New York Credit & Financial Management Association Celebrate

By Murray, J. Robert | Business Credit, April 1995 | Go to article overview

New York Credit & Financial Management Association Celebrate


Murray, J. Robert, Business Credit


In 1995, the New York Credit and Financial Management Association, originally chartered as "The New York Credit Men's Association," will celebrate 100 years of continuing service to the credit and financial community. The records and minutes of the Association's past century chronicle the evolution of an organization that in many ways reflects the plethora of social and economic changes through which we as an organization and a society have traveled over the past century.

We can find references and resolutions in our records dealing with such matters as evolving legislation, war, armistice, deaths, economic crises, expansion and contraction in membership, political change, assassinations, and the passing of the torch of responsibility from one generation to another. In fact, what we see is ourselves as credit and financial professionals and as a people. We see ourselves as what we were, how we've changed, and what we have become. Certainly one cannot indulge in this process without yielding to the irresistible temptation to dream of what our future may be and how we can have a positive influence on that future. What follows is a chronology of the events surrounding the founding of the New York Credit and Financial Management Association.

On March 4, 1893, Grover Cleveland was inaugurated President of the U.S. and moved back into the White House after a four year absence. He had served as President from 1885 to 1889, and lost a close reelection bid to his republican opponent, Benjamin Harrison (grandson of William Henry Harrison, ninth president of the U.S.).

During his first term in office, Cleveland became the only President ever to be married in the White House. In the southwest region of the country, the renegade Apache Indian chief "Geronimo" was captured, and the 225 ton bronze "Statue of Liberty" was unveiled at Bedloe's Island in New York harbor.

Upon returning to the presidency in 1893, Cleveland's major problem was the economy. Shortly after his inauguration in he spring, the nation's gold reserves slipped below $100 million. This set off a national panic and pitted the proponents of "Gold vs. Silver" as the basis for the wealth and creditworthiness of the nation squarely against one another. In the 1890s, the silver in a silver dollar was worthless than 49 cents in gold. The "Silverites," consisting of democrats and populists, found their voice in the personage of William Jennings Bryan, senator from the state of Nebraska, while the "Goldbugs," and most of the gold, was controlled by New York banker J.P. Morgan, one of the wealthiest men in the country. The battle that ensued brought the country to the brink of monetary collapse. In the process, it created an atmosphere of distrust between the largely agrarian west and south for the urban northeast, and at the center of that distrust was the narrow concrete canyon in Manhattan known as Wall Street.

It was against this scenario that in 1893 a luncheon meeting was held at the old Astor House, then located opposite what was to become City Hall Park in New York City. The purpose of the meeting was to form an association that would work together for tie safeguarding of commercial credit and promote sound and ethical business practices.

One of the attendees at that meeting was a young man in his mid-20s by the name of Edmund Wright. He found that it was difficult for anyone to agree on any subject brought before the group. According to Wright, "So much animosity, suspicion, self satisfaction, jealousy, and indifference existed in business during those days that no agreement could be reached The meeting adjourned and no further meetings were scheduled.

The nation's economic crisis worsened through 1894 and it was not isolated just to the U.S. The world was in an economic depression. However, despite the prevailing economic crisis, society moved along and did it's best to cope. In Bologna, Italy an Italian physicist, Guglielmo Marconi, perfected wireless telegraphy. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • A full archive of books and articles related to this one
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

New York Credit & Financial Management Association Celebrate
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

    Already a member? Log in now.