The Bonded Attorney IS THE BEST MEDIUM WHEREBY TO SECURE EFFICIENT SERVICE FOR THE CARE OF OUT-OF-TOWN ITEMS. T HE lawyers whose names appear therein have been selected because of their attainments in the legal profession, and because of their special qualifications in the practice of the commercial law; they specialize in collections and in the management and care of the interests of creditors. Forwarders find highest satisfaction in the employment of lawyers through our recommendation; they have the advantages of our complaint department in all instances in which aid may be required in the course of correspondence with the lawyer. We keep close scrutiny over the conduct of every lawyer employed under our recommendation; and we render effective aid when called upon by the forwarders. We maintain branch offices for East in New York at 434 Broadway, under the supervision of Mr. Maurice Levi, who has charge of the territory east of the Alleghenies; for the Middle-west in Chicago at 29 South LaSalle St., under Mr. A. B. Allshouse, who has charge of the territory between the Alleghenies and the Rockies; and for the Pacific Coast in San Francisco at 625 Market St., under Mr. F. D. Wismer, who has charge of the territory west of the Rockies. Through them we are enabled to keep in constant contact with forwarders and lawyers. In the development of our plan of regional supervision, we are meeting the most exacting demands of our patrons. We protect the forwarders who employ our lawyers under our instructions against overcharge on the express terms of the employment of the lawyers, and also against default on monies collected and wrongfully retained. To secure the advantage of our guaranty, follow our simple instructions: send a forwarding form with the claim to the lawyer and make application for guaranty on the item promptly to us. We evidence our undertaking by a certificate of guaranty issued by THE FIDELITY & DEPOSIT CO., of Maryland, covering each item. The steady and persistent increase in employment forwarded over THE BONDED ATTORNEY year after year attest the efficiency of the services of the lawyers and the satisfaction to the forwarders of the results secured through us. We invite correspondence. The Association of Bonded Attorneys 1417-19-21-23-25-27 First Wisconsin National Bank Building Kindly refer to the AMERICAN LEGAL NEWS in relying to this ad. DETROIT MILLIS, STREETER, MURPHY & BERNS 1401-1408 FORD BUILDING REFERENCES: Any Bank or Trust Co. Attorneys and Counsellors at Law General Civil Practice in all Courts Specialize in Corporation, Commercial andBankruptcy Law DEPOSITIONS-Commissioners for Ontario and the leading States, as well as Notaries in office Subscription Price $3 a Year. Advertising Rates on Application. DECEMBER 1920 NUMBER 12 "Essential Credits" An Address by HENRY PARKER WILLIS, Professor of Banking in From time to time there comes up in the course of economic discussion, some issue which appears to present a new problem or to call for a special application of principle. Such questions should be sympathetically considered and analyzed. This is the duty of the theorist, but perhaps even more the obligation of the man of affairs whose duty it is to deal with conditions in the world as he finds them and to adapt himself as far as practicable to current phases of life and thought. And yet when such questions are carefully considered they usually turn out to be nothing more than familiar problems dressed in a new guise. As such they can frequently be disposed of by the application of well-known principles. Such an issue is presented in the current discussion of what are called 'essential credits." Within the past three years a very considerable body of misunderstanding and erroneous interpretation regarding this subject has been developed. There has been a disposition to lay stress upon aspects of the credit question which should probably not be regarded as fundamental in any sense, certainly not as having a direct bearing upon the current conduct of banking. A part of this misunderstanding is the product of the war and of the conditions growing out of it. During the struggle it was necessary for us to economize in outlay and to limit our productive activity as well as our consumption in many directions. Above all we found it needful to look carefully to the conditions under which credit was extended to various types of enterprise. Hence arose an effort on the part of those who were endeavoring to promote success in the war to discriminate what were called essential and what were called unessential credits. The hasty and loose ideas which were then urged in many quarters had little value, but in so far as they possessed any, it was because of the definite interpretation of the idea of essentiality as applied to a specific object, that namely, of concentrating production upon war requirements and of withdrawing it from non-war purposes. Let it be noted that this concept of essentiality had little or nothing to do with banking except indirectly. It recognized certain activities in the business and industrial world as essential to success in war. It laid down the general principle that the satisfaction of these requirements was fundamental. It held that the purpose of the economic organization of society should be promote the development of industry along warlike lines, while restricting it along non-warlike lines. It is proper to say, now that the war is over, that there was much blundering in this whole field of thought and action, and that the industries then selected as essential as well as those in many cases stigmatized as unessential were often unwisely chosen. Our war boards of various kinds reversed and re-reversed themselves repeatedly. His would be a shrewd and clever mind indeed which could trace any consistent trend in thought or policy in the industrial system followed out during the war. The fact remains, however, that there was at least a thread of logic which led to the promotion of those industries whose well being was considered likely to CARR & STEINMETZ, Attorneys and Counsellors at Law, PHILADELPHIA, PA. 603 BAILEY BUILDING, CORPORATION, COMMERCIAL AND PROBATE PRACTICE. Collection Department thoroughly organized and equipped, with full staff of competent assistants for the handling of commercial collections, under our personal supervision. References on application. |