Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-25
BIG FUTURE SEEN
FOR SMALL LOANS
W. Frank Persons Tells Per-
SonaI Finance Session of
$500, 900, 900 Business.

Declaring that the personal finance
business in small loans had increased
to an estimated annual aggregate in
excess of $50O,0OO,0O0, w. Frank Per-
sons, executive vice president in charge
of national headquarters of the Amer
lean Association of Personal Finance
Companies, in address delivered be-
fore the sixteenth annual convention
of the organization at the United States
Chamber of Commerce today predicted
a brilliant future" for the enterprise.
Notwithstanding the discourage
ments which have affected our people
during the present dislocation of busi-
ness" he said. there is much ground
for substantial faith in our business
future. / do not mean that we are
likely to witness again in the near
future an era of mad bullish speculation,
with its inevitable reactions. do look
forward to a steady, wholesome and
substantial rise in the business barom-
eter over period, not yet to be precisely
determined, but which will inevitably
bring us to new high levels Of produc-
ton and consumption"
Wise Borrowing Limit.
Warning that there is a certain
marginal field" into which the personal
| finance companies should not enter,
Frank J. Bruno, director of social work
in washington University at St. Louis,
declared that ito borrow when there is
reasonable likelihood of repayment is an
economic advantage and often social
benefit to the borrower, but to borrow
when there is only small probability OF
capacity to repay the loan, Is as unwise
for the borrower as 1t is unfortunate
| and Improbable for the lender. Social
agencies and personal finance COM
| panies," he said, should therefore join
forces In broadcaSting the lack OF wis
dom in attempting to borrow when the
! chance of reimbursement is slight"
Reginald Heber Smith, attorney OF
| Boston, in relating the experience of
personal finance companies in Massa-
| chusetts, and the legislative situation
there, urged an educational program
which would place before the public the
! services rendered by such companies.
Other speakers on the program today
| included: Evans Clark, director the
Twentieth Century Fund, Inc; MILFORD
I. King, secretary of the American Sta
| tistical Association, Rolf Nugent,
assistant director of the Department of
Remedial Loans, Russell Sage Founda-
! ton; Arthur H. Ham, vice president Of
the Provident Loan Society, New York
City; Claude E. Clarke, president of
| the National Association of Legal Aid
| Societies, and Pearce H. E. Aul, manager
of the financial department, National
! Better Business Bureau.
| Merle Thorpe, editor of the Nations
Business, will be the principal speaker
at the annual banquet tonight, and
De Wolf Hopper, the comedian, will
| entertain.
h. K. T. Endorsement Given.
| At last nights session, A. w. Whitney,
president of the Brotherhood of Rail-
road Trainmen, Endorsed the State
supervised personal finance business,
| and declared his organization favored
| legislation which would afford relief
| from extortionate money-lending.
Lena M. Phillips, New York attorney,
and president of the International Fed
| Grafton of Business and Professional
| Women; DR.. Frank Parker, Of the
| Wharton School of Finance of the Uni
versity of Pennsylvania Charles r.
| Parker, supervisor of industrial loans,
Department of Banking Indiana, and
l.. G. HARRISON, who presided, were
! other speakers.
The conference will close with busi-
ness meeting tomorrow afternoon.