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 Chairman
 of the Board of the United States Chamber of
Commerce marshalled the National Business Survey
Conference, defined, on December 6, 1929, outstanding
 factors concerning this conference, as follows:
 “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 construction
 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 distribution,
 are naturally justified.
“Third, that this implies large capital expenditures
 for these purposes, and this must be provided
from industrial treasuries, or, most largely, by borrowings
 for capital investment.
“Fourth, these borrowings depend upon the ability
 to obtain money at reasonable rates and in ready
and adequate quantity. This situation has devel-