A Post-Depression Decalogue
"As we emerge from the depression - and authoritative testimony indicates that the upward climb is at last underway - there is a growing realization that once more, as in every period of trial, business has learned several salutary lessons. It has been through a broadening though trying experience, a grueling test in a truly relentless crucible.
Above all else perhaps this crisis has revealed, as none of its predecessors had, how closely interwoven the economic fabric of this nation has become during these post-war years. We can now appreciate as never before the vastly more sensitive interdependence of our business activities everywhere. And that applies not simply within our borders, but in every remote market and port around the seven seas."
(From a March 2, 1931 issue of the Detroiter).
Detroit's Financial Outlook
"The one common characteristic of every economic crisis is the general feeling that the prevailing depression is different from all others and will continue indefinitely.
Every economic depression is different from its predecessors; every one has ended and been followed by a period of prosperity; and every one has resulted in important social and economic changes.
This depression is different from others since governments - and particularly local governments - are for the first time large creditors of the lenders of capital; are for the first time employers of labor on an unprecedented scale; and are for the first time absorbing a large proportion of the national income for the operation of public services."
(From a May 11, 1931 issue of the Detroiter).
Michigan's Industrial Growth Continues
"Between 1929 and 1935, a period in which the nation's ratio of wage earners to population dropped 20 percent, with all but three states following the national trend, the number of wage earners in Michigan, relative to her population, rose 3.5 percent to pace the nation in the race for industrial supremacy.
Manufacturing is the largest single source of income in the United States. To understand its importance, it may be noted that in 1935, 60 percent of all income...