'To-day we have definite encouragement of the housing industry, friendlier {feeling towards private utilities, an effort {o balance the: budget,' a stiffer attitude towards left-wing labour and general agreement that something should be done to meet industry's objection to the undistributed profits lax, and Wall Street's objection to the capital gains levy (the tax exacted whenever paper profits on the Exchange are realized), The President is seriously' anxious to carry out this 4 not as a substitute for but as an addition to his reform programme (the minimum wages and maximum hours bill, the farm bill, the government reorganization bill). If this effort falls then federal spending will be tried again. The immediate task, /said the President in his message to Congress is "to increase the use of} private capital to create employment s+. If private enterprise does not respond, government must take up the
Text read from the printed page and cleaned; old type leaves the occasional error.