When 50 newsmen shuffled into his oval office and ringed themselves around his shiny desk late one afternoon last week, they found President Hoover smiling broadly. Not for months had they observed such an expression of satisfaction and good cheer on that round face. Confident of real news, they poised their pencils to take down his words. "I am happy ..." The President began. All in the room could see that he really was.

President Hoover proceeded to list the economic developments and improvements which made him happy: 1) "a very great...

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