlv administer the estate.
"A number of such compositions
have been put through by the bureau,
apparently to the satisfaction of the
creditors interested.
The very foundation of the credit
mems organization is cooperation, and
the efforts of the committee from the
first have beer to secure such coopera-
ton among creditors in bankruptcy
cases, believing that such a course
served the best interests of the cred
itors.
The committee came to me and re-
quested me 70 undertake the organiza-
tion and management of the bureau
In order to render efficient service to
the members of the association when a
petition in bankruptcy was filed and
had become a public record. |, as
promptly as possible, on behalf of the
bureau of adjustment and with the
full knowledge and consent of the mem
bers of the bureau committee, procured
informations of the fact and notified in
terested creditors by circular letter.
Members of the association who have
been creditors in bankruptcy proceed
ings have received these notices since
soon after the organization of the bu-
reau.
This custom is now criticised, ap-
parently upon the theory hat 1t was
done solely for my personal benefit
and without the knowledge of tht
bureau committee of the Credit Men,
Association.
mot only did the committee, includ-
ing Mr.. a. c. Courier, it's first chair
man. have this knowledge. but he ant
the other members of the committed
were consulted with regard to tbs
matter and gave their approval before
the plan was put into operation.
Two of the present members of th'
committee were members of the orig.
inal committee, and can verify thi'
statement.
"The course pursued by me in thu
conduct of the business of the bureau
has been at all times with the full
. knowledge and approval of the com
mittee. 1t was the belief of the com
mittee and of myself that what wa
done was for the best interests of tn,
organization. In view of the purpose
sought to be obtained. there is nothing
in the practises which can he properl,
criticised.
my connection with this organiza
ton necessarily brought me into tn
bankruptcy court frequently, even per
haps to the extent of justifying tn