New Britain herald., 1925-02-26
TAKE FIRST STEPS FOR CREDIT BUREAU
''Dsad Beat" Will Be Isolated
 Like Smallpox Patient

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 The New Britain Credit Bureau should be established as soon as possible; there is great need of such an organization in this city for the dissemination of credit information to put stop to the practices of those who so to stores and make purchases with the chances of pay ment very slight. This was the consensus of 30 business men who last evening met at the Burritt hotel to discuss plans for such a move- ment and prepare tentative plans for making 1t reality. .. That the need of such an organ ization is very urgent was brought out at the meeting. At present mer- chants are exposed to the danger of allowing credit to those who already have unpaid accounts with other merchants. With the existence of such bureau and the spreading of this information a check could be made on those who buy merchandise with no idea of paying for it., Doug- las Johnston of the City Coal and Wood company, pointed out that honest customers who pay their bills must also pay the obligations of the dishonest customers. in directly.
 Harry r. Haynes, of the Fidelity Finance corporation, who is one of the most active sponsors of the bu- reaus establishment spoke on the subject, comparing the man who fails to meet his obligations to a person who has smallpox and who is consequently isolated. He said that by the medium of such a bu- reau the dead beat" can also be isolated so that merchants win not be exposed to any dishonesty on on their part. In speaking of the work of the bureau, MT. Haynes said that upon its establishment each merchant would send to it a list of his accounts of those who presumably have no intention of paying their bills and those who, by all appearances, expect to meet their obligations but who are slow in doing so. After the bureau has been established he said that a cir cular magazine can be published, containing information of value to bureau members. Speaking of any proposed utilization with the Hart ford Credit bureau, MT. Haynes said that he thought there should be none although cooperation would be advisable. .'r
 After considerable discussion a committee was appointed to formu- late definite plans for the organiza- ton and draw up set of bylaws and rules. The members of this committee are: W. J. Dunlay of Barry & Bamforth, r. o. Rackliffo of Rackliffe Bros. Co.,, Inc, s. M. Davidson of Davidson & Leventhal, Thomas Kilfoil of the Van Way Co.,, Inc, Thure Bengston of the Adkins Printing Co.,. Charles Myers of My CTS Bros, Douglas Johnston Of the City Coal and Wood Co.,, Joseph M. Chernoff of the Fidelity Finance corporation, Charles W. Hawkins of the Commercial Trust Co.,, Edward Feldman of the Boston Clothing Co.,, Charles Lewis of the American Pa per Goods Co.,, Michael w. Bannan of the O'Neil Tire and Battery Co.,, Harry Haynes of Fidelity Finance corporation. and Attorney David L. Nair.
 This committee, at a meeting di- | rectly after the larger meeting. elected the following officers: Presi- dent, Joseph NJ. Chernoff; vice. president. Harry F. Haynes; secre- tary, Douglas Johnston, treasurer, Walter Bassford.
 Several plans were offered by members of this committee but 1t was finally decided to recommend that the bureau be incorporated for s2.00C, with the price of shares set at s5, par value. These shares would be sold to bureau members, but would only be initial payments and would entitle them to no serv- ice. A stipulated serivce charge would be made for the service each month. Whether the charge would be the same for all members, or whether it would vary according to 1 the use which each member had for the bureau was not decided. It was voted to leave this question to a committee composed of Douglas Johnston, Charles Myers. Charles Hawkins and Michael Bannan. The bureau would be governed by a board of directors elected by the stockholders, following the plan of the Hartford bureau.
 Many of the merchants who were not there last night or who were not represented had been approached previously by the leaders in the movement and it is reported that the current opinion is that such an organization is in much demand.
 The special subcommittee of the general committee elected at last nights meeting met this noon, when two plans for arriving at the serv- ice charge to be made were sub mitted.
 The first plan, submitted by Charles Hawkins, would base the charge on the number of accounts which a merchant has on his books. The second plan, submitted by Jo- seph Chernoff, would provide, for a charge of from $1 to SC a month. X list of the merchants and profes- sional men would be compiled and a charge which it is thought would be commensurate with the estimat- ed value of the bureau to each par ticular merchant would be made. Both these plans will be submit ted to the larger committee of 14 at a meeting to be held at 1880 o'clock Monday evening at the Burritt i hofaI and in fttr,, xrn,ild ha ,,rnsent .