Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-23

Psychologically, the business confer
enceS called by President Hoover are
already accepted as promising to neu-
tralize the disasters in the stock mar
ket. While some contend that the con-
ferees themselves cannot increase bust
ness, except in the matter Of public
works which are under official con-
troll, the Importance Of their effect in
showing the basic soundnesS Of present
conditions is recognized.
1.-THE President emphasizes again
that any lack of confidence in the
economic future or the basic strength
Of business in the United States Is
foolish" says the Pittsburgh Post
Gazette, 'but he sees the need of
counteracting the effect Of the period
of wild speculation in the stock mar
verted to the construction work of the
country. The demand for this con-
struction, with reserve accumulated
through the neglect Of such features
for speculation, constitutes an imme-
diate opportunity for expanded action"
x y
1--WE may differ on such subjects
as tariffs, prohibition and the cost Of
government" according to the Brook
lyn Daily Eagle, but the number OF
persons who would object to effort to
prevent a repetition of 1921 is neg
ligible. Some may doubt the imme-
diate need of emergency aid for bust
ness. They can say that up to the
brought no business embarrassment
outside of the immediate trade Of the
spectators in corporate values. They
can point to q sound situation with
respect to commercial credit and to the
general price level of commodities ana
the accumulated stocks of dealers.
President Hoover does not deny any
of this, but he evidently feels 1t ca
pedient to guard against even the pos
sibility of an economic let-down, so Tar
as he can help do So"
A request to leaders to forget the
stock market orgy and go back to sub
Stantial business operations" Is seen by
the st. Paul Daily News, which voices
the opinion that "a unified effort 4iong
this line will make 1t possible to I'M
dertake now, at favorable time, the
construction OF public and private
works, providing not only that Stimu-
lation of business activity to overcome
the pessimism of crashing markets, but,
more important, to provide employ
ment, It should be possible to do
great deal toward bringing about these
desirable purposes, If there be real
disposition to cooperate with the Pres
ident."
X y X X
"The conferences may be helpful"
in the opinion of the Norfolk Ledger
Dispatch, mot at all because these
leaders can actually do anything, but
because, since the present turmoil is
largely matter Of psychology, help
full PSYCHOLOGICAL effect may flow from
them, as they voice expressions Of con-
fidence in the SoundneSS OF the coun-
try, and may proclaim, further. that
now is the time for all businesses ana
industries of every sort to expand
and for commerce to export until 1t
eral Government itself Is concerned. It
actually can help, directly help. The
Government controls the Federal Re-
serve system, for one thing. For anoth-
err, it is within the power and means
of the Government TO engage In q
large program of construction.
For the rest, however, the presidential
a moral effect"
The Flint Daily Journal believes that,
coupled with his announcement Of tax
reduction, the President has certainly
acted well in an emergency in which
the country needed some definite signs
from washington to restore public con-
fldence."
Looking for evidence of soundness in
conditions, the Columbia State re-
marks: There has been no Nation
wide panic, bringing disaster to bust
ness: there have been no failures to
shake the great metropolis; money is
pouring into circulation instead of being
withdrawn and boarded After the de-
bauch of speculation the business of
the country is as sound as ever and in
better condition to expand, Seek new
fields and gain legitimate reward for
honest and intelligent effort" The
Worcester Telegram observes that "Mr
to increase the opportunities for selling
goods and services. That should en-
courage people" continues the Telegram,
ito buy goods and services. And readi-