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54th Annual Meeting and Banquet. .. ii:.A . . . Grand Ballroom, Hotel Astor, February 17, 1949 NEW YORK CREDIT MEN’S ASSOCIATION 1948-1949 Officers President H. P a rk e r First Vice-President L. D . R eader Cannon Mills, Inc. Vice-President F. J. O ’C o n n o r D u n can National Distillers Products Corp. Vice-President F. W. Zander Vice-President R. G. W oodbury H. A. Caesar & Co. United States Plywood Corp. Textile Banking Co. Treasurer Executive Manager & Secretary Assistant Secretary E. W. M o o n , Jr. M o r tim e r J. Davis R. T a n n e r B a rre tt Otis Elevator Co. Board of Directors D avid V. A u s tin Manufacturers Trust Co. Jo h n J. Burke Celanese Corp. of America A . L. C arr National Surety Corp. Earl* N . Felio Colgate-Palmolive-Peet Co. D ixo n B. G riswold McCann-Erickson, Inc. J. St a n l e y G ross Alexander S. Gross & Bro., Inc. L. H . D e V ries McCampbell & Co. W illiam R . D u n n General Foods Corp. W illiam F, E gelhofer Henry Glass & Co. C harles A . Jo h n so n American Steel & Wire Co. M iss M arion E. K ing Hudnut Sales Co., Inc. T. H. K le in e Hilo Varnish Corp. J oseph C. L y n c h Pacific Coast Borax Co. N ash S. E ldridge R ichard E. M cC ormick Ames Textile Corp. William Iselin & Co., Inc. Francis H. Leggett & Co. R ob ert B. M a tth e w s John P. Maguire & Co., Inc. A. James M ill Mill Factors Corp. B. P. SCHOENFEIN Louis D eBa u n Westinghouse Electric Supply Co. C. A. M a gu ire Counsel — GERDES & MONTGOMERY National Director and Councillor of Second District, N. A. C. M .— EARL N. FELIO The Public National Bank & Trust Co. A. J. Sm ith J. P. Stevens & Co., Inc. R obert L. S t o ll b e r g Southeastern Cottons, Inc. J erom e A. T h irsk Central Hanover Bank & Trust Co. C. T. W o lff Gulf Oil Corp. . . . Menu . . . CELERY OLIVES ★ ★ COUPE FR U IT C A R M E N ★ ★ P O TA G E M O N G O L ★ * R O A ST SIRLOIN OF BEEF POTATO FONDANTE M USH ROOM S STR IN G BEANS SAUTE ★ ★ BOMBE FRASCETI ★ ★ PETITS FOURS ★ ★ D E M I-T A SSE Program . Miss M a r io n C a rte r sings "The Star Spangled Banner” Oh, say can you see by the dawn’s early light What so proudly we hailed at the twilight’s last gleaming? Whose broad stripes and bright stars, thru the perilous fight, O ’er the ramparts we watched were so gallantly streaming? . And the rocket’s red glare, the bombs bursting in air, Gave proof through the night that our flag was still there. Oh, say does that star spangled banner yet wave O ’er the land of the free and the home of the brave? ★ ★ Invocation R ev. J a m e s J. L y n c h Catholic Charities ★ ★ Presiding H. P arker R eader President ★ ★ Toastmaster H Executive J. D arry elaney Vice-President, Meinhard, Greeff & C o., Introduces Guests of Honor ★ ★ Address M a r r in e r S. E c c l e s Member Board o f Governors, Federal Reserve System ★ ★ And, that lovable old rascal! G uy K ★ A rthur ib b e e ★ G utow A t the H am m ond Organ Inc. . Guests of Honor DAIS (From Left to Right) M O R TIM E R J. D A V IS Executive Manager, N ew Y o r k Credit M en ’s Association H . PARKER R EAD ER Assistant Treasurer, Cannon M ills, Inc. President o f the Association H E N R Y C. BAINBRIDGE President, Charles T . Bainbridge’s Sons Past President o f the Association W IL L IA M F. EGELHOFER Secretary, H en ry Glass & Co. Chairman, General Legislative C om m ittee o f the Association FREDERICK W . Z A N D E R Assistant Treasurer, U nited States Plyw ood Corp. Vice-President o f the Association C AM ILO R O D R IG U E Z Vice-President, D avol Rubber Co. Vice-President, Eastern Division o f the National Association o f Credit M en FRED J. O ’C O N N O R H . A . Caesar & Co. Vice-President o f the Association D A V ID E. GOLIEB Chairm an, J. A . Deknatel & Son, Inc. Chairman, Board o f Governors, N . Y . Chapter, National Institute o f Credit Past President o f the Association H A R R Y J. D E L A N E Y Executive Vice-President & Secretary, Meinhard, Greeff & C o., Inc. Past President o f the Association G U Y KIBBEE M A R IO N H AR PE R , Jr . President, M cC ann -E rickson , Inc. L. R. R O U N D S First Vice-President, Federal Reserve Bank o f N ew Y ork R E V E R E N D JAMES J. L Y N C H Th e Catholic Charities o f the Archdiocese o f N ew Y o rk E D W A R D A . KRACKE Haskins & Sells President, N ew Y o rk State Society o f Certified Public Accountants TH O S. A . C LA R K Secretary-Treasurer, National Distillers Products Corp. L. D . D U N C A N General Credit Manager, N ational Distillers Products Corp. First Vice-President o f the Association JOSEPH R U B A N O W Vice-President, M anufacturers T ru st Co. Past President o f the Association MISS M A R IO N E. K IN G Credit Manager, H u d n u t Sales C o ., Inc. H E N R Y H . H E IM A N N PAUL W . MILLER President, M arlborough C o. Past President, N .A .C .M . EARL N . FELIO Assistant Treasurer, Colgate-Palm olive-Peet Co. Past President o f the Association D irector, N .A .C .M . Executive Manager, N ational Association o f Credit Men MERIL A . M A Y W ILLIA M FRASER Treasurer, J. P. Stevens & C o ., Inc. Past President o f the Association Past President, N .A .C .M . H O N O R A B L E J O H N C. K N O X Senior Judge, U nited States D istrict C ourt Southern D istrict o f N ew Y ork MORRIS SAYRE President, Corn Products Sales C om pany Chairman o f the Board o f the National Association o f M anufacturers CHARLES A . C A N N O N Vice-President, D u n & Bradstreet, Inc. BEN JAM IN P. SC H O E N FE IN Vice-President, Th e Public N ational Bank & Trust Company o f N ew Y o r k Chairm an, Public Meetings Com m ittee o f the Association E D W A R D W . M O O N , Jr . O tis Elevator C o. Treasurer o f the Association R. G. W O O D B U R Y Vice-President, Textile Banking Com pany, Inc. Vice-President o f the Association President, Cannon Mill's, Inc. W . RANDOLPH M ONTGOM ERY M A R R IN E R S. ECCLES M em ber o f the Board o f Governors o f the Federal Reserve System Gerdes & M ontgom ery Counsel to the N ew Y o rk Credit M en ’s Association and National Association o f Credit Men The President’s Message . . . Greetings to our guests, members and friends of the New York Credit Men’s Association. It is indeed a pleasure to see so many of you at this our 54th Annual Banquet and I deeply regret that we could not secure a place large enough to ac commodate all who wished to be with us tonight. A year has passed since the last meeting of this kind and I believe it has been a good year for most of us. While we have had apprehensive moments and some surprises, we have had peace and a larger measure of prosperity than many thought possible a year ago. While there has been some decline in business activity, it has been of a moderate and very helpful kind. What we might term a sensible adjustment, beginning a return to what should be considered good or normal business levels. Sudden deflation would certainly be more disastrous than the gradual inflation we have suffered during the past eight years. “ Going up” with inflation is a “ heady wine” always more exhilarating than coming down with deflation. When we are wafted up on the wings of easy money, we are prone to get a distorted view of ourselves and our importance, or should 1 say our lack of importance, in the general scheme of things. A shortage of goods inclines manufacturers to feel independent, salesmen become soft and credit people do not have occasion to exercise their judgment. So I believe the economic situation developing throughout the country, which will require real work and hard thinking of all of us, is the best thing that could happen to America. There is no reason apparent to me why we should not have very satisfactory business through 1949 if we will all “ take off our coats” and go seriously to work. M e m b e r s h ip . The membership of your Association at January 1949 numbered 3,287, a net gain for the year of 44, a very satisfactory level for which much credit is due to L. D. Duncan, our first vice-president and chairman of our membership committee, and to the committee members. C r e d it G ro u p s. Four new groups have been added to the New York Credit Group Service, Inc. This is one of the most important activities of the Association which provides for the intimate interchange of information regard ing the responsibility of customers within 25 different busi ness classifications. F in a n c ia l C o n d itio n . The Association’s financial condition is audited each year by approved certified ac countants. Its expenses are carefully budgeted for a year in advance by an experienced Budget Committee and our Executive Manager and we are always well within our budget. OUR N e w H o m e . Being unable to renew our lease, we have found new offices at 71 West 23rd Street, the 11th and part of the 5th floor of the Masonic Temple Office Building. These premises are now being prepared and it is hoped we may move in about March 1. These new premises will much better meet our needs for all divisions of our work, especially the New York Chapter of the National Institute of Credit, which we hope to mate rially improve and expand. Our rent will be materially increased and our moving expense will be a substantial item. However, we have been preparing for this for several years and have more than ample reserves of cash to cover moving and needed equip ment. The increase in rent will, of course, be an operating expense payable monthly. This has been anticipated and proper provisions to meet it planned. A d ju s tm e n t B u re a u . During several years of good business, with practically no failures, the income from opera tions did not meet the Bureau’s needs and it had to look for support to the loyal sustaining members who correctly anticipated need for the Bureau’s services when conditions changed. The change has come and since the beginning of this fiscal year, April 30, 1948, the Bureau has operated in the black. The Bureau, as of November 30, was handling 105 cases. W om en ’s G rou p . Under the able leadership of its President, Miss Marian R. McSherry, the Women’s Group holds monthly dinner meetings which feature prominent speakers on economic and business subjects. The Christmas Party at the Hotel Pierre was an outstanding event attended by many of the officers of both the New York and National Association. Under the leadership of Miss Anne daym an for the pre ceding year, the Group was awarded the Membership Plaque at the Cleveland Convention for having brought in the largest number of members of any local association. The activities of the Group give a gracious charm to our work and we are indeed appreciative of their loyal support. A number of the divisions of the Association are separately incorporated for convenience and safety, but all are the responsibility and under the control of the Association and all are available to serve the membership on the same terms and conditions. I wish to take this opportunity to express my sincere appreciation to the Officers, Board of Directors, standing and advisory committees, and our able and loyal Executive Manager and his staff for their willing and effective support in all our undertakings. I also wish to acknowledge and thank the Press for the space they have given which has been very helpful, and we are especially indebted to S. S. May, Miss Marie Duncan and John Stack of the Daily News Record who attend practically all our meetings. President, New York Credit Men s Association THE NEW YORK CREDIT M E N ’S ASSOCIATION... The only organization de voted to the protection of your receivables and profits. ♦ Legislative action when and where the interests of credit and financial operations are involved. The Association has championed numerous legislative reforms, continues to press for sound business laws. Members receive spe cial bulletins, and counsel is retained not only in New York C ity but also in Albany, N. Y., home of the state legislature. ♦ Self-governing I n d u s t r y C re d it Groups featuring ex change of confidential credit information on customers' accounts. ♦ W orld's largest, membership c o n t r o l l e d , Adjustment Bureau which has obtained for creditors dividends 4 0 0 % higher than those received in bankruptcy procedure. ♦ A nation-wide c o l l e c t i o n service —t saves you money while it collects your a c counts for you. ♦ Ledger experience credit re ports on domestic and for eign accounts through C re d it Interchange. Investigates frauds in busi ness. Millions in concealed assets have been recovered and thousands of commercial crooks jailed. ♦ Approved credit inquiry and financial statement forms. ♦ Free monthly round table talks on foreign credit, with counselor service on foreign trade from the F o r e i g n C re d it Interchange Bureau. ♦ A bureau in Washington, D. C . which will assist in your business relations with the Federal Government. ♦ Authoritative information on latest credit, collection and insolvency techniques. A s sistance with unusual credit and financial management problems. ♦ A large, active, women's group, which offers women credit executives many op portunities to get together for social and educational programs. ♦ The foremost school of credit education, conducted under approval of the National Institute of C red it. ♦ Contact with 30,000 other credit and financial execu tives throughout the U. S. through automatic member ship in the National Associa tion of Cre d it Men. STANDING COMMITTEES . . . Budget Cooperation with Certified Public Accountants Cooperation with Sales Executives C re d it Reporting C re d it Education C re d it Group C re d it Planning Foreign Trade Fraud Prevention General Legislative — Division on Bankruptcy Law Division on State Legislation Division on Taxation Insurance Membership Advisory Committees Par Clearance Public Meetings Public Relations Social Activities Tri-State Conference Women's Group PUBLIC MEETINGS COMMITTEE Chairman Vice Chairman B. P. SCHOENFEIN EDWARD Public National Bank & Trust Co. L. D. B l a k e l e y J o h n L . K a is e r A . J a m e s M il l , Dan River Mills Inc. The National City Bank of New York The Borden Company Federal Reserve Bank of New York Mill Factors Corp. G rover F . M uller A r t h u r J. K r a m e r C u r t is R . B o w m a n F. ADDISS Textile Refinishing Industry L. F. Dommerich & Co. I r v in g J. P a u l u s M orton L anda , Warwick & Legler Inc. , Leo Jacobson Inc. F red R u b m a n M rs. B e t t y C arran o , Rubman & Rubman W . A r t h u r L ee Jeanette Modes Inc. , Lee-Stockman Inc. R obert E r s k in e S tro n g J o h n F raser J. C. L y n c h S. D. Leidesdorf & Co. Pacific Coast Borax Co. Charles Bruning Co., Inc. F . B. W B ern h ard M. J o f f e R o b e r t K . M ic h e l The New Jersey Zinc Co. Bernhard M. Joffe & Co. ★ ★ h it l o c k Central Hanover Bank & Trust Co. ★ NEW YORK CREDIT MEN’S ASSOCIATION ORGANIZED 1895 • A U N I T OF THE N A T I O N A L A S S O C I A T I O N OF C R E D I T M E N Serving Industry Continuously For Fifty-four Years
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