28 The Stock Market Crash—And After 
oped rapidly in the last few weeks, so that this 
assurance is present. This is shown by the Treasury 
refunding today of $325,000,000 at 314 per cent, 
against its last borrowings at 47 per cent, not 
long ago. This is probably the most extraordi- 
nary change ever recorded in Treasury operations 
between transactions. 
“Fifth, that industry, in being assured of available 
capital requires then only the vision and courage to 
proceed.” 
The temporary speeding of public works does not 
mean merely assurance of increased employment in 
the cement, steel and building industries. Mani- 
festly there could be no wholesale transfer of the 
unemployed from shops and unrelated industries 
into building, even though that building were dis- 
tributed throughout the states. 
But buildings have to be furnished. Architects 
and their staffs are employed. The makers of office 
furnishing, plumbing and other building equipment 
feel the fresh demand and take on new help. 
Housing is stimulated. The furniture dealers, car- 
pet and rug makers, hardware dealers, radio and 
washing machine makers, and numberless other con- 
tributors to house furnishings feel the stimulus of 
new demands and add to their pay rolls. The work- 
men in all these industries promptly spend their 
added total of wages for food, shelter and clothing, 
so that very quickly the vivifying impulse of new 
capital outlays is felt in all branches of industry 
and trade. 
These outlays might be made directly from the