Cover Story: Prelude to Power

(See front cover)

When the Depression broke over the high head of the Republican Administration in 1929, President Hoover called to the White House a swarm of bankers, financiers, businessmen, industrialists, railroaders, labor leaders, farm spokesmen. In the privacy of his study, one by one, he asked them what he should do in the economic emergency. Almost to a man his visitors told him to sit tight, keep smiling, let the tempest blow itself out. For nearly two years he followed their advice.

Last week many of the same advisers were back in Washington,...

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