Show Anti Hoarding Anti Hoarding Drive MayBe MayBe May Be Power for Better Times By ALLARD SMITH Sl Executive Vice President President- The Union Trust Co Cleveland Ohio President Hoovers Hoover's move to conduct conduct con duct a national campaign against hoarding is a direct effort to overcome over come one of the chief present obstacles obstacles ob ob- ob to business recovery Every observer of trade knows that the withholding of money from circulation is a powerful factor in restricting restricting re re- re- re credit extension and keeping industry depressed As has been pointed out a dollar that is hoarded not only cannot do its work as everyday everyday every every- day currency but its usefulness as asa asa asil a il basis for bank credit is destroyed I IA A dollar in the hands of a bank or wisely invested in sound securities will furnish the basis for 10 of credit This means that while it is estimated esti mated that fully are beIng being be be- ing hoarded and kept out of circulation circulation tion actually the country's business Is being deprived of several additional billions of dollars in credit This vast sum released Into the channels of trade would have a healthfully influence The movement against hoarding is not for the tile benefit of any particular interest Rather it is for the benefit of the entire country which is sufferIng suffer suffer- ing ng Ing from drastic curtailment of marets markets mar mar- ets of employment and of in fg ng power I ri ILL I'LL PUT THIS Nh I lN INTO O CIRCULATION i cs c's f 1 Ai The whole problem of hoarding simmers down to the question of confidence con In financial institutions and that question has been solved b by the Reconstruction Finance corporation Whatever justification there may have been for hoarding some months ago therefore no longer exists There is every reason to expect gradual im provement in prospects as a result o of recent developments |