GLOOMY TALK IN AMERICA

Press, Volume LXXIII, Issue 22271, 9 December 1937, Page 11

GLOOMY TALK IN AMERICA

Fear of Economic Debacle INDUSTRIALIST PREDICTS MORE INFLATION (UNITED PBES3 ASSOCIATION—COPTBIGHT.) (Received December 8, 11.5 p.m.) NEW YORK, December 8. An extremely pessimistic and foreboding note was struck at a conference of business and industrial leaders. Mr Lewis Douglas said that American democracy should be strengthened against the danger of being overwhelmed by a worldwide wave of authoritarianism. He feared another depression as a result of the economic collapse of all the great democracies, after which collectivism would triumph. Mr Virgil Jordan, president of the National Industrial Conference Board, which is a research organisation supported by the largest employers, declared that the resumption of inflation was overwhelmingly likely. He predicted the breakdown of the present economic and political system within five y€ Mr' Lammot du Pont introduced the only cheerful note. He said that although private enterprise would have to invest 25,000,000,000 dollars to absorb the 3,000,000 unemployed, industry would welcome the bulk of the responsibility for future betterment, if working conditions, taxes, wages and hours could be stabilised.