Thinness alone, however, is no explanation of such a prolonged decline; the reasons must be more fundamental. American prosperity has been largely erected on the foundation of lavish Federal spending, which was severely curtailed last year; and the pumping of cash into the hands of the public in such forms as the Soldiers Bonus, which could not be repeated. On this ephemeral base, ich stimulated mainly the consuming side of industry, there could not be built up the essential demand for ihe permanent products of the heavy industries, so long as the security capital enterprise was threatened by new and pending legislation.
Text read from the printed page and cleaned; old type leaves the occasional error.