Evening star., 1940-12-23
Business Advances
In 1941 Predicted
By Credit Expert
Heimonn Sees Trade
Aided by Further
Buying Power Rise
By EDWARD C. STONE.

activity the United States can for
l941 look toward increasing i'm
provement in all fields, trade, in
dustry, agriculture and labor, Henry
H. Heimann, executive manager of
the National Association of Credit
Men, said in his annual forecast
received by the Washington Asso-
citation today.
Although the year ahead gives
every indication of more activity
and improved income, it should not
be forgotten that the whole struc-
ture upon which this rests is arti-
fetal. Production for defense can
not over a long-range period i'm
prove the basic standard of living"
Mr. Heimann points out.
What is gives now by spending
1t will take sooner or later. When
the temporary prosperity has been
harvested. debt, maintenance of
armament and armed forces and
taxation will face us for years to
come. In 1941 the American people
will get taste of what European
taxation has been in the past
Retail Outlook Held Bright.
"The New Year resolution of
every thinking citizen should be one
of determination to study the use
to which our great credit stores can
be put once the conflict abroad has
ceased. In the judicious use of
these will be found the answer to
the restoration of peaceful world.
When the reconstruction period
comes credit will play the most i'm
portant part.
"As to specific phases of the Ma
tions activity Mr.. Heimann fore
sees general improvement in retail
ing with emphasis, because of the
defense activity, in the consumer
goods field. He qualities this, how
ever, in the event that the Govern
ment issues bonds for direct sale
to the public and thereby drains off
the rising consumer purchasing
power.
agriculture, he states, can look
to 1941 with reasonable assurance,
despite loss of export markets due
to the war. Farm income should
equal or slightly exceed that in
1910. There will be no runaway
market nor will the farm boom days
of 1915-20 return. Should peace
ensue there would be some tenn
porary greater demand for our
farm products abroad
Labor gains in the year 1941 will
witness considerable consolidation
The year will also exact of the
labor leadership a stricter account
ing than it has in the past. The
public will hardly be in a mood to
tolerate unwarranted labor demands
that interfere with adequate defense
production" he concludes.
Securities Committee Named.
The National Association of Sc
curitieS Dealers announced today
the election of Howard E. Demuth
of Mackubin. Legg & Co., Baltimore,
and L. Gordon Miller of Miller &
Patterson, Richmond, as members of
District Committee No. II. District
No. II includes the District of Co.
lumbia, Maryland, North Carolina,
Virginia and West Virginia.
Other members of District Com
nittee No. II are James P. Nolan
of Folger, Nolan & Co., Washington,
chairman; Y. E. Booker of Y. E.
Booker e Co., Washington; Oscar
w. Burnett, Greensboro, and Her
bert w. Schaefer, Baltimore.
During the past year the associa-
ton has made considerable progress
along several lines Its representa-
tives participated in the conferences
leading up to the modification of
the 20-day waiting clause of the
Securities Act of 1888 and also in
the conferences which led up to the
revamping of the original Invest
ment Advisers Act into legislation
approved by both the business and
Government. In addition, members
are active in the conferences with
the Securities and Exchange Com
mission looking toward revision of
portions of all the securities acts.
The year has seen extension of
quotations on local over-the- -coun-
ter securities to large number of
areas which previously had not had
such services. A comprehensive set
of trade practice standards to gov
ern counter trading in the entire
country and to eliminate confusing
variations in these practices has
been drawn up.
More Christmas Bonuses Paid.
Directors of the Liberty National
Bank have declared a dividend OF
So per share on the capital stock
payable January Is to stockholders
of record January 8, President M. F
Calnan announced today. The bank
has already paid the usual Christ
mas bonus of one-half months sal
ary to all officers and employees.
Directors of the Columbia Ma
tional Bank have Joined the Christ
mas bonus column by voting extra
compensation equal to 6 per cent OF
yearly salaries to all officers ano
employees of the bank, President
Frank j. Stryker stated today. The
bonus has already been distributed
and is the same amount as has been
paid for several years.
The Lanston Monotype Machine
Co. OF Phlladelphla has received a
Govern ment defense contract
amounting to $45,655, the order re-
lating to production of cameras
according to the Wall Street Jour-
nails weekly summary of the latest
awards.
John M. Christie, chairman of the
Educational Committee of Wash
ington Chapter, American Institute
of Banking, announced today that
the midwinter dinner will be helc
at the Raleigh Hotel on Wednesday
January 8. Edward M. Matthews
member of the National Executive
Council and past president of Phila-
delphia Chapter, will be the CHIEF
speaker.
Today's Trading on Exchange.
The weeks trading on the WASH
ington Stock Exchange opened with
100 shares of Capital Transit selling