THE GOVERNMENT: Competition Contemplated

Economists are virtually agreed that a major cause of Depression II was the failure of private industry to undertake pump-priming when the Government cut down. Certainly no private industry primed the pump less than the utilities; they had held up capital expenditures since the start of the New Deal's public-ownership and "death-sentence" deals (see below). Utility officers, in turn, explain the estimated dam of $3,000,000,000 in such expenditures on grounds that they and the investing public are too scared by the Government's power policy to put more money into the business.

Efforts to end this stalemate reached a peak last month...

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