The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1939-1949, 1939-04-13
ECOOMIC HIGHLIGHTS

Newsweek's business expert, Ralph
Robey. makes the interesting obser-
walton that in recent years there
has been a somewhat remarkable
"shift in the terms in which bust
nessmen think of the future. They
used to talk of prosperity Now, my
apologies to Secretary Morgenthau,
it Is: Does it help recovery
The figures seem to justify this
change in terms. Mr.. Robey has
gone back over the charts and found
that during the past six years we
have had recovery close to half of
the time-that, in "a out of those
e months there was a measurable
improvement over the month inn
mediately preceding. But we have
never had anything honestly re-
sembling prosperity. The Federal
Reserve Boards six-year high was
reached in 1897, when business av-
eraged 10 percent above that old
standby of normality, the 1923-25
average But if allowance is made
for changing times and trends, the
index would have to be at least
Is percent above 1923-25 to really
indicate even modest prosperity.
Mr.. Robey then goes on to say
that business apparent lack of
faith in soon attaining prosperity,
as against recovery, "arises not be-
cause the basic detectives of the
New Deal are unattainable. Rather,
1t arises because Of needless diff |
culties. They are reprinted here, in
abbreviated form, for the reason |
that they cover the problems which |
loom largest in the eyes of indus
trial leaders.
l. The Wagner Act, no matter how
sincere and sound the motive under
lying 1t, has caused great deal of
trouble, and even organized labor,
judging by views expressed in for
NAL labor union resolutions, object
to much Of it.
2. We have as yet done nothing
tangible to solve the railroad prob
lem or create a workable railroad !,
policy.
8. Due to the lack of a positive
utility policy, this immensely i'm
portant industry doesn't know !.
whether It's going or coming" y
4. Our agricultural policy has
rather than solve the
farm problem. =
S. The Presidents insistence on u
retaining emergency powers over n
money breeds uncertainty.
6. Our tax system is unjust, UNI q
and almost hopelessly
z. We have imposed so many UNI
necessary burdens on the capital =
markets that "risk-bearing capital y
s almost unavailable. q
Not every expert will agree with q
III Of these views. Some may mini =
nize most or all Of them. But, as 3.
aid before, they come very close Y
o rejecting the opinion Of articu- >.
ate business. both big and little. -
There is a growing school Of legisla- -
orS who have become convinced y
hat we'll never bet anywhere until 8
conservative action is taken -
n changing and defining our labor, =.
Utility. agricultural, tax policies. -
tc. That school Is very evident In u
he current congress. It may not
ct be big enough to get its ideas
effected in law-it Is big enough to !
revent the passage Of any addi- {
Ional radical" legislation, and 1t IS /
lso big enough to stand as an Inn
oSing barrier between the more
.ftish New Dealers and the attain B
lent Of their more extreme object B
res.
There is an important practical s
Official" factor here, too. BY and B
,rge, Congressman, like state leg &
;lators and city councilmen, vote &
$ they think their constituents s
ant them to vote. They 60 the s