Evening Star Newspaper, December 6, 1929, Page 5

. ADVISORY COUNCL RESULT OF PARLEY National Business Group ls Taking Form Following Conferences Here. (Continued From First Page.) American industry, with so much au- tharity and dpendability.” He added: “I think we ought to avoid a feeling of excessive optimism, but it does seem to me in all good faith that we have ample evidence here today of a speedy recovery from whatever recession has taken place in business. Conditions in the country have been changed in the past few weeks. The recent difficulty in the securities market has passed into the dim distance of the past. Ameri- can business has recovered its spirit, its activity, its enterprise. ““We are engaged in an earnest cam- paign to achieve practical and effective results. That is our excuse, if we need one. It is our justification for bringing -to Washington men of such busy pressure. such large interests. I hope you will go away feeling repaid for the patience with which you have listened to the presentation of this manifold case of American industry, a complex picture on which rests the wel- fare of each individual home. > “I think one thing stood out strik- ingly in the discussion today, and that was the stimulus which will be afforded to all industry by the actual relaxa- tion of money rates, and the payment of indebtedness to take certain forms which have not been in favor in recent weeks and months. This would provide the sinews of war for many industries.” The names of more than sixty busi- ness and industrial leaders selected at the business conference to confer with Mr. Barnes on the selection of a per- manent committee to survey business progress, were named today. Roll Call of Industry. An outstanding feature of the con- ference was the “roll call of indust; in response to which many of the coun- try's industrial leaders gave brief re- views of the situation in their respective lines of endeavor and forecast brighter eonditions to come. R. H. Aishton, chairman of the Asso- ciation of Railway Executives, estimat- ed that the trunk line carriers had ap- propriated $1,050,000,000 for capital ex- penditures next year and that $499,- 000,000 of this would be spent in the first six months of 1930, as compared with $350,000,000 in the same period of 1929. Expenditures for railroad sup- plies for the period he estimated at $1.300,000,000, while the railroad wage bill would be $3,000,000,000. Public Utilities Are Healthy. Matthew S. Sloan, president of the National Electric Light Association, said Public Utilities were “in a healthy con- dition and there is no reason apparent why their business should not continue to grow during 1030. He estimated that new construction for all forms of util- ities in the United States would involve during 1930 £1400,000,000 and that maintenance would require $410,000,000 additional. “Speaking conservatively, no business with a more brilliant future can be seen,” he concluded. J. A. Parrell, president of the United States Steel Corporation, said he liked “this idea of co-operation between busi- ness and government,” and “we have a great opportunity to expand the busi- ness prosperity of the country right now.” “I can assure you that there will be gtable wages and prices in the sf in- dustry next year,” he continued. = “If there are any people in the steel indus- try who think they'll pinch a few pen- nies off wages in 1930, the rest of the people in the Industry will attend to their case, though I don't know how near this building is to the Federal Trade Commission. I want to say that there will be a very early recovery in business in the United States.” Sees Foreign Trade Increase. He predicted further that “foreign trade in 1930 in all lines will be better than in 1929,” and advised his auditors not to see any menace in increasing im- ports because “other countries have got to have a basis of exchange.” | Alvan Macauley, president of the Packard Motor Car Co. and represent- ative of the National Automobile Cham- ber of Commerce, announced that “the country need not worry about the motor industry. We shall never be, down seri- ously nor for long.” He said there was no likelihood of ‘wage reductions; that 4,335,000 workers, directly or indirectly, were employed, and that a manufacturing output of 5,000,000 new cars per year could be considered normal. A market for that number of ma- chines was in sight for 1930, he asserted, because of replacement demands by present car operators for 2,750,000 new machines, because of export require- ments for 1,000,000 vehicles and because of increased demand for trucks and busses and for natural growth. Eight Billions in Constructien. An estimate that general construction next year would require $8,000,000,000 was presented by R. C. Marshall for the Associated General Contractors, who remarked that “speculative money is now flowing back into investment fields, stimulating particularly residential con- struction activity in many sections.” Trowbridge Callaway, president of the - A A< Investment Bankers' Association, and Hiram 8. Cody of the Mortgag® Bankers’ Association reviewed briefly conditions which led them to agree. Free of Inflation. Isidore Grosman, president of Indus- trial Council of Cloak, Suit and Skirt Manufacturers of New York city: “Care- ful scrutiny of our industry convinces us that it is not confronted by any- thing remotely resembling a period of j depression. Our industry has been free of inflation of any kind. Manufacturers have successfully avoided overproduc- tion, although they have not been nig: gardly in their commitments. We look to an even and encouragingly high leve) of apparel demand.” H. 8. Kissel, vice president of the National Association of Real Estate boards: “The Government, social organiza- tions and business organizations have urged home ownership. They say that the workman is stabilized, is a better | workman, if he owns his own home. ‘We think that is important to the in- dustries of this country, and, we would submit that a commission might be appointed to study the very grave sit- uation existing in the taxing situation of this country as it applies to real estate. We are looking forward, with the return of money to the investment fleld from Wall Street and from the stock market, to next year as holding a very much brighter future than we have experienced in the last two years.” Alfred W. Donovan, representing the New England Shoe & Leather Asso- ciation: “A survey of the allied shoe and leather trades of New England dis- closes that this industry has been going through the stressful period since the stock-market break in October with no indications whatever of hysteria. Our reports from the retail field, however, indicate that the merchants, in common with the rest of the people, have taken heart from the magnificent action of President Hoover and the administra- tion in mobilizing industry and com- merce of the country, and are now look- ing forward to a gradual resumption of normal conditions.” C. C. Hanch of the Natiol tion of Finance Companies: “I am pre- pared to assert, without fear of success- ful contradiction, by experience, ‘that the unpaid contracts, the installment debts, in the hands of finance com- panies in the United States are and will continue to be a Rock of Gibraltar in & sea of uncertain values. “There has been no indication of any adverse effect on business due to the recent stock market debacle, there has only-been & normal seasonal reduction of value, and no noticeable increase of defaults and delinquencies.” Depends: on Farms. W. E. McKinstry, vice president In- ternational Harvester Co., and president National Association of Farm Equip- ment Manufacturers: “We don't believe that the deflation in the stock market has had, or is likely to have, any par- ticular direct influence on our busi- ness. 1In the first place, our business has always been influenced by crops, crop conditions, and by prices prevail- ing for farm products. “The farmer has not been speculating in the recent market. He took his deflation in 1920, and since that time he has been gradually improving, and our industry, the extent of its ability, has tried to furnish him with equipment that would make it possible for him to meet the situation and reduce his costs of pro- duction. I believe at the present time he is in better condition than he has been for some time past.” S. L. Willson, president American Paper and Pulp Association: “‘According to a survey conducted by the American Paper and Pulp Associa- tion, the volume of business in the pulp and paper industry is maintaining without interruption the trends estab- lished during the first 10 months of the year.” Sydeney Anderson, milling: “The milling industry does not very readily tlend itself to temporary acceleration or stimulation. But we certainly do mot expect, either in the near future, or in the comparatively near future, any diminution of productive activity or expansion ” . George D. Clds, jr., president, Asso- ciated Grocery Manufacturers of Amer- ica: “Our members report almost uni- versal increases in advertising e: di- tures for next vear and normal plant expansion. But it is far more significant that not only the manu- facturers, but also the various dis- tributors “TotheLadies” g ] 'l “they can't wit! ety s iget 9o a1 THE EVENING STAR, WASHINGTON, D. C, will spend increasing amounts for re- selr'cuh into trade facts and distribution ‘wastes.” Chemists Lay Plans. 8. W. Wilder, for the Manufacturing Chemists’ Association, said that its members had “entire confidence in sat- isfactory business during 1930” and in- tended to carry forward an improve- ment program that would involve $250,- 000,000 for the industry. A. D. Whiteside of the American Wool Institute said that industry was : “holding its own and would do every- thing it could to maintain its present situation in production and employ- ment” and had confidence in being able to do so because there was only a 30-day supply of worsteds on hand. Louls P. Swift, president of Swift & Co.: “Swift & Co. looks forward to satisfactory business in the meat pack. ing industry during the coming yea: C. E. Bockus, president of the Na- tional Coal Association: “Industry can depcnd upon the efficient producers of bituminous coal to continue in the fu- ture as they have in the to fur- nish necessary industrial fuel in any quantity at prices lower than those prevailing in competitive industrial countries.” Masdt Packers Optimistic. F. S. Snyder, chairman of the board of the Institute of American Meat Packers: “The situation in the meat- packing industry, the largest in the United States, if viewed by value of output, is satisfactory and the outlook fairly good.” ‘Will H. Hayes, president of the Mo- tion Picture Producers and Distributors of America: “Plans for the first six months of 1930 as compared to the first six months of 1929 provide for an incfease in the number of employes en- gaged in production of 8% per cent, in distribution 5':; per cent and in theater operation 1!3 per cent.” Frank A. Seiberling, president of the Rubber ~Manufacturers’ Association: “The industry is preparing to go along after January doing a better business than it did in 1929, empldying more men and maintaining more production.” John W. Blodgett, for lumber repre- sentatives at the conference: “We are making slow, but sure progress; we feel our moves are in a sound direction and will contribute to the further upbuild- ing of a sound national economic struc- ture.” Frank H. Smith, president of the Portland Cement Asspciation: *““Though our own estimates prior to the gather- ing rather indicated that there would be a decline in demand for cement and other building materials of about 5 or 10 per cent in 1930, we are now hopeful that the actual required supply in th new year will equal that of this year.” John G. Lonsdale, president of the American Bankers’ Association: “Ample credit for legitimate expansion and construction is available. into unsound expansion or credit. . J. Taber, master of the National Grange: “The position of agriculture at the present time is very favorable be- cause the Government has now a rec- ognized policy for the industry.” Homer L. Ferguson, president of the Newport News Shipbuilding Co., re- ported vast improvement in shipyard activities during recent months and an outlook for further expansion soon. Under construction in American yards today, he said, was a $80,000,000 total of commercial vessels and a $32,000,000 total of naval vessels in addition, with export trade prospects that promise further development. Clarence L. Collins, representing the ) National Electrical Manufacturers’ As- sociation, said electric manufacturing for the first six months of 1930 would probably be 3! per cent under the volume of the last six months of 1929, Production of the three leading non- ferrous_metals, copper, lead and zinc, F. H. Brownell, vice president of the American Smelting & Refining Co., said, is now “more closely balanced to con- sumption than ever before.” Copper Producers Hopeful. “Copper producers look forward to a progperous year, with no prospect of wage or force reductions,” he continued. “Right now the producers have 40,000 tons more of copper sold ahead than is in existence.” ’ Frederick H. Ecker, president of the Metropolitan Life Insurance Co., as- sured the conference that “the whole institution of insurance—life, fire, sure- ty, casualty and marine—may be de- pended upon to render service as in the past, and in their particular fields a normal and healthy increase in their activities is certain to continue.” He predicted a normal volume of business for the next six months and the main- tenance of working forces of all life in- surance companies at present levels. “Hollday business is off to a good start generally over the United States and Christmas buying seems to be up to normal,” said Alfred B. Koch, presi- dent of the National Retail Dry Goods Association. “Taking a test group of stores located jn different parts of the United States, we find that business for the first three weeks of November is showing a substantial increase over the same period last year.” He said that the trade judgment was that dry sales during the next six months would equal or surpass those of last year ““unless some untoward condition 4ndustrially developed.” ‘Thomas F. Branham, president of the National Wholesale Grocers’ Associa- tion, said that its members had been telegraphically canvassed. “November sales reports show that for every jobber with a decreased busi- ness under last year we have two job- bers with increases,” he said. ‘“Collec- tions are running normal, though the Whether “Playing Santa”- to Yourself or to Some Other Man “HAHN” SHOES Solve Xmas problems! Any man royally welcomes FLORS E him the shoes he'd ¥ himself —FLORSHEIMS! man’s taste, for every sort of wear. tured, a classy full-dress oxford.. HEIMS probably select for Styles to suit every Pic- 81 0 T Expectancy of easy money should not lead business ! “HAHN . SPECIALS” Style pictured, a rugged Winter brogue of Holland Grain, over- weight Soles. $10. doesn’t it? Looks like $9 or But that’s char- - buying tendency is cautious. Price levels are on a safe basis for all food products and inventories are not high.” H. P. Sheetz, chairman of the board of the National Retail Association, gave the findings for several retail lines. Groceries, he said, are finding “aver- age sales at this fime better than last year, net profits better and the outlook for 1930 at Icast fair.” Furniture deal- ers, he said, were finding sales better than a year ago, but installment col- lections slow. In men's apparel, where the condi- tions were sald to be of more important influence than any other factor, and in women's apparel, business was said to be slightly below last year. Agricultural regions were found to be developing bet- ter business than city localities. He as- serted that the jewelry trade had a nor- mal business for November and an “en couraging Christmas outlook.” He classi- fled shoe sales as slower. Senate Is Attacked. The Senate was attacked at the busi- ness survey conference today by E. M. Allen, president of the Mathieson Alkali Works, Inc. He predicted growth for the chemical industry in 1929, and said the 1930 business would be even greater if the Senate “would relieve pressure on American business.” “I think it is high time,” Allen said, “for agriculture and other industries to impress on the minds of some Senators that, they are United States Senators. I am surprised that this has not been touched on the floor.” Otto H. Falk, president of the Allis- Chalmers Manufacturing Co., urged the conference to go on record that in its opinion Congress should pass the tariff bill without further delay. He said this 372 50 ¥75 FRIDAY, DECEMBER 6, 1929. action do more than anything else for busin Advertising Swells, Stanley Resor, president J. Walter Thompson Co.: “Reports received during the past week from 15 associations with nearly 9,000 members, covering a wide range of businesses. trades and craft allied with advertising and publishing give a sanguine view of prospects for the next six months. Periodical newspaper, agri- cultural and business paper publishers report gains for the current quarter compared with the closing quarter of 1928, and prospects for a substantial in- crease in advertising during the first half of 1929. Ninety-eight advertising agencies out of 154 members of the American Association of Advertising Agencies representing over 2,000 na- tional advertisers have made a survey of their prospective business for the first half of 1930, compared with the first half of 1929. Less than 10 report de- clines in billings, the remaining 88 re- port gains, most of which were between 10 and 20 per cent.” Porto Rican Treasurer Named. SAN JUAN, Perto Rico, December 6 (P).—Gov. Theodore Roosevelt an- nounced yesterday that Manuel V. Domenech, president of the Insular Chambér of Commerce, had accepted an appointment as treasurer of Porto Rico, effective January 1 and subject to the approval of the island's Senate. He will succeed Juan G. Gallardo, resigned. = Sand excavation at the new free port at Barcelona, Spain, is being done with American machinery. “Washington’s Family $100t0%2,500. E SURE the diamond you give is a PERFECT Blue-White SCHWARTZ PERFECT Our terms make paying easy. Give “Her” a Dinner Ring Bracelet or Necklace Prices, $25, $50 to $1,500 You can-easily select a choice diamond gem—a DIAMOND. CONFIDENCE FEL AFTER CONFERENC Nothing Really Insubstantialj Found to Exist During Business Parley Here. BY DAVID LAWRENCE. Aftermath of the business confer- ence leaves an impression of genuine confidence here. What the business men said in their prepared statements was accepted as the favorable side of the picture, but, even when the not-for- publication comments were analyzed, it was found that nothing really insub- stantial existed and that postponements were due either to seasonal recessions or natural hesitancy. If the conference did anything that could be tangibly grasped at so early a date it was the assurance that business men gave each:other. Indeed, some of the comments indicated that the stock market decline might be absorbea as readily as was the collapse mn values in Florida a few years ago. There were optimists, too, who pointed out that basically much misinformatio» hau been spread and much exaggeration given to paper losses in the stock market. One of the most interesting sidelights Jewelers Since 1888” on the conference was tl* more or less puzzled attitude of business men from the West and Far West. “They couldn't finderstand the Easterners’ concern. Until the President called the confer- ence they were inclined to think the possible recession had been overem- phasized and they wondered if the Washington conference wouldn't give af opposite impression. When they found that Eastern psychology had reached a point of hesitancy for no tangible rea- son, they saw the point—namely, that the conference was intended to deal with those who were inclined to take a superficial view of the whole situation and regard it in the light of experience in the days before the Federal Reserve system came into being. Most of the delegates were intensely interested in all the papers read and sat throngh the sessions listening in- tently. When James A. Farrell, presi- dent of the U. S. Steel Corporation. gave a picture of the soundness of the steel situation and the plans for 1930 in forelgn as well as domestic com- merce the convention broke into ap- plause. He gave the conference a note of confidence and self-possession. which was reflected in th> later speeches. ‘The business survey made by the con- ference was gralifying to President Hoover. He has a penchant for the orderly assembly of facts and figures. and what the delegates brought was well considered data on their respective industries. It will go down in history as a momentous conference, although outwardly it had little of the spectacu- lar or the drematic. It was an effort to understand each other's business which stood out as the central value of the conference. 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