President Hoover Acts 
27 
little, engaged in all forms of production down to 
and including the retail trades, and including some 
backward industries like coal and textiles. How 
might this universal stimulus be applied? 
Features of the Business Conference 
It could not be done merely by conventions and 
their resolutions. Julius H. Barnes, who as Chair- 
man of the Board of the United States Chamber of 
Commerce marshalled the National Business Survey 
Conference, defined, on December 6, 1929, out- 
standing factors concerning this conference, as fol- 
lows: “First, that it presented an extraordinary and 
competitive cross section of the whole fabric of 
American business represented by leaders, who could 
speak with conviction and the authority of proved 
leadership in their lines. 
“Second, that in taking up any possible slack in 
wages and employment, an elasticity of new con- 
struction and of maintenance is the chief factor; and 
that maintenance, which means new equipment, and 
construction, which means not only expansion but 
improvement of mechanical production and distribu- 
tion, are naturally justified. 
“Third, that this implies large capital expendi- 
tures for these purposes, and this must be provided 
from industrial treasuries, or, most largely, by bor- 
rowings for capital investment. 
“Fourth, these borrowings depend upon the abil- 
ity to obtain money at reasonable rates and in ready 
and adequate quantity. This situation has devel-