Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-22
Text of Statement
On Business Parley

The text of the White House state
ment on the Presidents conference
with Industrial and business leaders
yesterday is as follows:
The conference this morning of %
industrial and business leaders warmly
Endorsed the Presidents statement of
last Saturday as to steps to be taken
In the progress of business and the
maintenance of employment.
The general situation was thorough
ly canvassed and it was the unanimous
opinion of the conference that there
was no reason why business should not
be carried on as usual; that conStruc-
ton work should be expanded in every
prudent direction, both public and pri-
vate, so as to cover any slack OF en-
ployment. 1t was found that a pre-
liminary examination of a number of
industries indicated that construction
activities can in 1880 be expanded even
over 1929.
1T was stated, for instance, that
the telephone company was proposing
to assist by a considerable expansion
in their construction and betterment
program over the year 1929, during
which year this company expended
something in the neighborhood of $780,
100000 for this purpose. 1t appeared
that the power, gas and other public
excess of 1929, the details of which
would be developed at a special meeting
of the leaders in the industry to be
called, after which the program would
be announced"
THE leaders in the automobile in
dustry expressed the opinion that
whereas in 1929 production was I'M
usually large, due to the carry-over of
q great deal of unfinished business from
the year previous they confidently ex-
pected that except for this excessive
margin the industry should quickly re-
turn to its normal production. In the
steel industry it was stated that large
| construction programs would be under
taken for replacement of Anticipated
and obsolete plants.
1T was considered that the abSorp-
ton of capital in loans in the stock
market had postponed much construc-
ton and. that the flow of this capital
back to industry and commerce would
| now Assist renewed construction.
1T was the opinion that an indirect,
but very substantial, contribution could
be made to the extension of credit for
local building purposes and for con-
| duct of smaller business II the banks
would freely avail themselves of the
| rediScount privilege offered by the Fed
| eral Reserve Banks.
1T was considered that the develop
ment of cooperative spirit and re-
sponSibility in the business world was
such that the business OF the country
itself could and should assume the re-
sponsibility for the mobilization of the
industrial and commercial agencies to
these ends and to cooperate with the
governmental agencies.
THE meeting considered it was de-
sirable that some definite organization
should be established under committee
representing different industries and
sections of the business community,
which would undertake to follow up the
Presidents program In the different
Industries.
THE members of the group agreed
| to act as a temporary advisory COM
mittee with the Secretary of Commerce,
| who was authorized to add to the COM
mittee. julius Barnes, chairman of the
! Chamber of Commerce, was asked to
create an executive committee from
members Of this group and the various
trade organizations who could assist
in expansion of construction and main
| tenance of employment. A definite
canvass will be made of the different
industrial fields to develop the amount
of such construction"