>>140634 cont... FRI 1 NOV 1929 HOME FINAL EDITION BROAD FACTS OF U.S.A. CRISIS Largely Paper Losses Cancelling Paper Gains SLUMP MAY LEAVE WORLD BETTER OFF (By Professor Shann) When in 1913 the United States set up the Federal Reserve System its sponsor, Senator Owen boasted that it would make the old-time panics impossible. Now, out of a blue sky of record prosperity comes a devastating smash on Wall-street, and at the usual time "the fall." The trouble is that American financiers have not yet learned their responsibilities as leaders of a great creditor nation. In their days of sudden wealth the United States have hugged their traditional interest, first and foremost, in the home market. No doubt it is a wonderful one—120 million people with high spending power, rather uniform, notions of using it, and no impediments to internal trade. Yet even that is insufficient scope for business expansion and modern salesmanship, despite consumers' credit.
