Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-07
BARNES TO SELECT
AIDES IN 50 FIELDS
Lists 70 Leaders as Possible
Members of ''ProSperity
Council"

julius H. Barnes. directing organiza-
ton Of the White House-sponsored ma
tional prosperity council" is expected
to choose the personnel of the council
from leaders in nearly so branches OF
industry.
1t is understood the general council
will consist of representatives OF each
Of the half-hundred phases of American
business represented at the big bust
ness" forum here this week, with a spe-
cial executive committee of 10 to Is OF
the Nations outstanding trade ex-
ecutives.
As a basis for beginning the selec-
ton of the general council Chairman
Barnes has before him a list Of ap-
proximately 20 men whom he has asked
to consult with him further regarding
organization plans. All of these men
attended the conference at the United
States Chamber of Commerce Thurs
day and, but for the prolongation OF
the conference beyond schedule, would
have Joined in a supplementary con-
ference before leaving Washington.
List Of 30 to Be Revised.
with these business leaders by mail or
wire and obtain their advice regarding
membership of the national council.
There is a strong possibility that the
list of 70 men will be pared down ana
revised to form the council roster.
The list named by Chairman Barnes
contained representatives from ABOUT 40
fields of commerce, some industries nav
ing more than one person delegated 70
speak for it. BY reducing the list 10
one representative from each business
the number would dwindle to the Az
or so" men suggested by the chairman
as the proper size for the council.
In the list of advisers prepared by
Chairman Barnes are such names as
James A. Farrell, president OF the
United States Steel Co.; Alvin Ma
cauley, president of the Packard Motor
Co: Frank A. Seiberling, rubber mag
nate; Walter S. Clifford, president OF
the American Telephone Telegraph
Co.; win Hays, movie car; Gen. y.
G. Hartford of the Radio Corporation
of America, and Homer l.. Ferguson,
president of the Newport News Ship
building & Dry Dock Co.
A. ]. May Also on List.
Arthur ], May, president of the F. p.
Nav Hardware Co. of this city also Is
on the list.
Barnes was in New York today, but
will return here next wednesday, at
which time it is believed he will be
ready to announce the membership OF
the council and its executive committee.
Before leaving the city yesterday
afternoon the chairman issued state
rnent summarizing the highlights Of the
conference. The statement follows:
Certain things stand out concern
ing the conference itself. First, that
It presented an extraordinary and COM
prehensive croSs-section of the whole
fabric of American business, represented
by leaders who could speak with au-
thority; second, that in taking up any
possible slack in wages and employ
ment an elasticity of new construction
and maintenance is the chief factor,
maintenance which means new equip
ment and construction, which means
not only expansion, but improvement OF
mechanical production and distribution.
Third, that this implies large capital
expenditures for these purposes, and
this must be provided from industrial
treasures or most largely by borrowings
for capital investment.
Situation Develops Rapidly.
Fourth, these borrowings depend
upon the ability to obtain money at
reasonable rates and in ready and ade-
uuate quantities.
This situation has developed rapidly
In the last few weeks, so that this as
Surance Is present. This is shown by
the Treasury refunding today of $685.
000, 900 at 3ls per cent against its last
borrowings at AZ per cent, not long
ago. This is probably the most extraor-
binary change ever recorded in Treas
ury operations between transactions.
Fifth, that industry, in being as
sured of available capital, requires then
only vision and courage to proceed.
These qualities were clearly evidenced
In the presentation by industrial lead
ers Yesterday.
"Manifestly. confidence in the coun-
try's future and preparation for the
constantly extending business, which
inevitably comes from the activities OF
10000 900 energetic people warrants
preparation for ultimately larger bust
ness.
Industrial and business judgment
approved immediate expenditures that
cheaper production and distribution
costs"
Secretary Lamont, it was announced
late yesterday at the White House, has
created q new division of the Commerce
Department to coordinate Federal con-
struction activities with those of the
States.
At the same time, it was said that
the primary purpose Of Thursdays con-
ference was to organize all branches Of
industry into effective units.