Evening star., 1932-11-06
Continued From First Page)

president Of the Reconstruction Finance
Corporation, the chairman OF the Fed
eral Home Loan Bank Board, the
commissioner OF the Federal Farm Loan
Board. the Secretaries Of the Treasury
and Commerce and others. The busi-
ness men were those who formed the
now well-known "B and COMMITTEES"
"a nom partisan, capable and public
spirited group representative OF the
best banking, commercial and indus
trial ability of the nation.
The program formulated at that time
was placed In the hands OF six sub
committees. The subjects assigned to
each were
/. The problem OF making available
credit affirmatively useful to business.
2. Increased employment on rail-
roads and stimulation OF industry
through expansion of maintenance OF
equipment and purchase OF new equip
ment.
8. Expansion Of capital expenditures
by industry in the way Of replacement
Of obsolete and worn-out equipment
and otherwise.
4. Increased employment through
sharing work movement.
5. Stimulating repair and modern
6. Organization of committees in the
several districts to assist home owners
With maturing mortgages.
The last of the lines Of activity here
described is for the benefit Of the large
and important class of Americans OF
moderate means who are paying Tor
their own homes. Each OF the others
pertains directly TO the campaign TO
maintain existing employment and TO
create new jobs.
The work of these "B. and l." COM
mitteeS has been going on unobtruslvely
but effectively in virtually every COM
munity Of the Nation. Daily 1t is
accomplishing beneficial results in many
ways The Government has vigorously
aided and provided necessary facilities
Now business itself is carrying on the
work. Not only the members OF the
committees. but thousands Of private
citizens are cooperating whole-hearted-
". America has decidedly risen TO the
occasion and is showing lndisputable
evidence of the ability and frame OF
mind necessary to putting its economic
house in order.
In our progress toward recovery We
must have no illusions. The road TO be
travelled is long and difficult one. An
immediate and pronounced improve
ment throughout industry cannot be
expected There are quite likely TO be
discouraging recessions from time 10
time. But the significant fact for US
today is that the trend is no longer
downward We have passed the stage
of fear-struck bewilderment that until
a few months ago handicapped seriously
every effort to progress. We have re-
gained a sense of confidence in our
destiny and are in a position to hasten
the working OF natural forces in our
favor
without laying ourselves open to a
charge of undue prejudice, l think We
may properly give attention to some
of the outstanding factors OF favor
able nature in our economic situation.
First and most important is the an
nouncement by the Department OF
Labor that its statistical index OF en-
ployment rose SO per cent in Septem-
Der. as compared with August. In
August there has been an increase OF
0.5 over July These unadorned statistics
speak for themselves, for they mark
turn in this most important factor.
Production, distribution and sales OF
goods were in greater volume during
September than in August. Electric
power production increased more than
seasonally. steel mill activity about one
sixth and cotton cloth production about
one third. Petroleum production. lum-
Der output. freight car loadings in
creased. Bank and business failures
lessened In certain industries con-
sumers' needs are forcing replenishment
of stocks by wholesalers and retailers.
Shoe production in August, for in
tor
July. The August output of shoes ex-
ceeded that of any other month Of this
year. Some factories were operating
three eight t-hour shifts a day-full
capacity.
In September pig iron production
which is one of the real primary
barometers of trade. went up more than
$500 tons a day. the first monthly gain
with one exception. since April. 1881
Sales of staple cotton goods in August
reported by the Association of Cotton
Textile Merchants attained record
total of 5l0.OOO.OOO yards or nearly
three times production. Other textile
lines also reported gains The president
of the Cotton Textile Institute has re-
ported to us IAN unusually large back
log of untitled orders, the greatest fol
over two years, and decline in stock
to the lowest point in five years. Cur
rent production is heavy and will doubt
less continue so for several months"
The Associated Industries Of Massa-
chusetts have reported that gains lr
excess of seasonal are being recorded
by industries of that commonwealth
Out Of 148 concerns, 121 showed in
creased orders in September as COM
pared with August, and "a recorded
consecutive gains for the last two
months. Total orders Of these concerns
indicated a As per cent increase over
those of July and IS per cent more
than in August.
The Department Of Commerce, ir
order to check its own findings. has
recently canvassed 1879 chambers oi
commerce, trade associations and simt-
lar groups as to their impressions oi
the current business situation. From
these organizations, located in the
smaller cities as well as in the large
industrial centers. we received 140 re-
ports to the effect that business was
somewhat better than it had been II
Midsummer, even after discounting the
seasonal factor And in many of the
other cases, where there was nothing
so tangible to record, it was stated
nevertheless. that change for the bet
ter in public psychology was evident.
Further encouraging testimony come:
from the National Association of Credit
Men. This organization announce:
that its October survey reveals de-
cided upturn in sales and collection!
throughout the United States. Previou!
months, 1t was stated, had seen a slow.
ly rising curve to indicate improve.
ment, but in October the turn upward
is sharp and decisive" according t.
this well-informed association.
Industrial progress does not depend
altogether on the old established indus.
tries. Mankind must continue to ad.
vance still farther from the stage o.
development where food, shelter ant
clothing are the only essentials for it.
contentment. The luxury of few year!
ago becomes necessity today to millions
Of men and women. Who can tell wha
the necessities Of tomorrow may In
clude?
In America new industries grow u