New Britain herald., 1929-11-07
EFFECTS OF CRASH
 0N U. s. BUSINESS
Continued From First Page)

Chamber Of Commerce, and pr. and Mrs. J. l.. Dumont of this city. Dr. Dumont is the new superintendent of the department of health.
 MT. Hickey turned the meeting over to J. M. Ward, toastmaster and chairman of the general committee in charge of the banquet. It was an evening of triumph for Mir. Ward, whose indefatigable efforts were largely responsible for much of the success of the entire affair.
 At Speakers Table
 At the speakers table were Ma jor Frank H. Johnston, chairman of the reception committee; MT. Nasty, James Green of Albany. N. r.; MT. and Mrs. Ward, MT. Hickey. MT. Eldridge, Colonel B. A. Frank lin. Miss Gladys Weir, assistant sec retary of the local Chamber of Commerce, Miss Ethel Gubernick, also on the Chamber staff, Mrs. Ralph H. Benson and other guests. Ralph H. Benson, secretary of the local Chamber, who was busy look ing after various details of the pro- gram, did not sit at the speakers table.
 Expects Foreign Trade Increase
 MT. Eldridge called attention to the fact that for two or three years there has been a dull market in foreign bonds. These bonds were not attractive to investors because they did not promise such large re- turns as the stock market. Al. though the United States last year had a billion dollars surplus in its export trade this trade will be ma terlally increased, he said, by the increased demand for foreign bonds
 He pointed out that the only way the United States can Increase its foreign export trade is by lending money to it's customers in other countries. This is accomplished by the selling of foreign bonds, which, he said, was equivalent to accepting the customers note when he does not have the ready cash.
 We cannot continue indefinitely to have an expert balance unless We continue to lend money abroad" he said.
 The connection between the stock market and the foreign trade mar ket, the speaker explained, is the fact that by the falling off of the stock market and the e-establish- ing of the foreign bond market the United States is enabling the for eign buyer to come to this country to do his buying.
 The result of the lethargy in the bond market, MT. Eldridge pointed out, has been felt throughout the entire world and has helped in many cases to retard progress in the buying and adoption of modern equipment among the Latin coun- tries.
 With the withdrawal from the market of call money we shall see an increase in the interest on bonds which will create new market for loans.
 With a renewed interest in for eign loans we will see a decided i'm petus in foreign trade. You cant sell goods to people unless they have the money to pay for them"
 Greed Kills Human Relations
 Human Relations in Industry was the subject of an address by Col. Franklin. Col. Franklin de. fined industry in opening his ad dress by saying Industry is the oc, cupation of human beings, by hu- man beings for human beings throughout the world
 The urge for profit has driven the idea of industry as a matter oi human relations out of industry, but it Is coming back rapidly.
 "Industry today dominates Ameri- ca. It even dominates the govern ment. In fact certain investigating committees at Washington seem to think it dominates things down there little too much
 Referring to the increase in the use of gas and oil furnaces, electric washing machines, and other mod ern appliances. Colonel Franklin said "The imagination of the Arab ian Nights has reached to things industry has brought about in America today.
 "A proper conception or industry will make for a greater general prosperity in America. The work is said to be 10 billion years old, human beings are 5O,0o0 years old, history is 10000 years old, industry is only about 15O years old.
 Loafers Once Noblemen, Now Buns
 "A few years ago the aristocrat was a nobleman who did not work. Today in this country we call those fellows buns. The man at the head of industry is the nobleman now.
 1T remember when the laboring man was paid s1 day and the skilled worker was paid $2 a day. We looked down on labor then.
 Tt is an eternal crime in a coun- try like this that there should be such considerable group of people who have attempted to trade on our prosperity and who have brought about the recent cataclysm in the stock market. I fear that will bring about a temporary retardation in business.
 Making profit Is not the reason for industry's existence. You must make a profit and the more you make the happier you'll be, but that is merely incidental. Making a profit is a by product, although Americans are noted for their ability to salvage all by products.
 "The first fundamental reason for industry and business is to serve the public. We are realizing that if we want to sell to the public we have got to please the public. When we stop pleasing the public. the public stops buying and we go out