Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-06
ADVISORY COUNCIL
RESULT OF FARLEY
National Business Group Is
Taking Form Following
Conferences Here.
Continued From First Page1

American industry, with so much au-
thority and dpendability."
He added:
II think we ought to avoid a feeling
of excessive optimism, but 1t does seem
10 me In all good faith that We have
ample evidence here today of a speedy
taken place in business. Conditions in
the country have been changed in the
past few weeks. The recent difficulty
in the securities market has passed into
the dim distance of the past Ameri-
can business has recovered its spirit
its activity its enterprise.
I'VE are engaged in an earnest cam
paign to achieve practical and effective
results. That is our excuse, If we
need one. It is our justification for
bringing ITO washington men of such
busy pressure. such large interests. ]
hope you will go away feeling repaid
for the patience with which you have
listened to the presentation of this
manifold case of American industry, a
complex picture on which rests the well
fare Of each individual home.
Il think one thing stood out strik-
1ngly in the discussion today, and that
was the stimulus which will be afforded
to all industry by the actual relaxa-
of Indebtedness to take certain forms
which have not been in favor in recent
weeks and months. This would provide
the sinews Of war for many industries u
The names of more than sixty BUSH
ness and industrial leaders selected at
the business conference to confer with
Mr.. Barnes on the selection of a per-
manent committee to survey business
progress. were named today.
Roll Call Of Industry.
An outstanding feature of the con-
ference was the roll call of industry, -
in response to which many of the coun-
try's industrial leaders gave brief re-
views of the situation In their respective
lines of endeavor and forecast brighter
conditions to come.
r. II. ashton, chairman of the ASSo-
citation of Railway Executives, estinat-
ed that the trunk line carriers had ap-
propriated 81, 050, 000, 900 for capital ex-
penditures next year and that $780,
100000 of this would be spent in the
first six months of 1880. as compared
with $3.50, 00O, 900 in the same period
of 1929. Expenditures for railroad sup
plies for the period he estimated at
$1,000 O0O, 900. while the railroad wage
bill would be $4,000, 900, 900.
Public Utilities Are Healthy.
Matthew S. Sloan, president of the
National Electric Light Association, said
Public Utilities we're lin healthy con-
dition and there is no reason apparent
why their business should not continue
to grow during 1880. He estimated that
new construction for all forms of utll-
ities in the United States would involve
during 1880 s1.400,0 100000 and that
maintenance would require $410, 900, 900
additional.
Speaking conservatively, no business
with a more brilliant future can be
SEEM" he concluded.
]. A. Farrell, president of the United
States Steel Corporation, said he liked
''tf1is idea of cooperation between busi-
ness and government" and I'VE have a
great opportunity to expand the bust
ness prosperity Of the country right
now"
#'I can assure you that there will be
stable wages and prices in the steel in
dustry next year." he continued. IF
there are any people in the steel indus
try who think they'll pinch a few pen
MES OF wages in 1880, the rest of the
people in the industry will attend to
their case, though / don't know how
near this building is to the Federal
Trade Commission. want to say that
there will be very early recovery in
business in the United States"
Sees Foreign Trade Increase.
He predicted further that foreign
trade in 1880 in all lines will be better
than in 1929" and advised his auditors
not to see any menace in increasing i'm
ports because "other countries have got
to have basis of exchange"
Alvan Macauley. president of the
Packard Motor Car Co. and represent
ative of the National Automobile Cham
Der of Commerce, announced that 1.-THE
country need not worry about the motor
industry. We shall never be, down seri-
ously nor for long"
He said there was no likelihood Of
wage reductions: that 1895, 900 workers
directly or indirectly, were employed
and that a manufacturing output Of
100000 new cars per year could bt
considered normal.
A market for that number of ma.
chimes was in sight for 1880, he asserted
because of replacement demands by
present car operators for 2,750,000 new
machines, because of export require.
ments for 1000 900 vehicles and because
Of increased demand for trucks and
buses and for natural growth.
Eight Billions in Construction.
An estimate that general construction
next year would require $4,000. 900 ,OOC
was presented by r. C. Marshall fol
the Associated General Contractors, who
remarked that speculative money i.
now flowing back into investment fields
stimulating particularly residential con.
struction activity in many sections"
Trowbrtdge Galloway, president of the