GOVERNMENT: Stimulator

No man in the New Deal hierarchy was more suspect by businessmen than Henry Agard Wallace. So when he moved in as Secretary of Commerce, he smartly laid low, concentrated on rejuvenating his department. Under the Roosevelt administration, the department, which had been ably organized by Herbert Hoover, had gone to pot. When Henry Wallace did speak up, he tried to pass as the new friend of businessmen (whom he had once implied were fascists). His technique: an imitation of Free Enterpriser Eric Johnson.

Last week, Wallace gave more tangible proof that business might finally get some help from the...

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