THE PRESIDENCY: Credos & Conundrums

"Reduction of costs of manufacture," cried President Roosevelt, proclaiming his economic credo to dining Democrats in Manhattan last month, "does not mean more purchasing power and more goods consumed. It means just the opposite" (TIME, May 4).

Last week the White House had some extraordinary visitors. Owen D. Young arrived for luncheon one day. Bernard M. Baruch turned up immediately afterward and Myron C. Taylor of U. S. Steel Corp. was reported to have dropped in after visiting hours that evening. Two days later Walter P. Chrysler lunched with the President off trays in his office.

Twenty-four hours after Mr. Chrysler had...

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