The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-05-21
TRADE SLUMP
HELD BENEFIT
TO AMERICA
Economic FiretrapS Swept
Away by Depression,
Says Roy Howard.
OPTIMISTIC FOR FUTURE
Business on Sounder Basis
in Five Years Because of
$780, His View.

By United Press
PARIS, May 21.-In a realistic
Interpretation of the American
economic depression, Roy w.
Howard, chairman of the board of
the Scripps-Howard newspapers.
told 800 business men at an Amer
lean club luncheon today that the
current slump has benefited the
United States, that reconditioninr
OF sound business is going on. and
that Americans have not yet added
a yellow stripe" to their national
emblem.
He predicted radical changes in
the business and economic structure
which will give Americans a quality
standard Of life not approached by
any other nation.
Five years hence" he said.
many businesses will be in in
f1nitely better shape by reason of
1880. A lot of economic firetraps
have been swept away, and quite
a few of our economic slunis have
HSSAL S4CdA4C0 OuJs
Fear Holds Up Buying
Much Of the slump in business
naturally has been due to the fear
Of much more difficulty, due to five
or six million unemployed working
men. Two years ago the working
man was listening to the siren songs
OF each new installment salesman
and using dollar bills for incense to
burn before the gods for pleasure.
Nov he is worshiping before the
shrine of the savings bank. This
thrift is a fear-induced acquire
ment. Danish this fear and the
buying will start.
1.-The money is there. When the
money starts to come forth, the
whole aspect of the American stu
alton is going to change"
II foreSee only one major threat
to relatively early resumption of
trade activity. This danger is I'M
derStood fully by Washington. The
President Is, in my judgment, en-
titled to forgiveness for many po-
litical sins because of his tentacity
and foresight which fought to pre-
vent any move in the direction OF
wage cuts or a lowering of living
standards.
Babbittry Powerful Force
II believe that the. commercial
and financial leadership in the
United States is farsighted enough
to head off efforts of few indus
trial reactionaries who would bail
out the boat by boring a hole in
the bottom"
Referring to scoffers against
'sBabbittry" and 'RotarianisIn" and
provincial Anericanism, Howard
said:
"Ridicule it as much as you
please, but the force is a powerful
one and it gets results. During the
last few months, with quantity pro-
duction definite fixture in our in
dustry, this vital American force
has been acting as a new urge to-
ward quality as well as quantity.
1.-The new urge has taken form to
demand better quality Of life for
a larger portion of the people, and
a better quality of methods and men
for public relations leadership.
This changed objective is going
to work a metamorphosis in Amer
lean life."
On Sound Basis
Declaring that recurrent panic
no longer has ample justification for
continuance and that breadlines in
the metropolis of the richest coun-
try in the world must be eliminated,
Howard continued:
Many plans are under considera-
ton and radical moves are going
to be suggested, but they were not
originated in minds of radicals or
evolved from soapbox oratory. These
ideas are originating with thorough
ly practical men of large means,
convinced that our measure Of pros
perity will be the ability of our
leadership to make life more worth
while for the largest possible num-
Der OF our own people.
The soundest plans come from
what, a generation ago, we scorn-
fully referred to as big business
Theirs is not a plan to wreck our
industry.
"If at first blush it looks like radi-
calism, be certain it is based on
the soundest impulses-enlightened
selfishness.'