Evening star., 1925-06-12
CREDIT MEN BACK
us. RESERVE BANKS
National Association Urges
Renewing the Charter of
Federal Financial System.

Federal Financial System.
Declaring that the Federal Reserve
system lis perhaps approaching its
most difficult period" the National
Association of Credit Men at the May
flower Hotel today went on record as
favoring renewal of the systems
charter.
I'VE believe work looking to the
definite renewal of the charter should
not be delayed" said a resolution,
which was unanimously adopted THE
slightest question in the next few
years about the permanency of the
Federal Reserve Bank in our banking
system would work serious HARM"
Quotation From Resolution.
The resolution pointed out that the
credit men had backed the system
since it's inception, and declared that
various discussions that will arise in
renewing the charter must be met
frankly and directly, and especially
must we insist" the resolution con.
tinues, that care be taken to throw
around the rechartered banks, If pos
sible, still greater protection against
political influences"
The association passed several other
resolutions during the morning, in
cluding one declaring that the num-
Der of Federal judges in some districts
was inadequate, and recommending
that Congress take action on the ques-
ton of the number and compensa-
ton of Federal judges.
1t was recommended that the as
sociation work for State legislation
which will effectually prevent the
secret assignment of accounts re.
ceivable and give to creditors adequate
protection against such transactions.
Points to Credit Waste"
Other resolutions condemned "com-
promise settlement with creditors with
out adequate investigation" and de-
clared that the restraining effect of
the associations million-dollar fund
must be felt in a rapid reduction in
the credit waste attributable to \crim-
inal practices"
The committee on credit education
and management, John w. Allen of
Dallas, Tex, chairman, declared "a
generation of business men educated
in the facts and law of business and
economics can do more for the mate
rial welfare of the country than any
other group"
Problems of adjusting the estates of
juStment bureau period, under direc-
ton of Walter E. Tarlton of St. Louis.
The convention this afternoon was
to go to Arlington to lay wreath
on the grave of the Unknown Soldier.
A short address by Maj. Gen. John A.
Lejeune, commandant of the Marine
Corps, will be made on this occasion.
Fight Bankruptcy Abuses.
Credit men are not dissatisfied with
the bankruptcy law on the whole, w.
Montgomery, counsel for
the association, said today in an ad-
dress, but he warned that the associa-
ton would fight any encroachment
upon the principle of creditors con-
troll" The chief causes of complaint
against the administration of the law,
he said, were that discharge is too
easy and crime is too difficult of ap-
prehension."
Make bankruptcy less profitable
and more dangerous" he said, land
you will eliminate 80 per cent of the
present grounds of complaint"
The bankruptcy law committee, J.
L. Medler of New York City, chair
man, declared that the association re-
newed its faith in the law, but added
that "the honest and efficient admins
tration of the bankruptcy law Is more
likely to be promoted by the fostering
of cooperative action on the part of
creditors through the inStrumentality
of creditors committees and adjust
ment bureaus than by the substitution
of official control which the associa
ton regards as undemocratic and out
of harmony with American govern
mental theory" S. H. Lauchheimer
of Baltimore also discussed the bank
ruptcy law.
Optimistic on Farming.
The future of agriculture was paint
ed in optimistic colors by DIR. David
Friday of this ,city, lecturer for the
Robert Brookings Graduate School
of Economics. There is every pros
pect that the farmers income this
year will be larger than last" DIR.
Friday said. "It was the revival of
his purchasing power which gave in
dustry its upturn in the Fall of 1924.
The continuance of agricultural pros
perity will serve to maintain the sit
uation this Autumn. The immediate
outlook for agriculture, is therefore
favorable" DIR. Friday characterized
tthe McNary-Haugen bill as IAN elab.
crate structure of economic theoriz-
ing reduced to state of intellectual
rubbish"
Discussing the question Laying the
Corner Stone of Credit" DIR. William
Mather Lewis, president of George
Washington University, said it was
mot the role of education in COM
merce needlessly to duplicate the
process of business experience. 1t is
its mission to give the student q broad
foundation of general economic knowl-
edge, to teach him to think consecu-
lively and constructively, and above
all to work in season and out of sea-
son for the development of his char
acter. his capacity and his capital"
Diplomats at Dinner.
Increasingly bright prospects for
before the world trade dinner last
night attended by diplomats from
several countries. Alfred Pearce Den
mis-, of the United States Tariff Com
mission said I'VE have become the
greatest business people Of the world
chiefly because of our passion for
doing things quicker and better than
they have been done before" The
prime essential of foreign trade he
declared to be "to discover what the
customer wants. Study the foreign
customer" he explained, land give
him what he really wants, not what
you think he wants"
John Moody, president of Moody's
Investment Service Service, New York
City, declared that America is grow
ing up" haid there was no boom" on,
but that good times" were at hand.
Foreign trade YVES largely responsible,
he said. 'In word, the four princi-
pal meanings of the expansion of our
export trade" he declared are: first,
o. <,