Last week the little red-brick city of York, Pa. (pop. 55,254) tingled with anticipation of Christmas. Under the evergreen trees and colored lights festooning Continental Square (the itinerant Continental Congress met in York while Washington was at Valley Forge 162 winters ago), York's people thronged the stores, spent more freely than in any winter since 1929. York's industries offered 10%, more jobs than last year. Payrolls were 20% larger. York had almost no relief problem at all. York was grinning with prosperity.

The last seven or eight Christmases have not been especially lush...

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