Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-15
Miller Tells Local Association
Vast Buying Power viii
Soon Help Markets.
AMERICAN PEOPLE NOW
LIQUIDATING THEIR DEBTS
Washington Credit Leaders Hold
Annual Dinner in Honor of
Past Presidents.
BY EDWARD C. STONE.

BY EDWARD G. STONE.
Recovery from the present business
slump is near at hand Stephen I
Miller, executive manager of the Ma
tional Association of Credit Men, tolc
large representation of the Washing
ton association at its annual dinner
last night at the Willard Hotel.
During the last 18 months individuals
have been nquidating their debts and
the buying power of the Nation as a
whole is probably greater now then
at any time during the past five years
DR.. Miller added.
This great economic force will soon
be turned into American markets. the
credit expert declared, his assertions
being given special weight on account
of his extensive travels all over the
country in order to keep his fingers on
the national credit pulse.
Pivotal Point in History.
There probably never was a time in
the history of the world when problems
were more fundamental and pivotal.
One reason for the chaos of today, the
credit expert continued, is to be found
in the fact that people are finding it
more and more difficult to keep up
with the growth of ideas and organiza-
ton. In becoming complex, the world is
outrunning the power of the average
man to interpret conditions of the
day. The second cause Of present fun
damental changes is to be found in
the rapid spread of ideas, due to modern
methods of transportation and particu-
larry to the conquest Of the air.
These ideas are coming so fast as to
destroy, and probably destroy too rap
idly, fundamental traditions of a few
generations ago. As result, the de-
struction of the framework of society is
going on faster than reconstruction can
take place. This expresses itself in a
lack of discipline. character. sequence
and coordination in social, political
and industrial life.
Sweeping Changes Likely.
The present economic depression is,
likewise, more fundamental in its eff
fects than those Of the past. 1t is not
only worldwide, but threatens to carry
with it important changes in our entire
business structure The. business man
of today may well ask the question
whether the industries of tomorrow will
be managed with as much individual
ism as in the past.
This country will, indeed, be fortu-
nate If 1t does not merge from this de-
preston without having set in motion
great movements that will eventually
weaken American initiative and aggres-
siveness. This country has made its
progress and leads the world because
of leadership, and this leadership has
been strong, due to the fact that IL has
not been restricted in a multitude OF
conditions.
The worldwide problem of today is
individualism versus collectivism or
Communism.
Buying Power Improving.
Undoubtedly the recovery from the
present business slump is near at hand.
It must be remembered that the con-
sumption power of 5000, 900 people out
of work does not represent the normal
consumptive power of the next 100000
who might lose their jobs. There is
always a vast amount of casual labor
which remains unemployed. These
men are the first to be turned adrift.
Almost IS months have now passed
since the present recession began.
During this period, individuals have
been liquidating their obligations.
Probably the buying power OF the
American people as a whole, notwtth-
standing the vast number out OF work,
is greater now than at any time during
the past five years. This is the great
economic force that will soon be turned
into the American markets.
It is most important, Mr.. Miller
added, that the business men Of the
United States become intensively con-
scious of waste in production and dis
tribution. This country cannot con-
tinue year afteevYear wasting billions OF
dollars. A large part OF this loss re-
suits from cut-throat competition.
Great economies will be brought about
during the next decade and it Is impor-
tant that the road be left wide open
for such economy. At the present time
one Of the obstacles Is the Sherman
Clayton act. This may be illustrated In
a review of the bad-debt losses which
have amounted to about billion dol
lars during the past IL months. Much
of this loss could be eliminated II credi-
tors in a given trade could segregate
weak-credit buyers. 1t is most unfor-
tunate that trade group hesitates TO
act in putting bad credit risk upon a
cash basis, the speaker declared in con-
clusion.
Past Presidents Are Honored.
The dinner was in honor of the past
presidents of the local association, H. H.
Mckee, Arthur ]. May, Carl C. Mueller,
z. B. Adams, William c. Hanson, F. w.
White, F. w. Becker and Lister T.
Watts
The present officers are Charles w.
Clayton, president WalSo j. Iastet wee
president; John A. Reilly, secretary;
william c.. Buchanan, treasurer, and
Lister T. Watts, national director.
President Clayton presided and Dis
trict Attorney Leo A. Rover was toast
master. The committee included r.
Jesse CLANCY, chairman; Mr.. Watts and
E. H. Ruark. Dancing concluded the
program.
Trading on ID. c. Exchange.
On the Washington Stock Exchange
yesterday Capital Traction closed the
week with two 5-share sales and one To-
share sale at SO, the lowest figure at
which this local issue has ever sold. At
this price. Tire yield on the stock is now
Ill per cent.
Only one bank stock appeared on the
board, Is shares OF Union Trust selling
at eli and 20 more at 2l0. During the
session 1870 shares of National Mortgage
& Investment preferred sold at S. Bonds
were in good demand. The sales:
Capital Traction SIS 81 900 at 81.
Washington Gas 6s "A'-$l00 al
1914.
Capital Traction Cos at SO, 5 at So
Washington Railway g. Electric As
81 900 at 6712.
Columbia Country Club 512s-$l ,00C
at l01.
Lanston Monotype-8 at lot.
Capital Traction SSH 900 at 81.
GEORGETOWN Gas $500 at 1897.
National Mortgage and Investment