Detroit evening times. (Detroit, Mich) 1921-1958, 1942-08-24


hcralded. a vitally lmportan new
trend encouraging 10 industry,
business. investors and other re-
sponSible citizens
Some conhrmatory signs:
Crushing defeat of President
nominee for the New
York state govcrnorship has fol-
lowed the equally emphatic victory
of Rep. Hamilton Fish On. ",
whom the President vociferously
Secretary Of Agriculture Wick
ard, doubtless responding 10 public
opinion - perhaps administrative
pressure has done a somerSault;
he has abandoned his insistent
of 40 per cent Of
parity prices for farm products,
now al a 14-ycar peak.
All limitations from Washington
are that the comprehensive factual
made before the Sen
ate finance com mittee have
clinched certainty that the House
tax bill Will be modified 10 make
il al least somewhat less conhSca-
tory Of business earnings, there
fDrn 1olg JisoutYctt- TO tnNoctorc
less antagoniStic to Capltal-ralsing.
The securities and exchange
commission. after carrying finan-
cial regulation perilouSly near
Strangulation. proclaimS desire to
cooperate more with stock eX-
changes and TO coerce less. THE
SEC, however, has not yet brought
itself 10 any letup in its relentless
warfare against utility enter
priSeS)
President Roosevelt, we are told,
ContemplatcS some step designed
10 abate public resentment against
irresponsible strikes, some step
other than merely placing the.
army or navy in charge when war
defy governmental rulings.
Many doubt, however, whether
effective will be done by
the President OF by Congress be-
fore the November elections.
Latest symptoms are that Don
aid NJ. Nelson. backed by the
public Will insist upon an entirely
free hand in governing war pro-
duction, unfettered by any fruS-
tration by military nabobS.
IT may or may not be significant
that the security markets have
lately done better than hold their
own despite Germany'S continued
advances towards the most val
liable oil fields in Europe. True.
the demand for stocks is limited /
except when special offerings are
made. Selling pressure is equally
limited, even when leading cor
porations announce dividend re-
auctions, and in face of a daily
1utpouring of quarterly statements
'cvcaling draStically diminished
profits because Of unprecedented
tax levieS.
Because Of the treatment they
nave long received, investors have
practically ceased 10 furnish new
'apital for industry. for railroads.
Tor utilities or other employment F.
giving companies. Meanwhile.
has become the great
ender as well as the great Dor
rover. a portentQuS fact boding
no good for the preservation OF
our free enterprise system
OptimistS see public sentiment
gradually turning against further
reaching out Of its tentacles by
the Washington octopus.
Our war output machine has
developed weaknesses. Perhaps in
avtably One student of history,
7t the head of one of Americas
six largest enterprises. tells me
hat the showing now IS no worse
than Il was during the war be-
tween our North and South. Ad-
mittcdly industry has performed
beyond expectations. But co-ordi--
nation by those IN charge al Wash
jngton has been lacking. Remedial
steps probably viii result in CON
siderable temporary uncmploy-
mcnt
Dut Americas weight. in mon
and matcricl, is telling more and
more on various fighting fronts
may play a conspicuous part within
the next few weeks Our ship
builders and aircraft builders are
themselves with glory.
BallooninE pay envelopes are not
thu, fan melting a boom in retail
trade are not forcing initiation
Merchants' inventories are called
almost twice as large as a year
ago
II Washington dcSiSts playing
politics. fcarleSsly imposes sound
restraints ON powerful labor and
agricultural pressure groups. inha-
tiCn can be- avcrtcd.
n w. l.