New Britain herald., 1929-11-21

1 lords of industrial America and leaders of organized labor today an swered the call Of President Hoover
 for counsel and cooperation in his campaign for stabilized and stimu- lated business conditions.
 Men whose firms employ millions
 of workers and spokesmen of the workers themselves hastened to the
 White House to join the chief exc cutive in intimate discussions of what can be done to prevent the
 recent collapse of security prices from undermining the fundamen- tally sound structure of American economics.
 First on the days program, as Mir. Hoover resumed the series of conferences interrupted by the death of War Secretary James W. Good was the meeting of industrial 1 leaders attended by men bearing such famous names as Henry Ford, Owen D, Young and Julius Rosen- Wald.
 Secretaries to Assist
 Secretary Mellon of the treasury and Secretary Lamont Of the com~ merce department were called into consultation. together with Julius Barnes, chairman Of the board. and William Butterworth. president Of
 the United States Chamber of Com merCe.
 Approaching his proble.N from
 both ends of the economic scale, the
 president arranged q meeting with the labor men for later in the day
 to determine what place the work CTS can take in his general scheme
 for sustained business activity. Sec retary Davis of the labor depart
 ment, William Green, president of the American Federation of Labor. and dozen other leaders of organ
 ized labor were invited to attend.
 The primary purpose of MT. Hoover's series of conferences. which already have included meet ings with the presidents of the east crn railroads and bankers from all sections of the country, is 10 banish what he has termed 'foolish pessim- ism" regarding the fundamental sta bility Of the nations business.
 This goal was before him as he
 entered upon the consultations with industrial and labor leaders. The chief executive was particularly
 anxious to avoid the institution of vicious economic cycle under which . the workers of the country, the na. tion's great consuming mass, in ex- pectation of hard times and unem. ployment, sharply curtail their ex-
 penditures for necessities and lux
 urcs alike and thus contribute to bringing about the situation which they fear
 Business Still Good In the presidents opinion there is no need for any retardment in the pace of business. On the con- trary he looks for expanded actiVi- ties, and to take up any possible
 slack in employment caused by a decreased demand for luXuries, the government has instituted plans for a sharp increase in public construc-
 ton and marine building and has received assurances that a great
 volume of railroad construction is
 in prospect for the near future. The names of those attending the industrial conference are in most cases household words They are the Country's automobile, steel. telephone and telegraph magnatcs and merchant princes, in addition 10 Ford. Young and Kosenwald they included:
 Alfred P. Sloan, Jr.. president O. General Motors; Pierre DuPont, chairman Of the board of E. l. Du- Pont De Nemours and company, ! E, c. Grace. president of the Beth Iehcm Steel corporation: Myron C. 1 Taylor, chairman Of the finance