130 The Stock Market Crash—dnd After 
tain, on an even more liberal scale than ever before, 
our great laboratories of both pure and applied 
science.” 
The extent to which industrial research prevails 
as a new trend in manufacturing progress in the 
United States is revealed in the survey of the 
National Bureau of Economic Research, published 
in 1929 as part of the report on Recent Economic 
Changes of the President's Unemployment Confer- 
ence, of which Mr. Hoover was chairman. Of the 
599 manufacturing concerns supplying information, 
the report states, 52 per cent recorded the carrying 
on of research as a company activity; testing labora- 
tories were conducted by an additional 7 per cent, 
leaving 41 per cent, or a minority, in which research 
work had not yet been initiated. These statistics 
were based on a questionnaire, sent out during 1928 
to 5000 manufacturing concerns with a commercial 
rating of one million dollars or over. 
In certain industries, such as cement manufacture, 
leather tanning, gas and electric utilities, codperative 
research had been organized, taking advantage of 
the activities of various national associations. In 
certain other industries such as the manufacture of 
machinery, machine tools, drugs, cosmetics and phar- 
maceuticals, individual concerns engaged in highly 
competitive work were carrying on their own labora- 
tories. Some 58 per cent of those reporting stated 
that their budgets for research were increasing from 
year to year, and 39 per cent reported that their 
research activities had already shown a profit.