The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1929-11-16
EXECUTIVE HOPES TO
LEAD BUSINESS OUT
OF MARKET SLOUCHS
Informed, interested and In,
fluential Men Will Be
Called Into Farley
He HAS FAITH IN BUSINESS
Sees Assurance Of Action Be.
cause Of Sound Sense and
Capacity Of Leaders
He HAS FAITH IN BUSINESS

Washington. Nov. l6-.F,-Presi-
dent Hoover today assumed command
OF the nations business for the pur-
pose OF leading some of its activities
out OF the slough into which they
dropped with the rise and fall Of the
stock market.
Applying his favoritc remedy "a
conference of informed, interested
and influential men-thc chief execu-
tive plans by definite steps, q stim-
ulation Of those few phases Of indus
try which Jagged behind rs the coun-
try's money was poured into the Sc
curity markets.
Construction Fields Probed
These are particularly the fields of
private and public construction-rail.
ways. ships. publk utilities and fed
erai. state and municipal public
works. The conference will be held
next week, attended by representa-
tives Of industry. agriculture and Ia
DOR. as yet unannOunced. four men,
bers Of the cabinet and Chairman
Legge Of the federal farm board.
Mr. Hoover announced this nlan
late Yesterday and At the same time
asserted that amy lack Of confidence
IN the economic future or the basic
strength Of business in the United
states Is foolish" He pointed to the
establishment Of credit stability and
ample capital through the federal re-
serve system" to support this view
and particularly to the recent am
nouncement of q prospective reduce
tiOn in federal taxes, as a dernonxtra.
ton Of the confidence Of the admin
istration which speaks more than
words
The poStpOnement Of construction
work In recent weeks Mr.. Hoover re-
garded as providing "A substantial re-
serve for prompt expanded action.
and as another favorable factor
cited the exceptionally strong cash
position Of the large manufacturin.
industries of the country.
Forward Movement Planned
Outlining his plan. the president
said that the next step would be or
ganization and coordination cf
forward movement OF business
through the revival OF construction
activity. the stimulation Of exports
and Of other legitimate business ex-
pansion. especially to take such action
in concert with the use OF our new
powers" for the assistance OF the
farmer.
fortunately he said, "the soune
sense. the capacity. and readiness fos
cooperation of our business leaders
and governmental agencies rive Is.
Surance Of action The names OF
those who will attend the conference
are to be announced within the next
few days
GERMANY ALARMED
OVER HOOVER PLAN
Berlin. Nov. is. -R- President
Hoover's plan to call an economic
conference Of leading figures In the
United States has excited consider
able attention In Berlin.
The newspapers interpret the prcs.
ident's action as foreshadowiux fur
ther difficulties in the way Of the
German export trade with the Omitted
States and fears are expressed leas the
United States resort to dumping Goods
on European markets
Against this" says the Deutschc
zettung. we are powerless. Let those
who advocated acceptance Of the
Young plan In the belief that Z ereat
ircrease In exports would follow re-
fleet upon this"