The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1914-06-26
CREDIT MAN WARNS
AGAINST PESSIMISM
President of st. Louis Indemnity Con-
Germ Declares Business Duliness"
Mostly Imaginary

f. NJ. Treat, president Of the Am
erican Credit Indemnity Company
yesterday sent out letter on "psy.
Geological conditions Of business" II
which he warns his agents to not i'm.
bibe or become influenced by pessi
mistic utterances which they may hear
in the daily routine of business. Mr.
Treat is unable to account for the al
most general complaint that nearly
all lines of business are dull. His let.
ter, which was sent to agents all over
the United States, is as follows:
Our company, issuing bonds of in.
demnity to manufacturers and jobbcrs
guarantee against excessive losses
through insolvency of debtors, must
be alert at all times as to business
conditions. Thus you should study
with the utmost care the statistics
and Economic service" sheets and
maps we send you each month. |
am sure that you also are abreast of
the times and alive to the trend of
affairs.
As you come in daily contact with
wholesalers, 1t is highly important
that you shall not imbbe or become
influenced by any pessimistic utter
ances that may be possibly be made
to you; but you should, on the con-
trary, possess real knowledge OF
actual facts and display a justified
confidence in the country's future,
which the facts do indeed warrant.
Business is said to be dull. 1t is
not as dull rs some would have US
believes Be that as it may, a con-
certed movement in various quarters
to encourage such belief has been at
tempted, The alleged duilness was
sought to be remedied through a
movement to have our merchants. in
dividully or through their business Or
memorabilia the President
and Congress to bait and defer until
later date certain legislation at
Washington and to hasten the decis-
ion of the Interstate Commerce Conf
mission on the railroad rate case.
Are we an impotent people? Are
we weak and childish? Have we not
clamored and voted for tariff revis-
ion, currency regulation and antitrust
legislation? We have received the
first two, and now, while Congress
is in the act Of providing the third
shall we pray and plead for delay
The President is delivering the goods
as ordered, and ! have an idea that
his whisperings in the ears of the In
tcrstate Commerce Commission will
help along the decision on the rail
road rate advance.
The movement to encourage a be.
lief that business is dull won't re
vyc unless Congress adjourEs and
gives Us "A rest, has perhaps served n
good purpose because the rebuttal
helps to bring the people to their
senses. This movement was forum.
ately frustrated, or at least materi-
ally checked, by President Wilson,
now famous and helpful aphorism-
ITS u Psychological Condition" He
served his country well in that utter
ancc. 1t is steadying and calming Tho
1t has arrested what
might have grown into mistaken
and harmful sentiment. 1t is turn
ing the people into sensible and sane
paths.
In my circular of April last ! gave
my opinion that the country will grad
ually become genuinely prosperous:
that there is slowly but steadily APP
activity and growth. And
| am profoundly convinced of this
now as ! was then. The mental atti-
.udc. or psychological conditions, of
he people is improving. The funda-
conditions are sound. The
'rops bid fair to be bumpers. Re
'ent rains have increased our aSsUr-
lnces on that point.
1t tx true that the Business Baro-
meter, based upon events prior to
Iune, shows u decline as a result Of
he ma jority of ten business factO:s
Jeing averaged into the business in
lex, but it also indicates decided
Icttermcnt for the future. 1t is a
significant fact that the very number
If renewal orders we receive for ous
ponds, in which he annual sales Of the
are always given, shows
n nearly all cases a volume of bush
ness equallmg if not exceeding corr
iition Of outstanding accounts. Ar
,ther very important fact is that the |
osses by bad debts of our policy hold |
RS have decreased.
We should all have n sensible re-
ilization of the progress our country |
has made and is making. II is now
ess troubled by perplehing problems |
md disturbances than for many years
past. IN; ~ things have about been
solved. Ec grateful, therefore, that !
,nly one MAJOR questicr, antitrust leg
rcraains ,nd thIs WI soon br
settled and m all probability settled
N way that will have little, if any,
effect upon the business of the coun-
Try. The Mexican situation is Isyt
,ausing such distress, nor stopping
The wheat or corn or other crops from
growing, and the railroad rate In
crease will most likely come at an
early date
Remember, there are 9n,O00,0OG Of
PEOPLE in this country. Food raj
mont and sneite- for them, a side from
Inc hugh expenditures by che welC-to-
d. for luxnriec, means that. factories
are running, that wholesalers and
retailers are handling the goods. that
h'iilders, artisans anj all others, even
The very ardinary course Of things,1re
and we are all doing pretty
~ell at chat.
We profoundly believe that pros
pe'ity is ahead. We have the utmost
confidence III the future, and il is
the future we are insuring. We, now
urge you to push with the utmost
vigor Tor large quantity OF nigh
quality business. Don't be pessimist
nor waiter" Don't sit idly. like the