Evening star., 1934-05-02
vation prices brought on by unman-
ageable surpluses do good to no one
and harm to all"
Employment Hopeful Sign.


The reason for the conservative
optimism" voiced by the speaker lay.
he explained, in the general pickup
here and abroad. He described as
'the most hopeful statistical figure"
that of unemployment.
The roll of men and women who
were out of work in February. 1888,
included nearly 10000 900 people," he
said. To-day, it is not even 100000,
and from this number must be de-
Quoted about 10000 who are nor
mally out of work. leaving the pres
ent excess Of the unemployed around
1000 900 of our people"
In conclusion, Hartman sounded
warning against opposing desirable
reforms" He said:
"AS I examine our present trend In
public affairs I do not find evidence
of public desire to substitute a new
economic or political system for those
under which We have made such rapid
progress for century and a half. 1
do find, however, strong evidence of
desire to correct existing evils and
to prevent the recurrence of such an
economic debacle as that which oc-
CURED in 1929. In the formulation Of
a program to that end there are bound
to be many proposals with which
American business cannot agree; but
these, I am convinced, will more often
go to details than to principles. For
instance, American business will uni
versally approve fair regulation of e2-
changes, and fair rules for the sale
of securities. but American business
cannot approve the stock exchange
bill as first drawn, or the securities
act in the form in which it was passed
last year. Frank, constructive and
helpful criticism is desirable from
every standpoint; but rejecting and
blocking desirable reforms will result
either in national suicide or in COM
plete revolution. Deliberate and care
full correction of abuses and the pro-
motion Of progressive Improvements
/ are a program that must have the
support of thoughtful and patriotic
| citizens"
Defends Banks.
In his defense of business, Mr.. Har-
riman declared that during the de-
preston the banks and bankers have
come in for their full share of crit
| icism, but, considering the difficulties
| they have been called upon to face,
their record, with few exceptions,
is a wonderful one" He added: 1T
would only be fair to say that the
banks had operated at a safety factor
of we'll above 80 per cent"
He declared also that business has
Ob1iOotiooc hOfh tn
| ployes and its owners-"uSually in
! this day represented by stockholders
, or bondholders"
The profits of business" he said,
lover any period of time, are s,Apris-
ingly little, after all expenses, not only
of materials or goods and wages, but
also depreciation or obsolescence, and
taxes, are met"
Il am proud to speak up for bust
ness" Robertson emphasized. If I
have spoken falsely, let me be con-
demned; if I have spoken truly, 1t
should silence the lying tongue Of
SANDER and dry up the poison pen of
libel"
Group Meeting.
After the general session, which was
opened with an invocation by DR..
James Shera Montgomery, House
chaplain, the convention was dis
solved into series of group meet
ingS at which various phases of the
recovery program we're treated.
Tonight at o'clock Gen. Hugh S.
Johnson, head of the N R. A. will ad-
| dress a dinner meeting of American
| Trade Association Executives at the
Mayf1ower. The gathering also will
hear Henry S. Dennison, MaSsachu-
! setts induStrialist, who is a member
| of the National Labor Board.
At the same time, Joseph B. East
man, Federal co-ordinator of trans
portation, and John H. Fahey, chair
man Federal Home Loan Bank Board,
will speak at dinner of the National
Association of Commercial Organiza-
ton SECRETARIES at the Willard.
At the general session tomorrow
morning, the speakers will be Gov.
Paul v. McNutt of Indiana. w. San
ford Evans, president of the Cana
dian Chamber of Commerce, Winni-
peg, and Silas H. Strawn, Chicago
| lawyer.
The annual dinner will be held at
the Auditorium tomorrow night, when
Eugene Black, governor of the Fed
eral Reserve Board, and former Rep
reSentative Frederick M. Davenport OF
| New York will speak