Show economic highlights SALVATION IN NEW understanding the year just closed was a md mo one not only tor for the united states but tor for tie e entire civilized world it was a year of crises ot of fira dramatic matic and far reach ing changes in the structure of governments and peoples by the narrowest bof 0 margins a world war that seemed certain was av averted ert yet at the same time major though undeclared wars are 1 in progress on oil two of the conti continents brute force has become the principal weapon of modern diplomacy and there can beno be real stability in the world no permanent rest for the nerves of the brou frou troubled bled billions who inhabit it so long os to this Is true irue coming home to our own coun cona try 1038 open opened edwith with business declining on every emery hand and with depression depies slon deepening deepe nini at the th years eyears end one of the sharpest improve ments menis in business in ofir our history was ns registered over a period bof of the five months and the immediate prospects favor a continuation of this trend some 01 the grave differences feren ces between industry y at large ergo and the Nai national lonai administration seem to io denearing be nearing reconcilement the inevitable deduction to be made from the important I 1 ant off year elections in november is that tiie the thinking of the electorate Is turning toward the conservative side spokesmen tor for manufacturing industry publicly express confidence all this is highly encouraging I 1 it t gives gh es great cause use forehope tor for hope that a depression a decade long may be at last iasi nearing its end but bui even though this Is true it would be tolly folly to overlook oer look oito or unde resti mate the many vital oud and unsettled problems that the american pe people ople still face our larg largest estl single hingle industry railroading ra a ding finds igind s its condition growing steadily worse better business during recent months his has na a resulted in some increase in railroad traffic but the basic difficulties facing the lines rate problems excessively ex stringent reg heavy taxation and direct and Jn direct subsidization by government of their principal competitors peti tors remain ille the same there can beno be no teal real i pro prosperity in america so BO long as an industry which spends a billion a year for supplies in III normal timis times which employs hundreds of thousands of well vell paid workers and on whid watch we tor for the transportation of the greni great bulk of the products of our farms and factories can look drw forward ard to to nothing save increasing deficits the political problems pro affecting ng the public service industries are similarly unsolved there has been much talk for instance of ac cords and concil conciliations lations whereby t the h e federal tio eminent would modify its socialization program of publicly owned gas gag bind and electric systems but mere has been no no definite action stich agencies ns as ilie alie TVA continue their astounding policy of refusing third party orbi arbitration trat ton ot of the prices to be paid for private properties they wl wish sh to purchase and to hold the threat of building duplicate plants and transmission lines over the heads of utilities which refuse to sell as prices which would ifould entail serious losses to their bond and stockholders As ft a result utility spending pending remains at low ebb and tills this great industry which could do so much toward Tevita revitalizing INIng Ain america erlea must mark time while its owners and workers i wonder what fin an unpredictable future I 1 will bring A cloud of price boosting legislation hangs over om that field in which the consumer is most directly involved retail distribution the mass distribution agencies of the nation which have made such notable strides in reducing costs of almost every eiery necessity and luxury of life are under attack should these agencies be ba desiray de destroyed as sofaie some extremists in congress and elsa elsewhere where seen to desire the effect will be to reduce the standard of living of everyone of those millions of families to which the budget problem fian ever t worry here thenis then is another great issue directly affecting all that must be settled before national stability can become a fact instead of a hope the related problems of debt taxation and fiscal policy are likewise a dang afi on progress though we are are now carrying the heaviest i tax burden in ou oar r history the national debt goes steadily higher investors are frightened money needed for industrial expansion cannoa cannot be obtained in adequate amounts and again depression Is the average does docs not yet re realize a that when a treasury treasure check is signed in washington it Is in effect drawn against his own sayings savings and income in spite of our vast expenditures for relief in spite of improvement in bu burines busbies bus bies sines little if any dent has bein been made in the number of the unemployed not until private business is able to ab absorb a majority of relievers relie fers thus reducing the weight of the rulief relief millstone on productive industry can genuine r recovery overy and stability be possible this brief summing up can touch on oil but afew a few of the great domestic tic problems that confront con frontus us we lve may take heart tram from the progress we have made in the year just closed boutwe but we must musi bring new understanding der standing to bear if we are to make needed progress in the future |