Evening star., 1939-05-23
Retailers Hear
Wallace Predict
More Business
BIumes War Fears
For Delay in
Recovery
cText Of Presidents speech on
Page AID

In line with President Roosevelt's
plea last night for cooperation"
from business. Secretary of AgricuI-
ture Wallace this afternoon declared
that, despite the "timidity of capi-
tai" to invest for recovery, he be.
lieved that, international affairs per-
mitting, I'VE are going to do more
business"
The Secretary told the American
Retail Federation at a Mayfower
Hotel luncheon that farmers would
like to see businessmen taking a
chance again. The time 10 in
vest money is when business recovery
is just starting" he said, mot when
a boom bubble is ready to burst
IF we are to have the measure
OF recovery we seek" he declared,
capital investment must be made
either by private business or by
government, or by private business
with the aid of government. That
is the heart of the problem Of
recovery"
President Stirs Enthusiasm.
President Roosevelt in his address
to the federation banquet last night
sounded call for advance along
the same New Deal policies Of
spending and taxation, but asked
the retailers for their advice, help
and cooperation" The crowd of
more than 1,100 retailers responded
at many places during his address
with enthusiasm.
Secretary Wallace said that for
10 years capital has been she'll
shocked as a result of the exploding
Of the boom of the 2O's."
Under ordinary circumstances. he
said, business would have recovered
by this time. But the general world
picture" he said, with war alarms
being sounded in Europe almost
every week. has generated a new
set of fears"
Cooperation Pledges Expected.
The retailers applauded both
Democrats and one Republican
speaker at their two-day National
Retail Forum, but the upshot of it
appeared to be that this afternoon
there would be pledges of co-opera.
ton with Government.
Representative Joseph w. Martin.
Jr., of Mass, Republican leader, who
yesterday afternoon scored the ad-
ministration for not solving the
problems that persist" declined to-
day to comment on the Presidents
address. Having spoken on the
same program prior to the Chief
Executive, and laid down a Repub.
1can program of IL points. the Re.
publican leader had nothing further
to add.
Charging the country had been
forced to experiment with every
economic hallucination recorded in
the history of man." Representative
Martin yesterday declared: iva
are hog-tied today not because we
lack the vision of progress. not be-
cause we lack the courage of enter
prise. but because the spirit of our
people is hobbied by devitaliznR
bureaucratic restraints"
Gen. Wood Speaks.
Gen. Robert E. Wood of Chicago.
chairman of the board, Sears Roe.
DUCK q Co., told the forum this
morning the way to bigger profits
could be found in participation in
community affairs.
He said independent retailers and
particularly chain stores had fallen
down on their social responsibilities.
hlndering the development of pur-
chasing power and improvement of
living conditions which would pro.
mote greater retail sales.
or far-reaching significance was
the question widely discussed among
delegates and Washington off,
Gals as to what effect the
Presidents address will have
throughout the country in his an
nounced determination to proceed
along the same lines in spending,
budget and taxes. He spoke over
the three major radio chains.
You canont expect this adminis-
tration to alter the principles and
obJectives for which we have strug.
gled for more than six years." he de-
clared.
In discussing the effects of his
fiscal policy on consumer purchas-
ing power, the President evoked
from the gathering of business men
(See RETAILERS Pooe A-S0