El Paso herald. (El Paso, Tex.) 1901-1931, 1914-03-13

Election Occurs at Banquet;
Bankruptcy Actions
Criticised.

THIRTY five members Of the FL PasO
Credit Mems association and their
guests. gathered around the festal
board spread in the banquet room Of
the sheldon hotel Thursday night 1t
was the occasion Of the annual meet
ing and election Of officers. The ban
ouet was characterized by the spirit
OF good fellowship, which flowed dur
inc the serving OF the eight course
banquet Nothing was raped Out the
bankruptcy courts They came IN Tor
a good drubbing by the credit men ana
the LAWYERS who were the invited
guests Of the association. The law
yers doubted the wisdom Of the bank
ruptcy courts and the credit men
showed what had been saved in dollars
and cents to creditors and assignors
BY going through the assignment pro-
cess.
H. W. Browder was selected as pres
ident to head the association for the
ensuing year James A. wright the
retiring president, thanked the mem
bers for the excellent showing made
BY the association during the past
year As an evidence Of the regard IN
which the FL PaSO ASSOCIATION was
held. Mr.. Wright stated that the credit
associations Of San Francisco ana Los
Angeles, Calf, had called on II to help
an outside association In the manage
uent of a concern that had made an
-.
citation did, these associations SAID,
declared Mr.. Wright would be per
fectIv satisfactory. That IS an lnulCa-
ton Of the standing Of our association
which is q members OF one one T,,t e9
biggest associations in the OhIteo
States" Mr.. Wright predicted a year
Of prosperity for the association
Other Officers Chosen
IN addition to electing Mr.. BroWuet
as president the other officers elected
~s.-.- lr-He1 a-a
treasurer. H Andreas; secretary $ W.
Daniels; directors, VIII Crombie, Chas
r IoOmis. E M. Hunt J. A Wright
b NJ c. Williams, c. W. Mitchell ana
The report OF S. ". Daniels, secretary
Of the association, covering the period /
from Nay !, 1913, TO March /, 1914 re-
cited that but one assignment TO the 4
association had gone into bankruptcy |
and that was caused by a nOnmember-
The Is assignments made to the assoc !
citation, it was stated had been ad- |
to the satisfaction Of the |
creditors It was estimated the saw /
Ing to the creditors, by keeping those /
various matters out Of bankruptcy /
amounted to $4,000.
Debt Reduced to $500.
The debt Of $1,000 president and di- l
rectors fell heir to two years ago, had 1
been reduced to $500. That reduction 4
was due, it was said, to a great ex- /
tent TO the effort Of MI Wright the /
retiring president
, Under the head OF assets, furniture
and fixtures were specified at $S10.35; /
deposits in the City National bank /
amounting to $1z59-70 and accounts re-
ceivablc, $95l-2z.
The liabilities were given at s2947.3S.
The liabilities IN excess Of the assets
were figured at $426-11 The sum Of
S3S25.74 was given as the revenues re-
eeiVed since May 1. 1913. The expenses
amounted to S2925.5S. The net gain was I
figured at S90O36
Not Undertakes, But Nurses
II. ". Browder. after his election as presi-
lent, when called on for a speech, said;
The average small merchant looks upon .
he credit man with distrust- But We are
lot an undertaking establishment we are
hospital We act as nurses We take in
he patient, nurse him along until he either
cts well or dies We don't bury him in
'otter's field like the bankrupt courts, but /
We cremate him and scatter his ashes
mong the surviving creditors q"
On Mr.. Wrights suggestion Mr. Browder |
7as chosen as a representative to attend I
he national convention Of Credit Mems I
ssociatiOns to be held at WASHINGTON some ]
me during next June
ThOmason Raps Bankruptcy.
1t IS indeed a pleasure" said r. z.
homasOn, smiling, Ito meet with so many !
-edir men and on such a friendly basis I 3
-e had something to say against the bank /
1ptcy courts stating that in his opinion, /
Aseu on ms experience as q lawyer, he /
Quilted the wisdom OF those courts. the
hole OF the estate having once been placed / .
Ito bankruptcy going to the trustees, adj ;
Illustration expenses, including court costs.
nile the creditors derived little and the
5signor was left little or nothing law
hereby ali the assets OF the assignor could / {
obtained. judge ThomasOn considered
Ould be a wise enactment
s J. Prudential declared that success in
1EineEs depended entirely upon the ability
the men engaged in it and not strictly on s
ash he cited an Instance where a busi- 7