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Show American Business On Sound Basis Says Penney "The basic soundness of Amerioan industry, the true economic strength of the business life of this country, and the genuineness of its prosperity have been convincingly dcnionstrat- ed during the past few weeks," says J. C. Penney, chairman-of-the-board of the J. C- Penney Co. "A readjustment of market prices on general securities has bceu going on. Heavy niarket losses, accompanied accomp-anied in a large number of individual cases by the actual loss of accumulated accumulat-ed fortunes, have taken place. "Quoted prices on securities have tumbled at a rate which in years past would have brought about a panic, stifled industry, and wrought havoc with the credit and earning power of the country. "No panic has occurred, industry has kept steadily on with many new records for output and for sales being be-ing made, the credit of the country and the earning power of the country coun-try have both shown no impairment, great manufacturing organizations, in place of closing down, are declaring de-claring extra dividends out of iny creasing earnings. For the first time in the history of 1 Ajmericlan finance, a condition of ' panic in the 6tock market has failed j to produce a condition of panic or . near panic in industry and in busl- ness. "Your neighbor and my neighbor are earning as much or more than ever before. We are both employed with no indications that this employment; employ-ment; is to be taken away from, us- "We are not apprehensive of the ability of our bank to take care of our savings; we are not fearful of the ability of our store keepers to continue to serve our demands. And we are all quite certain that our own town has been singularly unaffected by the situation in the speculative market. In the final analysis this means but one thing; the estimate of prosperity which has been set upon this country by its most interested appraisers has been fully justified." |