WILL WALL STREET RECOVER ?
After much searching of statistics, it has now been recognised that the problem facing American business is to get the big capital industries into their stride. Employment and wages have been increased, ensuring a high volume of public spending power, but the building and re-equipment demand from the railways and public utilities has been so sharply restricted that activity in the steel industry has been steadily falling for many weeks. Capital, it seems, has gone on strike because of its hatred and distrust of "New Deal " regulations, and Washington, on the other hind,' is unwilling to offer anything to cajole Wall Street from its fit of the sulks. Is it possible, then, that prosperity may vanish while political animosity overshadows the business . scene ?
I can scarcely 'believe that this could really happen, even in the United States. Prosperity, quite apart from its implications in terms of happiness and comfort for the masses, has an immense political • significance, and it would be surprising indeed if President Roosevelt did not take steps to ensure it. A large-scale housing programme, a rearmament scheme, a let-up fir-anti-Big Business policy, any of these moves would be sufficient to give the -green light signal to the business community. So far, Probably wisely, the President has allowed Wall Street to take its course. With all the trumps in his hand, he should be able to intervene with commanding success at the proper time.
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