I have also a letter here from Mr. Sloan, who is the chairman of the Electrical Utilities Committee that we set up last December on construction work.

THE PRESIDENT has approved the recommendation of the Secretary of the Navy for the following changes in commands in the fleet to be made at the appropriate time during the next few months.

Secretary Adams has worked out the changes in commands of the fleet in certain of the bureaus in the Navy.

The purpose of it was to enable the Postmaster General to contract in such a fashion as to encourage passenger traffic and to bridge over from solely a postal aviation to passenger-carrying airplanes.

The setting up of committees of this kind does not imply questions of administration or supervision over industrial life, but that we might develop our experiences to get them into form that have more power rather than administration in…

It may delay the construction work for a month or two, but it is believed by the Navy that it makes a more perfect ship.

I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover.

The details of this estimate, the necessity therefor, and the reasons for its submission at this time are set forth in the letter of the Director of the Bureau of the Budget transmitted herewith.

It is true that these economic things are not the objective of life itself.

The acceleration of construction programs has been successful beyond our hopes.

There is one certainty in the future of a people of the resources, intelligence, and character of the people of the United States-that is prosperity.

We have succeeded in maintaining confidence and courage.

The great utilities, the railways, and the large manufacturers have responded courageously.

The ownership of homes, the improvement of residential conditions to our people, is the first anchor in social stability and social progress.

All slumps are the inexorable consequences of the destructive forces of booms.

The success of this effort is of paramount importance, not only for our immediate needs but the possibilities it opens for the future.

By cooperation between Government officials and the entire community, business, railways, public utilities, agriculture, labor, the press, our financial institutions and public authorities, we have undertaken to stabilize economic forces…

Our immediate problem, however, has been the necessity to mitigate the effect of the recent crash, and to get back onto the road of prosperity as quickly as possible.