Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-24
INITIATION IS HELD
| DEPRESSION CAUSE
International Credit Blamed
in Address Before Personal
Finance Convention.

International credit imitation was
assigned as one of the principal causes
of the present industrial depression by
GroSvenor Jones. chief of the Division
OF Finance and Investment Of the
department of Commerce, in addressing
the sixteenth annual convention TODAY
Of the American Association of Personal
Hotel.
Mr.. Jones was the principal speaker
luncheon meeting which followed
the convening of the organization this
morning at the United States Chamber
OF Commerce Building. Delegates are
IN attendance from "a States and the
District of Columbia. The convention
VIII close Friday afternoon.
Credit Imitation Blamed.
Pointing out the part that the United
States had played in the re-establish-
ment OF world credit following the war,
the speaker said that in his opinion
the sharp decline in commodity prices
the world over during the past year was
largely result of the more restricted
use OF the gold exchange standard forced
through financial dislocation in the
United States.
Mr.. Jones traced the industrial reyo-
luton" brought about by the applica-
ton OF modern invention and modern
method of production to what he termed
the super industrial revolution" and
said 1t was not surprising that in the
changes wrought there should be mall
adjustment in the volume of goods pro-
ouced throughout the world. as well
rs In the political and social order.
Delay Increased Decline.
The decline in prices" he said. "has
peen sharper because of the fact that
IT was belated. Instead of a sharp de-
cine occurring IN single year there
would probably have been a gradual
decline extending over a period of sew
eral years. had the transition from
very liberal use of the gold-exchange
standard been less abrupt. Moreover.
gradual decline in prices would have
tended to discourage investment of capt.
tai In new productive enterprises and
thus to avert an overproduction of COM
cooltles, which would have tended to
keep prices on more stable basis"
Robert V. Fleming, president of the
Riggs National Bank. in welcoming the
delegates to the convention declared
tnat the personal finance business rem
oerS an essential service to that part
OF the population which cannot COM
mano customary bank credit.
Demand Is Shown,
investigations conducted in MANY
communities said Mr.. Fleming. where
the uniform small loan law is now upon
the statute books reveal the pressing
need Tor this class of credit and show
the demand for the sort of companies
that comprise your national organiza-
ton.
In view of the fact that YOU did a
business approximating more than halt
DILLON dollars last year, We certainly
a.
Your method of finance is assuredly an
essential one in contributing to the
welfare OF an element of our population
enrough the medium of small loans
20 those who need them, yet are not
able to command the customary bank
credit"
The convention was called to order
by the president, Albert p. Snite of
chicago, who in his annual report re-
Ierred to the establishment of national
neaoq1arters here in the Tower Build |
ing as one of the accomplishments of
the year. The invocation was pro- |
nounced by DR.. John O'Grady. secre-
tsry OF the National Conference of
Catholic Charities. In response to the
address Of welcome by President Flem-
ing Of the Riggs National Bank, Chester
Commerce and Howard T. MattinRly
OF Baltimore spoke for the association.
Reports Presented.
During the morning business session
reports were given by Francis ..
Thompson of Shelbyville, Ind, for the
Executive Committee; W. Frank Persons
Of this city, executive vice president:
Edgar T. Fowler of this city, secretary;
=. B. Hubachek of Chicago. for the
Law Committee, and H. G. Hopson of
Philadelphia for the Membership Com
n1ittee.
The general topic for the convention
luncheon at the Mayfiower today was
american Business Coming of Age"
The POSTMASTER was Charles H. Watts
of New York. Gov John Garland
Pollard of Virginia was to have adj
dressed the luncheon, but was unable
TO be present.
This afternoon was devoted to a boat
excursion and a golf tournament at
the Indian Springs Golf Club. To-
nights topic for the general session is
Personal Finance-Its Public Aspects"