Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-21
OVERCAUTION HELD
CAUSE FOR TAGGING
/. TREND IN INDUSTRY
Merchant Believes Fall Bust
ness May Be Up to An
nuaI Average.
LOW STOCKS OF GOODS
MUST BE REPLENISHED
Return Of Public Confidence Vital
Factor in Revival
of Trade.
BY JOHN F. SINCLAIR.
.cial Dispatch to The star.


NEW YORK, September 20.-"Indus-
try is operating in cheaper commodity
market, and while the dollar volume is
lower, owing to the lower average of
unit cost, it is probable that the usual
number of units sold during the Fall
season will be maintained this year,,
says j. G. Penney, merchandiser
"Overcaution" is the deadweight hold
ing business back now, he thinks.
Depression and prosperity are large
ly governed by mass psychology" con-
tinued Mr.. Penney. 1.-THE public rushes
to sell in q falling market and a panic
is created; or rushes to buy, and pros
porous conditions ensue. 3
THE student retrenchment Of buy
ing resulting from financial depressions
creates a surplus of commodities which
stagnateS the entire country. This mar-
ket glut must be absorbed before the
machinery of business can revolve as
usual. On the other hand widespread
confidence and ready spending speed
up consumption and create a period Of
prosperity"
The exceedingly low stocks Of goods
now on hand in many lines will soon
force business out Of low gear, he be-
heves.
Sees Gain in Buying.
"The public, having curtailed buying
during the last few months, viii soon
find it necessary to replenish wardrobes
and lay in other merchandise" Mr..
Penney declared THE last few months
have seen retardation of manufacture
ing But manufacturing will have to be
speeded up to meet increasing Fall de-
mands."
This prominent business man thinks.
however, that the growing feeling Of
confidence on the part Of the public
that the worst is over and that business
Is slowly on the upgrade is the most
potent force" at work today.
Generally speaking, I can see little
reason for the present depression be-
yond the accumulated weight of fear
which paralyzes action" Mr.. Penney
told me. In saying this I am not OBJ
livious to conditions created by the
drought. The depression existed before
the drought and is due to more deeply
seated causes. The country Is sound
and there is no basic reason why the
wheels of industry should not hum,
bringing employment and prosperity to
every worker throughout the land
Though our return to normal business
doubtless viii be gradual, I believe we
are headed for it now" -
Mr.. Penney, whose stores are to be
found In hundreds of cities throughout
the United States and Canada, was
born in Hamilton, No. SIS years ago.
After q course in high school he became
grocery clerk. But not for long. For
in 1902 (when Just 2T) he founded the
j. c. Penney Co, which now operates
more than 1,400 stores in the United
States.
1t was at the beautiful Winter home
of Mr. Penney at Miami, Fla, that
President Hoover spent some weeks in
1929 after his election and before his
inauguration.
Mineral Production.
Any country that can produce S.
$50 ,000,000 in mineral products In one
year is some country.
And that is just what the United
States did In 1929, when 1t showed an
per cent increase over the mineral
output of 1928. These figures are Gov
eminent figures, and while the total OF
nearly $6,250. 900 900 for 1926 and that
of nearly $1,000, 600, 900 in 1920 was
not passed, it's still an enviable rec
ord.
Petroleum oil production passed the
billion barrel mark for the first time,
showing an increase Of IL per cent
over 1928. The metallic products showed
an increase of about is per cent over
the preceding year. All metals except
gold and silver showed an increase.
Gold production declined about per
cent, and while the quantity of silver
increased, the average and total value
both decreased.
But a Nation that can turn out min
eral products worth half billion dol
lars a month is far from being down
and out.
BY comparison, the United States
mineral production Is Of greater value
annually than that produced by the
rest of the world combined. And there
are II people living outside of the
United States for every one that lives
inside.
Many men, considered outstanding
successes last year, are looking for jobs
this year. New York is full Of them.
Good jobs are at premium down
here. A lot of successful fellows last
year are having their shoes resoled this
year" said Wall Street man to me
as we were walking along the famous
street.
Definition Of Success.
what is this thing we call success7"
asked him.
II have never seen a more compre-
hensive definition than the one sub
mitted years ago by A. Raymond Johns
of Wyandotte, Mich, in a national con-
test. And he won $1,000 prize for
it,"
Here 1t Is:
Ideals are as different as viewpoints.
Real success is not wealth nor fame.
but helpfulness. Do something worthy
of your powers-Shoemakers and Stokers
are as necessary as scientists or states
men, and any helpful work Is honorable.
But to be a tinker when you might be
a thinker is to be unsuccessful. He
who molds iron when he could shape
destinies, or guides a ship when he
could direct an empire, fails. Success
consists in never being discouraged, but
in ever moving Misunderstanding, help-
ing, being your very best and leaving
the world the better for your life"
For the first eight months of 1880
the number of deaths from automobile
accidents is about 1900 In excess Of
the number reported for the CORE
spending period of last year--a 6.58 per
cent increase. During the last few
months however, the trend of fatali-
ties has been downward.
Nineteen States show an increase
over the average for the first eight
months of 1929, These States are Ar
kansas, Idaho, Indiana, Iowa, Kentucky,
Maine, Michigan, Minnesota, Missis-
sippi, New Hampshire, New Mexico, New
York, North Carolina, South Carolina,
South Dakota, Tennessee, Vermont,