Milford chronicle., 1933-08-18
Faith, Backed By Solid Facts, bLead-
ing The United States Out Off
Depression Which Vas Brought
On BY The Epidemic Of Un-
reasonable Fear

banks, no overproductiOn to amour
to anything and our government
was being soundly financed.
National Recovery Crusaders arr
saying that the reason for the de
preston was a nationwide sweep u
demOralizing fear resulting from the
stock market crash. The crash was
the inevitable result of irresponsible
gambling on the part of a very
small fraction of the nations 125,.
100000 people. Prices of stocks bore
no accurate relation to the articles
they represented then and they beal
no proper relation thereto now. 1t
was as foolish then 10 believe that
single share of stock was really
work $500 as it is now to assume
that the same share could possibly
shrink to a few dollars in value.
What happened was this: The
gambling element in Wall Street
had run prices up until they were
beyond all proportion. Deflation of
the false values was inevitable.
When defiation started, another class
of gamblers, the short sellers, sent
stocks as far in one direction as
they had been in the other.
All of which would have been al
right if its effects had been limited
to those who gambled. But the stock
market was watched by a larger sec
tion of the people than actually par
ticipated and it used to be accepted
as a barometer of business condi-
tions. So when the bottom fell out,
all sorts of men who had nothing to
lose in the market began TO look for
cover. The barometer said there was
stormy weather ahead. Fear spread
from one man to another until it
had touched everybody in the coun-
try. People began holding on to
money. They deprived themselves Of
necessities. Men who made these ar
ticles lost their jobs. The spending
power of the nation was reduced by
fear.
Sherman Rogers reasoned that the
building of confidence was neces-
sary to offset the effect of such fear.
He went to the Bernarr MacFadden
Foundation with a plan. The head
of that Foundation, himself a keel
student of and writer on economic
affairs and one who through the
medium of his publishing organiza-
tion has close contact with condl-
tions, was at once interested. Mac
Fadden told Rogers to go ahead with
the work of getting the Crusade
started, shouldering all expenses
through the Foundation.
In Elmira. N. Y, newspapers bla-
Zon Crusade developments upon
front pages. Business has increased
A utility company in the short per-
iod of weeks has shown a three per
cent increase in business, enabling
it to put many unemployed to work.
That was the smallest gain. The |
highest was in the insurance field |
where a one hundred per cent gain
in business was reported by one
People are enthusiastic in Elmira. |
In a recent article in Liberty Alaga-
zine, Edward Doherty tells of the
optimism which prevails. This ace
reporter interviewed bankers, busi-
ness men, BARRIERS and local report
ers. He found that this was no false
glow, for when pinned down nearly
everyone had some substantial FACT
If an encouraging nature to explain
heir smiling faces.
Bernarr MacFadden believes that
What is possible in Elmira is pos
'ible in any community with the
will to accomplish it. A committee
# leaders in the nations business,
administrative and industrial life
las been formed. National Recovery
crusade is headed by sucn men as:
Edward F. Hutton, chairman,
ieneral Foods Corporation; Senator
robert +. Wagner; William iZegler,
r., director Standard Brands Cor
Ioration; Senator Arthur Capper;
Patrick Hurley; Senator Duncan U.
fletcher; Walter Todd, president of
he Todd Company, Rochester; Sen
tor Royal S. Copeland; S. Rae Hic-
ok, president Hickok Belt Manu-
acturing Company, Rochester; SEN
tor Pat Harrison; Frederic H. Hill,
resident of Elmira Light, Heat and
'ower Corporation; Senator Harry
:. Byrd; George Gordon Battle;
enator Josiah w. Bailey; Clarence
:. Killinger, president of the WHY'S
Iorrow Company, Elmira; Senator
ldward F. Costigan; R. D. Jackson,
ackson-Babbitt, Inc, New York
ity; Governor John C. B. Ehring- ,
aus, of North Carolina; Bernarr ,,
Representative Samuel
ayburn; DR.. Francis Trevelyan
Iiller, president Historical Founda- ,
ons, Inc, New York; Representa- I
We Lindsay Warren; Thomas Dix
n, novelist, and Representative
ohm Doolittle. !