Evening star., 1934-01-01
NOTICES
HOPEFUL SPIRIT
Retail Leader Says People
Have Taken Heart
In Last Year.
BY J. c. PENNEY,
Chairman J. G. Penney Co.

It is with a lighter heart that re-
view conditions in the business world
at this moment One shudders as one
reflects upon the conditions that pre-
vailed at the close Of the last few years.
But in the intervening ID months new
hopefulness and a new spirit, almost Of
adventure, seems to have gripped the
great mass of the people Of this coun-
try. An experiment in governmental
direction and control over economic, In
dustrial and social relations has been
inaugurated that bids fair to be az far
reaching and comprehensive as any leg
isative enactment in the history of our
country. we are too close now to these
pOrtentous changes to comprehend their
magnitude as fully as We will in future
years.
Points to Improvement.
Il Is a reCognized fact. however. that
conditions have undergone phenomenal
improvement within the year. Indeed
it is difficult TO believe that it was less
than nine months ago that large pro-
portion of the banks throughout the
Nation were closed and the financial
life of the country seemed on the verge
Of collapse Unemployment had reached
the peak of 13 600 900 persons who had
been employed in 1929. while the
Nations annual pay roll had decreased
by more than twenty billions Of dollars.
The present situation shows up bril-
hantly against such a background.
Though millions are still unemployed.
let us not forget that our neWlyern-
ployed are numbered by the millions.
and that the Nations purchasing power
has been increased by billions of dollars.
Dol RI rraf1 1Ic in
those barOmeterS Of industry-give evi-
dence Of increasing VlgOr in American
business throughout the country.
The position of labor has been inn
proved and child labor and sweatshop
conditions have been abolished
Although great progress has been
made. it is impossible to predict with
| any degree Of certainty the outcome Of
| SO vast a measure. There are many
| factors favorable for its success. But
all plans succeed or fail to the extent
that our people understand and act in
| harmony with them. IF every individual
! and every corporation Co-operates fully
| in the Governments efforts We NAV
! hope for large measure Of ultimats
! success. II many sidestep and violats
| their responsibilities in this matter the
/ results may be more serious than Ts
| can imagine.
Judgment Suspended
! Through recent visits TO many small
! end medium sized towns and cities
! have had opportunity to observe con-
! dltions in a number Of Far Western
! States Two things impressed me fore
4 IDLY. First, though there are many diff
/ ferences Of opinion as 20 the Presi-
dents recovery program, there seem.
to be a general willingness to suspend
Judgment and TO cooperate by giving
I the Government Wholehearted support
in its effort 10 work out the solution Of
our difficulties. Secondly, l found q
widely prevalent attitude Of cheerful
ness, courage and optimism, in refresh
ing contrast To the fears and doubt
which still cling to us in some sections
Of the East. Perhaps the reason ma'
be found in the fact that the East ha!
7 an abnormal percentage Of the country
unemployed Whatever the cause. how
e"er. this attitude impedes our progress
New methods are upsetting estab
liShed preCedentS and doubt may ASA
.uc az 10 the wisdom Of this or tha
feature Of the recovery program,
Nevert heless. let us pull with the Gov
ernmert by every means in our power
beth individually ard as the operation
Of our business gives Us opportunity, il
Its effort IN restore prosperity To HI
Nation and peace and plenty to ever,
household.