Victor Lane's depression (6)
I believe the answer is:
valley
'depression' is the definition.
(valley is a kind of depression)
'victor lane's' is the wordplay.
'victor' becomes 'V' (phonetic alphabet: alpha, bravo, charlie etc.).
'lane' becomes 'alley' (alley is a kind of lane).
'v'+'alley'='VALLEY'
(Other definitions for valley that I've seen before include "den" , "Flat area of land flanked by hills" , "Flat area among hills" , "Hollow between hills" , "See 14" .)