Milford chronicle., 1938-04-08
LACK OF CONFDENCE
BY J. Z. Jones

BY J. z. Jones
The chairman of the Federal Re-
serve Board says that "a lack Of con-
fidence means that some one has got
something which he fears he cannot
sell for a profit
II ten TO fifteen per cent Of the
whole population could find the
gates OF prosperity reopened to
them, so that they could go back to
their work and recommends draw
ing their pay checks, 1t would go a
long ways towards solving the de-
preston. Nothing expands and wild
ems like prosperity when it once
gets to going.
Let's see how Mr.. Eccles' defini-
tion works out In the case Of Mr.. and
Mrs. Average America-at least that
ten OF fifteen per cent Of the whole
population whose bread and butter
comes in one way or another from
two basic transportation Industries
railroads and automobiles.
There we're more than 100000
railway employees at one time. In
1886 the number shrunk to 1856, ,405.
Recent carIoadings have dropped for
the first time to the low levels OF
1882.
With railroads so badly hit by
the present slump hundreds Of thou
sands of people are suffering from
lack Of confidence. Just how many
are directly or indirectly dependent
In the railroad industry Is hard to
say. The rate increase just granted
doesn't satisfy the rail executives.
But they have no choice except to
wiggle along with a "half-loaf."
The automobile industry reported
100000 directly employed in 1896,
and in a comprehensive survey II
was ascertained that 6.047 900 we're
employed directly and indirectly In
all forms Of highway transporta-
ton. Included there were 43,46l
motor vehicle dealers In the United
States. They are the live-wire busi-
ness me min all communities that the
country has been hearing from in
this drive to sell two used cars to
clear the market for one new car.
Somewhere between ten and fif-
teen per cent of the total population
of the United States is directly or
Indirectly dependent for a living
upon the two above lines of trans
pOrtatiOn.
Is IL any wonder that everybody |
engaged in railroads or automobiles
from the highest executive to the |
most unimpOrtant Of the wage |
groups, are worrying from lack of
because-aceording 10 !
Chairman Eccles' clear definition
they do not know how they can sell |
their services or their goods at a
profit.
That's Just the reason why the
wolf hangs around so many Ameri-
can dooFways.
The whole distressing question.
according to the best brains OF the
nation, is first Of all unemploy-
ment.
The one outstanding gesture to-
ward recovery has been made by
the automobile manufacturers, and |
the dealers of the country are entit-
led to unstinted praise for the way /
In which they have gone to bat to
revive their own business and lick
the depression. The extent to which
lhey are successfuFwfff1be shoSn in /
the increase of employment and the
speeding up of factory production.
The Government action, though in
adequate, is in the way OF putting
the railroads In step with the pro-
gressive movement of the automo-
bile industry. Increased railroad
rates will help the rails to get un-
der shelter, and meet the definition
Of Chairman Eccles and sell their
to better advantage
and thereby make it also possible
for thousands Of railroad men out
Of Jobs to sell their services at a
profit. It's now up to the railroads
% quit sulking and help to lick fear,
and join in national efforts to re-
,tOre confidence.