Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-05

President Hoover today gave to a
representative group of America s
outstanding industrial leaders a
good old" one-word formula for
national prosperity-"Work."
Opening the national business
survey conference, called by the
United States Chamber of Com
merce as an outgrowth of the
Presidents recent business meet
ingS" at the White House, Mr.
Hoover placed squarely on the
shoulders of ''the whole people" q
great responsibility for stability
and prosperity"
An encouraging picture of the
rapid process of recovery made by
industry since the recent stock
market collapse was held out by
the Chief Executive of the Nations
business as an augury of the coun-
try'S inherent economic SoundneSS
and a forecast of Frightening
business conditions to come.
The Presidents sentiments expressed
in homely, positive language, were
echoed at the conference by his Secre-
tary of Commerce, Robert P Lamont:
by Julius H. Barnes, chosen today as
permanent chairman of the business
group; by William Butterworth, presl-
dent of the Chamber of Commerce, and
by other prominent representatives OF
the Nations economic system.
Room Is Filled.
The spacious. lofty-ceilinged assem-
bly, room of the Chamber of Commerce
was filled to the limit of its capacity
when the remarkable meeting Of the
industrial magnates opened, and the
assembly applauded vigorously and long
when President Hoover made his ad-
dress. Seated in the hall were great
financial leaders, heads Of important
public service corporations, manufacture
ing executives, builders, agricultural
interests and, in fact, representatives
of every large industry ana 1ndustrlal
organization in the United States.
President Hoover explained that the
purpose of the conference is to spread
into industry as whole the spirit OF
action inculcated into some OF the lead
ing industrial groups as a counter-at-
tack on the depression threatened by
the recent stock panic.
The large effect of this speculative
collapse, he said, was to create undue
pessimism fear, uncertainty and hesl-
taton" in business. These reactions,
he declared. are wholly emotional, but
their psychological effect is to create
difficulties"
The cure for these potential Difficult
ties, Mr. Hoover asserted, is not words,
but action.
The cure for unemployment" he
stated, sis to find jobs"
List Three Factors.
Three factors have contributed to-
ward a quick recovery from the STOCK
debacIe. the industrialistS were told
These are the Federal Reserve system
which has maintained confidence in the
banking stability of the Nation; the
announcement by leading employers
that wages would not be reduced anc
the sweeping move by builders, manu-
facturers and others to press forward
confidently with programs OF business
expansion.
Great emphasis was placed by the
President on construction work Point
ing out that nearly one-fourth Of the
COuntrys wage earnerS are employed
directly or indirectly in construction, he
called on the Nation to Use construc-
ton activity as "a great balance wheel
OF stability" Be speeding up this
wheel now to absorb otherwise idle
labor, he said, brings great subsequent
benefits and no liabilities"
L believe that with the great back
logs which are already assured by the
public service institutions and the gov
ernmental works. he pointed out, you
Will be able to build up the Construc-
ton and maintenance activities for
1880 to a higher Level than Of 1929,
Hoover Gratified.
The spirit of cooperation between
business and Government manifested II
the conference converting today is ;
matter of much qualification to Mr.
Hoover, for he has been one OF the mos
persistent factors for years in bringing
such a coordination about.
The very fact that you gentlemen
have come together for these broat
purposes represents an advance in n
whole conception of the relationship O
business to public welfare" he said
This is far cry from the dog-eat-doi
attitude of the business world of som
80 or 40 years ago.
And this is not dictation or inter
ference by the Government with busi
ness. 1t is request from the Govern
IHent that you cooperate in prudcn
meaures to solve a national problem. !
great responsibility and a great oppOr
tunIty rests upon the business an,
economic organizations of the country.
following significant statement, ad
dressed TO the public at large:
Beyond this, a great responsibilit
for stability anu prosperity rests wit
the whole people. 1 have no desire +
preach. I may. however, mention on
good old Woodwork"
Addresses Broadcast.
The addresses of the President, Sec
retary Lamont and the other speaker
were broadcast over a chain of station
by the National Broadcasting Co, loca
reception being by way of Station WRC
The tenor of Secretary Lamont's ri
marks was similar throughout to tn;
of the Presidents. He reviewed even
attending the speculative crash and to-
OF the part played by public and priva
interests in combating the threat {
Iysteria looming in front of mar
industries.
TIE people as whole" he declare
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