Until last week Big Business left unchallenged the downright declaration in President Roosevelt's Jefferson Day speech in Manhattan that reduction of manufacturing costs meant not more but less purchasing power for the nation (TIME, May 4). Though the President appeared to contradict himself a few days later at a White House press conference while elaborating upon the high cost of old-fashioned building methods, his statement was overlooked by no alert businessman. Last week in Los Angeles General Motors' Alfred Pritchard Sloan, a representative of an industry whose history is most clearly at variance...
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