Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-16
PROSPERITY BASIS
IN i. s, MILLS SAYS
Treasury Official Tells Ad
Men 1t Should Contribute
to Future Progress.

Asserting that, although the country
Is passing at present through q periodic
business depression, Ogden L. Mills
Acting Secretary Of the Treasury, last
night informed members Of the Amer.
lean Association of Advertising Agen-
cies, that the "basis of real prosperity
Ia available and should contribute to
the future progress Of the Nation.
Mr.. Mills was one Of the speakers al
the associations annual banquet.
Mr.. Mills praised a. "a most construc.
tive suggestion" President Hoover's pro.
posal that the whole range of experience
from the business boom Of late years Il
the more recent slump, be placed undel
accurate examination to determine what
can be done to achieve greater stability
for the future.
Mr.. Mills declared that the Nation ha.
made such enormous strides in thu
gathering Of current business statistics
that It is not too much to hope that ths
business courses Of the future may b.
charted In accordance with recognized
rules Of conduct, resulting In greater
safety to individual industries and 1r
more assured stability.
I'VE are all the more impressed and
depressed" he said, because the yester.
day was so extraordinarily prosperous
and the sharpness of the contrast Is &C.
centuated by the rapidity with which
the change has come. Being human, we
are inclined to pick the best year as the
standard year and to compare existing
business activity with record rather thar
average figures"
The condition Of America at present,
Mr.. Mills pointed out, Is one Of pros
chasing power on the one side, and, on
the other, high productivity with in
creased efficiency in production and
distribution, reflected also in relatively
low prices for even the luxuries in q
higher standard Of living.
During the period which has recent
ly witnessed such q remarkable quick
ening Of economic life and the attain
ment Of q standard in the satisfaction
Of human wants hitherto unheard Of"
said Mr.. Mills. these factors have been
present. Estimates by the National Blu
reau Of Economic Research for 1923
$50, 000, 600, 900, as compared with about
$50. 000, 000, 900 In 1909. This represents
an increase in per capita income from
1927 to $749, or in income per individ-
ual gainfully employed from 1854 to
$3.50. Although adjustment for price
changes over the period would reduce
the increases, 1t would by no means
eliminate them. It Is interesting to
note that the remuneration of en-
ployes Is estimated today at about 81
per cent of this total, as compared with
about 81 per cent 20 years ago. Treasury
statistics derived from corporation and
individual income tax returns reflect
the growth in national income which
has taken place In recent years. For
example, between 1922 and 1928, O
period during which important tax re-
auctions were effected, the net income
tabulated from individual returns In
creased from $2l, 900, 900, 900 to nearly
$25, ZOO, 900, 900, In spite Of revenue ACT
revisions which eliminated more than
5000, 900 of the smaller taxpayers; while
net income Of all reporting corporations
increased from $4,000 900, 900 to about
81. 400, 900, 600"
Nationally prominent advertisers and
publishing executives attended the ban.
uuet, at which II. K. Mccain Of New
York, chairman of the associations
board Of directors, presided. Mr.. Mills
was the only speaker.
Elaborate entertainment was provided
| by a score of the personnel Of the Co.
lumbia Broadcasting System.