Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-11-14
CREDIT MEN HOLD
ANNUAL BANQUET
Seventh Anniversary of Organ
izatiOn of Assn Celebrated at
Kruger Auditorium.
LA MONTE TALKS ON THE
ROSEVILLE TRUST TANGLE
Dean johnson, of New York
University, Hits at Proposed
Currency Bill.

currency Bill.
The Newark Association of Credit
Men celebrated its seventh birthday
with a banquet at Kruger Audi
torium last night, 4b0 members and
guests taking part in the celebration.
On November 10, 1905, when the or
ganization was formed, its member
ship totaled thirteen. Last night
there were but few among the diners
who were not enrolled in the associa-
tion, remarkable showing for seven
years of work.
Three men spoke on various phases
of the credit system, and their talks
were worth going O long way to hear.
In addition, the bankers and others
indirectly connected with the Inflated
Roseville Trust Company heard some
reassuring promises from Commits
sioner George M. La Monte, of the
State banking and insurance depart
ment.
The auditorium was appropriately
| decorated with American colors and
| Won der Heide's orchestra kept the
diners in a merry mood with classic
and popular airs. There were num-
Der of vaudeville acts interspersed
between courses but the speeches
were the main, events of the evening,
and when Irving G. Brown, president
of the association, who acted as
foastnlaster announced that the din
ner would be interrupted to allow
Dean johnson to make his speech and
catch a train. the members pushed
back their chairs and prepared to
listen.
Dean Joseph French Johnson. OF the
New York University OF Commerce.
Accounts and Finance started his
speech with a number of funny
stories to illustrate his points. He
announced that he thought this would
be a very great country, from a
Democrats point OF view, If each
Progressive killed stand-pat Repub-
lican and the said Bull Moose fol-
lower was hanged for his act.
The dean was not long In getting
down to the matter Of credit. He de-
clared that the four essentials to be
atudied In the matter OF distributing
credit are psychology, finance, econo-
mics and sociology. His ADDRESS IN
part was as follows:
JohnsOn's Speech.
.Being a teacher Of young men who
ara preparing for business, 1t IS
natural for me whenever / meet with
a body of business men TO ask myself
these questions: TO what science Is
the work of these men related?' and
Gould a university teach tt?' Any
occupation that requires scientific
training Is called profession, brains
being more important than hands.
The engineers vocation rests upon
physics and mathematics; the phy-
sician's skill has Its origin in physi-
ology. chemistry and bacteriology;
the architects work is conditioned
upon a knowledge of mathematics,
mechanics and aesthetics.
Does any science or composite OF
tho sciences underhe the credit mans
vocation? Is his calling a profession
or is 1t merely one of those semi
intellectual trades in which practise
and the rule of thumb count for
more than principle and scientific
1 law?
Credit is one OF the most powerful
agencies at work in our civilization.
Indeed. without 1t civilization would
be impossible. II man should forget
all he knows about steam or cleo
tricity. the world would slide back
ward a hundred years. If the world
should lose the aid of credit, the
hands of the clock of civilization
would move back several thousand
years.
II think of three sets of men whose
/ business lB SHeClAitli " LILO I1htn~
tenance of credit-the banker, the ac-
oountant and the credit man. The
banker provides the warehouse for
credit; other people do the planting,
the sowing and the harvesting, but
the surplus crop flows to the banker.
He makes his profit by swapping his
credit for the individuals credit, and
the price he charges for this service
Is known as Discount" The book
keeper and the accountant are the re-
corders of all credit transactions;
their concern is primarily statistical
and mathematical.
Now 1t 80 happens that credit, like
that edible fungus, the. mushroom.
has many varieties. Some of them
nourish and support business; others
are deadly poisons. 1t Is the bust
ness of you credit men to pick out
the good from the bad. The &C.
eountant Is specially concerned in the
accuracy of credit; the banker is most
eager for large quantities of 1t; the
credit mans sole concern is the
quality of credit.
When we anaiyze credit, we dis
cover that 1t is the product of q per-
sonal equation combined with a ma
terial condition: and when we are
confronted with request for credit.
|
tons as the following: rs this man
all right as mann Does he give
the impression of strength, energy,
self-reliance, honesty, resourceful-
nessY The science of psychology is
concerned with Just such questions as
those.
'Is his business a good one per SO
i and a permanent one?' rs 1t proper
ly organized to meet competition, and
| Is 1t managed efficiently?' The SCI
ence of economics lays down the prin-
ciples In accordance with which these
| questions must be answered.
Does his business depend on within
or caprice or fashions? rs his social
environment likely to lead him into
extravagance?' The science of soci-
ology will throw light on these puz-
zling questions.
Is his credit out of proportion to
his capital?' Can he weather a
panicY Indeed, is there danger of a
panic in the near future?' Questions
of this sort cannot be answered WISE