Imperial Valley press., 1929-11-23
BUSINESS
LANN|N(,
REVIVAL
Conferences With Presi-
dent Results In Spirit OF
Optimism.
PULLING TOGETHER
Industrial And Economic
Leaders FOresee Wave
Of Prosperity.
BY RAYMOND CLAPPER
Omitted Press staff Correspondent)

WASHINGTON, Nov. 23. W.n)-
1t is now for business to take hold
Of its bootstraps and pull hard for
a bigger winter than last year.
Businessmen have survived the
outlook with President Hoover in
his series of conferences and have
discovered billions Of dollars worth
of business coming around the cor
ner. Wage earners and small sal.
aried men have been assured there
will be no wage cuts in the nations
biggest industries. Henry Ford has
even promised immediate increases
to his thousands of employees.
President Hoover has placed the
full resources Of the government as
the disposal of business. The fed.
eral reserve system is forcing down
interest rates so that millions Of
waiting capital may be hired cheap
;y by industry. President Hoover's
conferences have stirred nation
wide optimism the like of which has
never before been seen after a ma
jc, stock market break.
All that remains is for business
to 60 out after orders, in the opinion
of administration authorities. Opti-
mism was the keynote of a state
ment issued last night by President
William Green of the American
Federation of Labor. Green said all
factors which make for a speedy
Industrial and economic recoyery.are
present and evident. 2.
"Within 4 few months" Green
said, industrial conditions will be-
come normal, confidence and sta
bility in industry and finance will
be restored and labor, strong and
aggressive, will be prepared to de-
mand and secure higher wages and
greater degree Of leisure.
The United States Chamber Of
Commerce has called general busi.-
ness conference here for December
), when the business world will take
on its own shoulders the task of
following through under the mo-
nentnm mustered by President
Hoover.
Cut Rediscount Rate
The federal board has, approved
reduction of the rediscount rate to
AZ per cent for the Chicago Fed
cral Reserve Bank which will aid
industry in the middle west in OBJ
tanning money at low rates for ex-
pansion activities.
President Hoover's law enforce
Inent commission is investigating
the effect of bad housing on crime
and expects that it may lead to
large building programs for cities
with badly congested slum districts.
Public utilities including electric
and gas plants and street railways
will meet in New York Tuesday to
canvass the outlook for expansions
which may run into millions.
The department of commerce re-
ports business activity as indicated
by check payments was substantial
iy greater for the week ending No.
vember 16 than for the same week
a year ago, though there was some
decline from recent high volume.
One of the big facts which the
President hopes will be pounded in
by business men themselves is the
needless waste that occurs from win p
ter building depression. An investi.
CATION made while he was secretary
of commerce disclosed that in south.
ern and Pacific states where winters
are mild, builders often went into
hibernation in the winter just as
they did on the Canadian border.
The President held no general con-
ference today. The last one sche.
culed is with agricultural leaders
Monday morning. Utilities heads
Will meet with him at some undeter.
mined date.