Among many people the President is quite unjustinably being identified with the depression, as was Herbert Hoover. There exists in business! circles a personal feeling of distrust and lack of confidence, "it is a condition which being, psychological hard to remove. The President has become a bogey man. This feeling plays a large part in. the failure to Fecover from the depression.
In addition to the hysterical titude taken by many businessmen there is a feeling of disappointment, among 12,000,000 people who after five years of the New Deal are still unable to find work in private employment. Organized labour is not 0 friendly as it was; the depression has been as big a blow to ils leaders as to the big employers: it may even lead to a more friendly feeling between them. Small business follows the lead of big business and blames government measures for the depression.
Yet there are certain bright fea tures, "The stock market may have dipped to levels very near those of 1952 but there is far more money in the banks than ever before and people are no longer nervous about their deposits. Farm prices are higher and crops are plentiful, The period of government experimental The blackest situation exists in the railroad industry. This is parily duo, to the fact that when trade inten eral is bed the railways have na turally less work to do. But that ly only part of the picture, After the 1929 crash the situation of the banks and the railways was seen to be the most critical and the RFC, was established with the original object of underpinning these two tottering structures," The need for supporting the banks was seltevie 'But the situation of the railway Industry" wag not very' different: Railway bonds were held by has: pitals, insurance companies, educt tional' institutions and public bodies of every kind. "The {allure of yeth bank and railway would injure very much the same type of person, Pubile panic more immediately fected the banks than the railways, People could and did "withdraw thelt deposits and banks which had une wisely' tied up their money in real state were the first to close" their doors. The' crisis continued "tilt every bank in the country had to be closed. "The "banking steueturo was put through the wringer," Savings Were wiped. out or reduced real hardship was reared In many ca but the banking aystem "was, asa result of being. allowed "to" rench bottom, in a. much healthier condi ton. "when "it" emerged. from the shadows,
Text read from the printed page and cleaned; old type leaves the occasional error.