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for whom it is quite as imperative that they reconstruct their own scale of values as it is for some of those outside.
A case in point is the controversy which has developed concerning the wisdom or necessity of so-called "banker control" of the industry. The entrance of the banking interests into the industry was a foregone conclusion. It was perfectly apparent years ago that as the industry grew it would have to be assisted in its financing from the outside. The obvious source of such funds would be the usual financial groups. The expansions in 1925, 1926, and on through 1929 would have been impossible without such assistance. Overexpansion occurred. Whether it was the fault of the banker in extending credit to finance the rapid expansion, not justified by conditions, or whether it was the fault of the industry in seeking support for expansion programs that they should have known were primarily competitive in their conception and not so conservative as they should have been — the blunt fact remains that outside financing was available. The industry, itself, was unable to meet its obligations, and like all other financially embarrassed organizations it passed under the guidance of its creditors. It is apparent also, of course, that profits which had been made in the industry were attractive to those interested in substantial returns from whatever source. The whole problem came to a focal point with the depression, but it is obviously unwise to say that it was caused by the depression — the motivating forces lay deeper.
It is clear that, when this situation did come to a head and economies were called for, those whose interests were being protected, namely the creditors, would demand what seemed to be reasonable improvements. No one familiar with the facts would deny for a moment that enormous and quite unjustifiable wastes existed in the industry. These would have to be eliminated or reduced. If it is said that the bankers were intruding into an industry with which they had had no experience, the obvious reply is that the industry had shown itself quite unable to overcome the difficulties