The midland journal. (Rising Sun, Md.) 1885-1947, 1938-04-08
LACK OF CONFIDENCE
BY j. e. jones

by y. u. jules
Washington d. C.-The Chairman
of the Federal Reserve Board says
that "a lack of confidence means that
some one has got something which
he fears he cannot sell for profit.
If 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 reccmmence drawing their pay
check, it would go long ways to-
wards solving the depression. Moth
ing expands and widens like pros
perity when it once gets to going.
Let's see how Mr.. Eccles defini
ton works out in the case of Mr..
and Mrs. Average American-at
least that ten or fifteen per cent of
the whole population whose bread
and butter comes in one way or an
other from two basic transportation
dustries-railroads and automo-
Diles.
There were more than 100000
railway employees at one time. In
1886 the number shrunk to 1885,
405. Recent carloadings have drop
| ped for the first time to the low
| .evels of 1882.
With railroads so badly hit by the
present slump hundreds OIL thousands
Of people are suffering from lack of
confidence. Just how many are di
tectly or indirectly dependent on the
railroad industry is hard to say. The
rate of increase just granted does
aot 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 1886,
and in a comprehensive survey it
was ascertained that 6,O47,OOO were
employed directely and indirectly in
Ill forms of highway transportation.
| included there were 43,461 motor
yehicle dealers in the United States,
they are the live-wire business men
| n all communities that the country
has been hearing from in this drive
% sell two used cars to clear the
| market for one new car.
Somewhere between ten and fif-
zen per cent of the total population
IF the United States is directly or
Indirectly dependent for living
lpon the two above lines of trans
Jortation.
Is it any wonder that everybody
engaged in railroads or automobiles,
rom the highest executive to the
| most unimportant of the wage
groups, are worrying from lack OF
confidence, Notwithstanding to
Chairman Eccles' clear definition
they do not know how they can sell
heir services or their goods at pro-
lit. That's just the reason why the
| wolf hangs around so many Ameri-
can doorways.
The whole distressing question, ac-
cording to the best brains of the Ma
zion, is first of all unemployment.
The outstanding gesture toward
recovery has been made by the auto
mobile manufacturers, and the deal
ers of the country are entitled tC
unstinted praise for the way in
which they have gone to bat to re-
vive their own business and lick the
depression. The extent to which they
are successful will be shown in the
increase of employment and the
speeding up of factory production.
The Government action, though
inadequate, 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 under
shelter, and meet the difinition of
Chairman Eccles and sell theid trans
portation to better advantage, and
thereby make it also possible for
thousands of railroad men out of
jobs to sell their services at a profit
Its now up to the railroads to quit
sulking and help to lick fear. and
join in national efforts to restore
confidence.