Evening star., 1932-11-10
BUSINESS LEADERS
ARE OPTIMISTIC
Steady Return to Norma
Foreseen by Bankers and
Industrialists.
enecial Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, November 10 IN. A.
N. A)-The Democratic victory finds
the country's business leaders optimistic.
The very fact that the national election
has passed into history is helpful they
say They look for steady return to
normal conditions.
They were asked, regardless of
political leanings, to express their views
in reply to campaign statements that
change in administrations would have
an unsettling effect economically, with
the result that business recovery would
lag Their replies follow:
Alexander Legge, president, Interna
tional Harvester Co. and former chair
man of Federal Farm Board by appoint
ment of President Hoover: 1t is my
belief that the ma 'ional campaign has
so far absorbed the attention Of our
people as to unsettle their plans and
temporarily retard business progress.
Political uncertainty has now ended
with the decision at the polls. and it is
helpful to have this disturbing factor
out of the way.
There is no doubt that general con-
fldence is an important element in the
revival of business, and the belief of a
large majority of the voters that a
change Of Government will tend to i'm
prove business should in itself help to
bring about the. condition.
Progress is steadily being made
toward correcting the unbalanced
economic conditions which brought
about the depression, and I believe We
have reached a turning point from which
agriculture and industry, stimulated by
growing confidence, will go forward to
better times. Self interest and the
into a1iUa that oil
citizens shall Loyalty aid in every way
possible to hasten the return of normal
conditions"
Traylor Sees Improvement.
Melvin. A. Trayior, chairman Of the
board, First National Bank, Chicago,
and mentioned as a possibility for the
next Secretary of the Treasury: If as
I believe business activity in times such
as these is largely a matter of conf
dence or fear as to the future, then it
would seem to me that the oyerwhelm-
ing victory Of the Democratic ticket
would indicate dissatisfaction with the
political program OF the party in power
and confidence In that offered by the
Democrats. If this reasoning be true
it seems to me that the question is
answered as to what effect the election
OF Mr.. Roosevelt will have on business
improvement, dllO i1O OAoeuA baiiSC
should follow"
P. W. Litchfield, president, Goodyear
Tire & Rubber Co, director National
Industrial Conference Board: The
United States has had an overdose OF
party politics. However, the results
were well discounted in advance and
there is no reason why the after af-
fects should be anything more than
passing. Mr.. Roosevelt is in an ideal
position to take over the reins Of gov
ernment. The enormous vote given him
promises confident support from the
people. The type OF cabinet he is ex-
pected to select and the friendly ma
jority he will have in Congress are
added factors Of great importance and
promise"
THE Nation certainly owes . great
debt Of gratitude to President Hoover
for the part he has played in preserv-
ing our Government during period OF
intense stress, and for the constructive
plans he has inaugurated to meet the
depression. I believe many failed to
unfairly blamed him for conditions en-
tirely beyond his control However, 1
do not believe in the prediction theory
that the period between now and the
Inauguration should produce any dam
aging hiatus in governmental function
ing The Governments task between
now and March 4 Is largely one Of
routine administration. It can func-
ton smoothly for the interim regardless
Of the change impending.
Unemployment Relief.
Unemployment relief Is the keystone
In any plan for business recovery. With
administration support we have been
making material national progress In
the campaign to spread available en-
ployment to a greater number of work
ers by shortening of working periods.
Sine this is the most effective weapon
we have in our fight on the depression,
am confident the new administration
will carry on.
I'VE have been intensely partisan for
many weeks. Beginning right now we
should be intensely American. I be-
lieve business leaders generally are pre-
pared to support Mr. Roosevelt. I am
happy to pledge to him the loyal sup
port Of myself and my company In all
sound efforts the Government may
undertake to keep our ship of State
forging ahead on even keel"
Sam Lewisohn, member Of the firm
of Adolph Lewisohn g. Sons, investment
bankers: The very fact that the cleo
tion uncertainty Is over should prove a
great boom to business activity. Gov.
RooSevelt's public career and character |
assured the country that the policies
he will pursue will be sound sane and |
constructive. In every phase of his ca
reer Gov. Roosevelt has always watched, !
looked and listened before taking any
step, and at the same time has shown
that he can use initiative at the right
time l feel confident that business
men can feel that in Franklin D. Roose-
welt they have seasoned and con- |
structive Executive"
George F. Johnson, chairman of the
board, Endicott-Johnson Corporation |
II believe the overwhelming decision Of
the people of the United States in favor !
OF the Democratic candidates will be
accepted by business leaders, and that !
confidence will in noWise be weakened. (
On the contrary, all will go to work
and try to restore normal conditions as
rapidly as possible.
Had the decision been less emphatic /!
there might have been cause for appre- |
henSion, but there can be no question !
what the people Of this country de- |
mand of their political leaders The I
overwhelming decision is the best thing
that could have happened
II look for immediate and continued /!
improvement and now our first duty IS |
to those who suffer for life's necessities. !
Those who have must help those who
have not. Business will resume its up
ward swing and gradual improvement is
sure to take place. We want faith and
courage to bring about normal condi-
tons as rapidly as possible"
Economy Held Assured.
Charles E. Mitchell chairman of the
board, National City Bank, New York:
"Our views Of the business situation as
affected by the election are definitely
set forth in our monthly bulletin. These
views represent the conclusions of my
associates and myself" This bulletin
said in part: In the campaign speeches
the history of the depression has been
raked over in A manner sometimes dis