Show lack of faith in prosperity due to needless difficulties placed in way of business wilger act tax sax system cited as tayl se difficulties News weeks business export expert ralph oars robey obe Y makes the interesting observation or at on that in recent years there has been a somewhat remarkable shift in the terms in which business men think ot of the future they used to talk of prosperity now they speak of recovery it used to be prosperity is just around the corner now my apologies to secretary 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 halt half of the time that in 34 out of those 72 months there was a measurable improvement over the month immediately preceding but we have never had anything honestly resembling prosperity the federal reserve boards six sik year high was reached in 1937 when business averaged 10 per cent above that old star standby riby of normality the 1923 25 average but if allowance is made for changing times and trends the index would have to bo be at least 25 per cent above 1923 25 to really indicate even a modest prosperity needless difficulties mr robey then goes on to say that business apparent lack of faith in soon attaining prosperity as against recovery arises not because the basic objectives of the new deal are unattainable rather it arises because of needless difficulties put in the way of business he then cites seven specific examples of these difficulties they are reprinted here in abbreviated form for the reason that they cover the pro problems bems which loom largest in the eyes of industrial leaders 1 the wagner act no matter how sincere and sound the motives underlying it has caused a great deal of trouble and even organized labor judging by views expressed in formal labor union resolutions objects to much of it 2 we have as yet done nothing tangible to solve the railroad problem or create a workable railroad policy 3 due to the lack of a positive utility policy this immensely important industry know whether its going or conri coming ing 4 our agricultural policy has perpetuated rather than solved the farm Dro problem blem 5 the presidents insistence on retaining emergency powers over many breeds uncertainty 6 our tax system is unjust uneconomic and almost hopeless complicated 7 we have imposed so many unnecessary burdens on the capital markets that risk bearing capital is almost unavailable not every expert will agree with all of these views some say minimize most or all of them but as said before they come very close to reflecting the opinion of articulate business both big and little there is a growing school of legislators who have become convinced that well never get anywhere until definite conservative action is taken in changing and defining our labor utility agricultural tax policies etc that school is very evident in the current congress it may not yet be big enough to get its ideas reflected in law it is big enough to prevent the passage of any additional radical legislation and it is also big enough to stand as an imposing barrier between the more new dealers and the attainment of their more extreme objectives the way the wind blows there is an important practical political factor here too by and large congressmen line state legislators and city councilmen vote as they think their constituents want the them in to vote they go themay the way the wind blows or to be more exact the way they guess it is blowing when mr Roosevel ts popularity was at its height it was political suicide to oppose any part of the new deal program and most congressmen acted accordingly today there is apparently a shift in public sentiment judging by the standard polls of public opinion in the conservative direction and this is vin giving g heart to congressmen who have av e been sitting on the fence holding tight to their jobs what will come out of all this and out of the growing underground war between the president on the one hand and the conservative democrats led by garner and harrison on the other safe to forecast but it throws an interesting light on conditions many realistic businessmen are coming to feel that while they wont get all they want from congress there is considerably less danger than in the past of new and unexpected legislative kicks in the pants 0 spot business news exciting war scares are still in the air and until they are dissipated if ever there will continue to be great worry on that score looking at conditions at home business week says real optimism on domestic business so far as prosperity results from long range planning based on faith in the future is not possible today that sums up general opinion pretty well |