– March 18, 1935

Out of a welter of confusing business and political trends there now and then appear indications of improvement in basic conditions which are obscured by the more spectacular events of the day. For instance, the steady and substantial increase which has been taking place in the volume of the nation’s purchasing power as represented by demand deposits in the banks has escaped the attention which it deserves. The mere fact that there is a growing mass of purchasing power available is of less significance than the effects which this is already having.