Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-05
WORK IS HELD KEY
TOU. S. PROSPERITY
Hoover Makes Opening Talk
at National Business Sur
vey Conference.
Continued From First Page0

CONTINUED From First Page)
'.ars convinced of the economic stability
c. the country'S business, and It is our
duty to justify that confidence. Our
immediate practical problem is to get
to work"
Thanks to the banks, he said, the
: Nation has come safely through lone
of the most colossal shifts of credit in
its history" There should be no hest
tation about buying at present price
levels, he asserted. Analysing the
stock collapse, the Commerce Secretary
expressed the opinion that in the midst
of general prosperity the American
people overlooked falling of in some
industries at the expense of others.
Overproduction must be controlled to
meet such exigencieS and prevent COM
plicationS later, he said.
No Reason for Delay.
1--WE must continue normal, reason
able buying" Mr.. Lamont pointed ~.
prices are low at the present time sNcl
there is no reason to delay purchasing"
He advocated increased home build
ing aIG home improvement work and
told o. stimulated activities Of railroads
and sfHpbuilders.
The Secretary disclosed that PreSi-
dent Hoover instructed him as early
as last March to make a survey of
Federal, State and municipal construc-
ton projects throughout the country,
with the ultimate view OF co-ordlnat-
ing these works to stabilize industry.
The nnal report of this survey shows
that sWo and half billions of dollars
worth of construction is under way or
planned. calling for the employment
of 100000 persons.
Secretary Lamont expressed doubt
01rfO YfclT
affect foreign trade and he said ne
saw no good reason why our exports
should not keep up.
The biggest factor in maintaining
prosperity, he declared, Is the main
tenance of wages and employment.
Business interests are cooperating
fundamentally in this connection, he
said.
Notice Taken Down.
"I have heard of only one instance
Of an industry posting notices that
wages would be reduced and personnel
curtailed as result of the stock mar
ket crash" Mr.. Lamont said in con-
cIusion. In that instance, however,
the notices were taken down after a
certain White House conference"
The ''brass-tacks stage of the present
business problem has arrived, As
sistant Secretary Klein of the Com
this morning. The only sound which
really counts now is "the clang of SHOW
els and of cash register BELLS" he said.
Mr.. Klein warned of a skepticism as
to the value of committees and reso-
buttons and badges and all the para
phernalia of conference" and asserted
that the Nation is looking to industry
and commerce for action.
He called for frank consideration OF
the business needs of the Nation, de-
termination of where unsound spots in
the general economic organization of
the country are, if any exist, and
prompt action to set up reserves which
will readjust the industrial and COM
mercial balance.
He urged an extension of the field
of business research as a means of
renewed vitalization and acceleration of
business currents, a wise and conSld-
cred expansion of export trade which
should by no means take on the aspect
Of "a dumping campaign" and action
to cure some Of the inherent Ills OF
the American distribution system by
the elimination of waste.
Some Could Improve.
Summing up present conditions, Klein
said that admittedly" the situation in
some industries is not as satisfactory
as it should be, although he declared
NllG R6IGId1 GEOIlOtIl4C SIIuCbulC Va N4AC
Nation to be sound and substantial.
Agriculture, our basis industry, is,
broadly speaking, sound" he said.
Transportation, both on land and
water, is active and efficient Mining
and most of our major manufacturing
industries are likewise predominantly
healthy. Our fiscal and banking situa-
ton is sound and money is now avail
able at reasonable rates.
Prices continue to be steady with a
little downward trend and inventories
are likewise low and without any in
dication of any serious congestion, ex-
cept in one or two lines where the
situation Is worthy of some careful
study. Finally, management and labor
were never before upon such high
plane OF efficiency.
without belittling the many tragic
aspects of the losses of both profess
sional and amateur spectators in the
recent break-and each Of these groups
has suffered heavily-there are numer-
Gus reassuring elements in the outlook
for the coming months. Dividend and
interest payments in December will
total almost $500, zoo, 900, an increase
of more than 20 per cent over Deem
Der of last year, an impressive evidence
of the power of our earning capacity.
"Unquestionably a large proportion
of this vast fund will find its way into
prudent reproductive investments-not
speculative ventures. Then, too, the
amazing total of Christmas savings, not
less than $780, 00 900 and probably
more, means that our Christmas trees
will have about the usual share of tinsel
and electric lights and little crepe"
Cites Figures.
Among his suggestions of means of
improving the distributive system was
70 cY11oIl ratoiIarC that
they should devote themselves to other
lines of activity. To support this con-
tention he called attention to statistics
showing that in one city an average of
80 grocery stores fail each month and
80 new ones are opened and that it
another 551 restaurants went out of
business in a year and almost exactly
the same number of new ones were
started.
That expansion of business activities
requires only a confident faith in the
future continued growth Of American
industry was the message given the con-
ference by Mr. Barnes. who is chairman
of the board of the United States Cham
Der of Commerce.
Explanatory of the emphasis laid on
construction and maintenance as the
expansion valve of any business heSita-
ton, Mr.. Barnes said 1.-THE stimulative
effect of sustained construction would
reach alnS,st the whole gamut OF other
industry"
Swinging into his subject Mr.. Barnes
said 'it will at once be appreciated that
If construction and maintenance can
e" take up any slack in general bust
ness activity, we can hope to maintain
the level of business stability.
Business stability means the con-
tinued, orderly, everyday conduct OF
business and individual living, which
sustains steady pulsation in the arteries