New Britain herald., 1924-12-17
BUSINESS OUTLOOK
 FOR 1925 BRIGHT
Expert on Credits Makes PrediC-
 tion for Coming Year

That there Is at present no danger of imitation in this country was em- phasized by J. H. Tregoe. executive manager of the National Association of Credit Men before convention Of the Hartford County Association of Credit Men in the banquet hall at the Burrltt hotel last night.
 Mir. Tregoe said that the bankers of this country are dependable and that they have control of the brakes 10 prevent any chance of inhation. The wealth of this country is the indicator and that 80 far no infa- ton symptoms have become ap- parent. An increased use of credit will be a preventive of imitation and 1t is up to the credit men to make their executives in the industries realize the vital importance of credit departments.
 Living For the Present
 Mir. Tregoe stated that people now live too much for the present. They fall to realize the sources of present day things and they do not realize from whence they came. He gave a constructive and educational review of the commercial growth of this country. In 17S9 when the United States made It's appearance as na- ton it had no capital and no credit. It is a wonder tht the country sur Tved the commercial turmoil of the period. By 1896 this country had made comparatively fast growth. The wealth of the country totaled so billions and the wealth per capita was eight and one-half dollars. The growth in the period from 1896 to 1924 have been phenomenal. The countrys wealth has increased to 320 billions, 40 dollars per capita, and the banking power is l9 bil- lions. MT. Tregoe impressed upon his audience the fact that this hith- erto impossible growth has been made possibly by the development of cooperation and credit technique in the country's commerce.
 ttitu SOOpS'upoh
 MT. Tregoe outlined the growth of the National Association of Credit Men which had its start in the meeting in 1S96 Of about 100 men in Toledo at the request of the Cham Der of Commerce. There was nc confidence or credit at that time but through the efforts of the organi2a- ton which has grown out of the small meeting at Toledo national credit has been developed. Mir. Ire zoe said that the credit men have been silent too long. Without credit this country would not be a 10th rate power and business would not be able to live.
 Loyalty and economy are the two essentials of commercial activities today, MT. Tregoe asserted, Loyalty to cooperation is probably the most important. Without cooperation such organizations as the Rotary Lions and Kiwanis clubs could mol exist. It is a losing game to try tc play the game alone and the persor who tries to do 1t deserves to loose It Is the duty Of the American peo' pie to be loyal to good government which is the foundation of credit He termed the election of November 4 a contest of principles, not a con- test of parties, and stated that hs was glad that traditions won. Ht scored the third party who woulC seek a change In the constitution He said that when one department is subordinated the republic vii fade as mist before the sun. He de nounced as a "despiCable lie' tht attempt to subordinate the power O. the supreme court to that of con gress.
 Mir. Tregoe emphasized the neet of loyalty to the credit profession which he termed "the finest profes sion of Gods earth today" He ex pressed his indignation at the bust ness executives who are anxious t' send their salesmahagers to sale convention but who beittle the i'm portance of credit conventions an' regard as immaterial the attendance of their credit managers at them. Il stressed the importance of loyalty t the Federal Reserve System an' urged the credit men to defend II When the life of a Federal Reserv charter expires 1t should and mus be, renewed. He said that the fall ures of the, first and second Nation al banks were due to the lack 0 cooperation and credit.
 Mir. Tregoe stated that the pres ent capacity production Is 26 pc cent above the consumption capa city. There should be transition from volume production to econ