president hoover and the depression - st. louis feda cetln£ of thi^ cospiitte aas held in...

PRESIDENT HOOVER AND THE OEPRffSSIOH

During the week of November 16, 1929 President Hoover calleda conference at the White House of prominent bankers, business men andpublic utility executives, to make plane to save the country from theeffect of the stock market panic* This was immediately after the secondstock market spasm which drove prices down precipitately and created elannall over the country* Those who participated in the conference weret

Andrew J. Mellon. Secretary of the Treasury

Robert P* Lagont* Secretary of Coolerce and former president ofthe American Steel Foundries

C. Taylor. Chairman of the Financial Committee and dominatingfacor in the United States Steel Corporation.

Walter C* Teagle. President of the Standard Oil Company of NewJersey*

Matthew S. Sloan. President of the New lork Edison Company andPresident of the National Electric Light Association*

Eugene G. Grace. President of the Bethlehem Steel Corporationwhose extraordinary bonuses and salaries running into millions taken withoutthe knowledge of stockholders or the public h^ve since attracted attention.

Alfred P* Sloan* Jr.* President of the General Motors Corporationand one of the chief fttpportfOTf of the American Liberty League*

Piorre S* DuPont. Chairman of the DuPont Company which controlsGeneral Motors* Mr. DuPont is one of tfoo chief financial supporters of theAmerican Liberty League*

Walter S* Giffprd* President of the American Telephone and TelegraphCoopany*

Philip H* Gftdaden. President of the Chaaber of Commerce of Phila-delphia, Vice-President of the United Gas Improvement Company and leader ofthe public utility interest which conducted the fight against the UtilityHolding Company Bill*

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

l$Q8 ingeles, i'rmsidoat*National Bank of Lop Angelesf ooe of President Hoover's rcast intimatefriends*

Chairman, Ckmeral Klectrtc Co» *ny.

. fcolley* President of the American B&dl&torStandard Sanitary Corporation*

* ?r«»id«nt of toe Ford fe*otor

J L> Iwsaa\rJ4« Chairawua of S*&e* k Bovbuek*

E* J. KVLUC. President of the Oti« Steal Co&imxy9

ftilliaa Butterwort*u President^ Ch&tsber of CoaEerce of theUnited State**

JuliLvfc H. Barnea. Chairsan of the bo rci of the chamber ofCownerce of t>it United States &od intiimt^ personal friend and businessassociate of President Hoover*

A* %* Sh&w» Chicago, inticete persons! friend arid politicaladvisor of President Hoover*

0r« Juilug Kloiu. Assistant Seer^tary of

Honier l>« F»rguB> Preeideut* Newport News Shipbuilding

Also & few other Govtm^ent officials And busiriees

Immediately after the conference. President Hoover issued astatement a&ytngt

"The developeent of coo^r&tive spirit Mndin the American business world w*« such that the businessof the country could *nd should asmuae resyoosibility forthe Kobilissation of the industrial etnd cornerci&l Agencies*11

He further stated to the trass concerning the results of theconferencet

•It was considered that the ebeorutlon of capitalon the atcx c amrtse, had postponed much coaetruction andthat the flow of this capital back to Industry andeosufteree vould now assist Tammmmd


-*-

It was the opinion that an indirect but very substantialcontribution could be made to the extension of credit for local buildingpurposes and for conduct of smaller businesses if the Brinks would freelyavail themselves of the rediscount privilege offered by the Federal Re-serve Banks*

The meeting considered it was desirable that some definiteorganisation should be established under a committee representing thedifferent industries and sections of the business community, whichwould undertake to follow up the President1£ program in the differentindustries*


Xt will b«? aot*4 froa the above quot* tiour- tht t ths ftmldi ^cd IfcMlof industry ftnt banking all ngrctni th-f t the use tC ecpit&l and credit to

c^rry on «toek aarkrt ftpecul&tlon hud diverted ftotttdLal resource* trom industry,eowMree And coD?tûctlc»f the ejttîrlon of credit for ioe*\i building ur areaand for conducting mmll buElnm f»

fo frc cr ••< \.It *111 *l*.o bf noted tfcftt & BKtton-td.de orgcnla&tleti gfrf fo frc»t <mee to got caît&i i>fcci*i into Industry to rrovla*- for the oajtonai-jn af

und for th« ec&duct offor

A comadtt«« r&prmuwntin* U»e rfifferwit ina\ij-trl*f,this pli»«

to be to etrry

oiof r4ln« to

econonie

th* >hit« Home It

situation andTho _

•O It we* egrood that thea g<«u*rtl aonfer-jact ol butinoog ssen to

would bo &ak«d to appoint &Q oxjcutlv*to

of theShe iitaMlloK i*n<i

>«bich wcuXi mrvm in

r. conference Ml h*Xd ix Ifogiiin t&n on Dectaibt r 5> 19*9 Mrf 0pOMi tytbe Pre«lvi«-nt» It *K» ett«n>'ied by r>bout four fturi.ir»d burin M M«E& *ho h&4 b««fiiaritwi fr«i «H ov^r t&4 country »d a long c«rle& of optiadftlc reports W.J tothe #ff«ct thrt the* butinAê 01 Z&L country urns Jxmdr«ont*lly 9Otmd9 th»Ht ther«w»n no fntrpluc rtoefc* on hi:nif thit th& railrotd&p utiliti^.? :md othtreto ep«od l«rj:« t\ni« of sonny na th: t «T»rything «&o «di right* ?7#tid«ot Boor»rdelivered the opening

body r«pr«#«fitf th« !n<iu#trist» of th^ United St* t- ;••Zou h*Te b#«n in-rit*d to crefctft « taipor^ry TjMilli ion lor the

of pyetfcmsticfelly vpreAUiAg into Industry t i & wftoie th©.lc;i h*Vf bfern t- ktn by gooc or aur leading indSufttrieE J&thv #ffeet or UK

sad6fter th« bre-ak by *om& rtviut-tlon in th* dee^nd for luxurinecorrltloe fron tho»c KOO act with loce»-;. But tft# lnrgc i l f

court©, would9 by feeding -cm i&*mF*lw*r9American alnd i& ;rcMae to rrvert to r viaus occ£.Alr4ia•uch Ions ab'l« to orge*ni»o to «««t tuch it

*«itii<»r# polc^ntif.l difil—X%iog vdileh tMMi b# cured

If # could do i>o9 th» acrtiet doscrii/tion of th«ttabliitgr of -TUT T#f»t organ!ax of proctaetlon *ii- distribu-

tion, t<*Achtd >ith the tight of the future of the dbit«d Tt> t* •»*ould cura i t Inetnntrly • T e. Cfttre X'or «uci gtom^ if-for ttB<»ploy»€»t its to find jobs,•

d«r«l fUronre- ^rnt«^ ^nMM?ould not r<Mtec« vafot Hu that

Pr#eld«titth# banking r itu? tlon t ti»&t

cttbility ofDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

-5-

voluntary organisation industry should extend construction <md other work. Continuinghe

• I t i e to a&fc* tide aorrjufit flyptoaatlc i s a l l br. ache? ofthe industrial world th&t M are h*«rt* — Ufe.t is- this t&4$k. 2 biUciKthat «ith the greet back logr fid oh tfft «JLrs>* dy &fe??ur©a by th«; *ublltsendee inst i tut ions *n<i the gov*-rziiMsatal rorke you wi l l b& tfcfei tobuild up the eoBrinaetior* and a&lnt--:n«ne« ^c&lvltle* for 1930 to &higher lrvel th&zi tbur-.t oi* 19*9* «ia ti^:t i s %hat *e require,

"Another of the gr*t»t balaaee A i t l i of ft. b i l l t y i« «orforeign tr»<4«« But in etlauletlng our <ne;?orts *f ibould b« a»:inlyinterftfted in dev^loisait >-ork &bre^d buch cut rond«« fend u t i l i t i e s ,which lnere«i«e t!» et?«ndf-rd« of l iving al' people £&d th\is tat incr*ua»ddesi&nd for good* fro© every nation, *or v* gtin in prosmrlty by *proeperousi worlu, not bj dlffpl&cing otbt .

11 All of these effortc haft gn© ffiii —*- toand to XfRBOYc? th* fear of

coneludedt

*Xou r p r t r « t the bueinore of the United Stetfiftf imdertak-ing through y<Mr o%m vQluntary fectlcm ta eootribut' KOB«thing verydefinite to the &dthacea<mt of etfebility «»ud jjro re.M^ ic our economicl i f e •** Aad th is i s not dictation or Interference by the governmenti?ith bitsineee* I t is. & r€-^#rt fro» the Go^-rea«nt that you enIn prudcrt Mueurt. e to &olvt « n^tiorul problsa **;-* Beyond tni« f agrc«t rc6i»on»lbiltty for st&bllit> .iid /ro#oerf ty r^sts Kith thepeople,•

It * i l l b€ noted th«*t i t fc«e ^ro otfd thftt iht bustiacpii intr.-rf>ttc ofcountry vere to be orgi*niêd lsModi&tcljr on • netion-«cide b<Aaie to cooi^n te >lth tfte&22££B&SBik 1» ov<»roo«in^ th% effects of t«he ^tock oarket panic «*nd r.TeYontin, un-e«pioya<ftit» A resolution *&r* introtiucfrid «-jid pes ed providing) in feccor-^ nee nlth theplane of the Vidt^ House Coof&rfc&ce, for th* apôinta*nt of e coâsdttee to c^rry for-ward this v.-ork. The reeolublon ep^ciflceXly ct< t»a tjsut Julius S« S*.ra4fi( iiitlaiatctttd êrônal .friend hnd former burin*- fs «c«oclat« of the fTc^ldcsit# ohuuld naas the

i tfoct j*r«yl,tieflt« Chi Uier adjaiirn»»-ntg cxi tht? following eo«ixtiitt«H«$

Slbari U. Carp<mt^rf Berxy Ch£&dl^r9 Charles Chancy, £tut\rt •« Crejier,Fieorre 6* du?ont# KeJLt&r S. Gifford, Coma^liuc f# Kelley9 Thcxtt* •Lfcaont* John G« Lonedi U , George Eor&ee Lorlr»«r, Alv v, Mfccaulcy, Leids£• Plerôn, Henry £• Robinj»cxi9 Peul fhou:, Jt*-p Simpmm, f i l ar H»£tr*«o t l^rron C» Teylor, *xltt r C« Toeglef David *3dtcoab, Cl«r^tice f(«loo l ley t»na. Owm Dm t

A *cetln£ of thi^ cospiitte* AAS held In ^&hin/'Cac9 J&nut ry *3 f 1930 for thepurpoee, *f announced by fe Ui l l e t in i«û<c! on JamiM? 18, •of a^.ralrlne c*refuliythe condition of bualnc-0« i i i t nsnttered 193O# dot^rnlriin«; trade *m& in<tu«trial s i tua-tion is requiring further epedal Att«ntion9 ana fonttil&t.ln# cmarsae of action to deal

with suchDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Betting via attended bpt •§*•?•« 0utt**r*Qrtfcf r;r<^nt«rfCheney, Cramer, duPont, Gifforu, Kalley, Tho«*i£> R« I*eaotit, Secretary ofRobert P# Laaont, Loned*le» Lorla^r, t*i€reon9 Shaup, !«ylor9 Teagla9Oven D. loung.

A at*tenant w*e lamed fey the Mmmitt&c fvjfttr the meeting th»*t the "figuraefor industry e a s i n g the eVitua of production uid eoD«u»ptlon up to4 l l encouraging* end thfct *tb# current situation Is f&vor* ule*. I t «M alsothat the coswitte* g»*» I t s a/ppr©v*l of ...Tibbie ^ »4 ublic eons-tructlon9 Wpt&r**b*tt«ment«# • tc« 9 fiction "by busi&e*r. men to t/ronot«> th& pl&eirc or oiKierc-9 continued•Mhaage of infonMKtioo aaong busia^f; aon concerning coureer of ^ctloa wtm tabula-tion of reports on the condition**

60 fur nn any inforar-ti'.* wag given out or was Inter *&de mbl lc 9executive coajsaitte*j which w « to adirl fe with the Pr«*idcjnt and work îth Mm held no

idth hia end th r«5 wt* no Action oa hia part to further c*ny f o r t r dof the butineef of the country to dm I ?;Ith th«; ,«»ituition* Thlir

atending his aacertion but & KM veeica before, on Dcet-mc^r 5P thet *yhe curg ôr : uehatoyjfa â action* and hie. nmiouncoa«at fron the- Wiite- Rou^^ en Kovt nb r 16 th«t &acmit te* of this ?ort »*xe to i>* •at^bllahed to c- rry for*#.r(j vigorouf; atfli to combatthe pitufction which bt-?i dfcvcioped A«d which -•: t ccoxMing to hi? atAt»«r»t ofD»e««ber 5 before the Confer*>nc«! to "qooêrfctc Îtu fch^j ovc-rpiaît in prndant sie*to aolv# & n«ttion«l problem* 4

So t*v ft© the bualnbi^c inters-eta of the country w r e lnioits-.d or wsy furtherinformction WAS a&de public9 thir axecvtlTe coemittce with »hlch the Pr^f-idant w&a go*ing to work to fi^ht p«nlcv de^ret-isicfi end UIKÎ loya^nt, pcy* r af tr ffl*jj|r In©tc»cdf aaeriee of reports en buaine^s condition* were letsuod from siontii to eonth unt i lof 1931 «heu they

they began t i t h optimistic (Aig^«i^tlona9 but by M&rch 1930 i t w*$ nece&e&ryto report "that the %o%t,l? of export tr&da in the f i re t two sontha of 19J> showed anoticeable f e l l ing off froa valuer In the f i r s t two aonths of lmat yeuri & oonaidereblaportion of the dacroêe9 ho«ergr9 i» to be found in cotton and gre*in$9 »a to whichthe conditions t*rc c e l l Uior**n» Declines in totfcl* of «x^)erta v^re feisaoct e<;ufell«dby Jsclinee in to ta l s of

In reriaving develOiJtentg up to th&c t i e9 i t BM in Murch rt;iortc^ thi t•the r«;*orta froa the vurloue i&duetri«& indict t« thfot the lauortiance IfclU u >on con-jftruction aa an inf iusne© In reatoring ludurtrlnl bnli^nce hê not b&mTh@y siios? tiifct for & revival of conrtrufitian In t i g B^nUTold form* & f lr«t1© adequate «ad rentonably priced credit*"

(ROTE) The above i e of lnt^r s t in view of UMPaubaaqu€snt un«lllinenHc>» to una«rt*ke ccmprÛenalve iÂblic «ork andi ta fai lure for nearly thrâ y«^ra to do finything toward prrritMffor th# financing of building*

Th# report* eontinuad ^te^sdlly ts©r*#* fr<a wemth to acmthMot one of thaa reoortea any factf sr xirureg cancern

ih«» frwj?id«nt of the Unit* d St&too took no .further vigorousto aa# th*t the bualn^sa of the m t i , n w&a oreiml^d to coab^t iand uneaployaent*Digitized for FRASER

http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

She prop*f«iKi» pw«e Merely i&Io ^

at the beginning helthe stock Murkrt up in thecoral t i t l Torto

«hicb w*s «*et up to «*$fmr& th« courtly th&t s l lto f&ds out of *2:l*t«nce« It? ro$«?~colorf*; *#•d, of courte9 to crette tht ?entia«nt which ut

of 1930» fcBft the PresidentI I r-.. ; Ji-u'.iblo 144p | l

the org&nlcad *ork tb^t wte nec«$**%ry to ;>roduee re;ult£»

During the w*r tinder the Couneil a/ fil«-Mon«l i&f€»&& (s»dgov«nuMnt) tvery induntry in the count ry9 U-rgc and MUI119 «M com ict^lyto eoop«rbte with th«- gortrTuwfit in production sid In ft-rryi&t. rorw&r4 K«» M N V H «The work of th^&o hun4r»de of coraltte*9 in *very industry ^na every city istfill the option wee ceotr* i i tcd in the Council of K* tlo&xl Der«n«e and the ^wIndtiPtries Bo*rd in H«phin^torif raid thf orgfenis*.tiî thu^ t t i up n&g koatj oing to attain Mr objeetiv§'£-;. I t ***• jutt ruch an arK«.nl4«.tioB *a> thlp9

and ;**«hcd without l e t u;> by theôv^rnacnt lt««Xf9 vhleh wu* called for inful l of 1%*)*

It y lin«f.- th* t f.o»t of the twutineei: aan whoto %t-sxdn/ton for ih«* oosfe-rr-seft oi D«c«-«b«r 5» X929 aaintîiiod should be

»*t up i/M»di.-'tftly« Zn8t o.d9 thr conception of Preifident oov<..r Mi that * handfulof ouptain* of induftry orlîn^lly in untied to e : v l w , 1th hia hut ntYer id>* publicity ^regrf« wer« sufficient to acet the =itufetlon«

toAs & r<rrult of the toil ithe nhole hutiiaeet îtu&tlcei wik«

out*

coa reiu»siv;Xy eloegto drift mA the futile flrat

In the goring of 1932* at the ia8ti4ic» of rose ejf the bunUie^* «cn in Mow York,* eoaaitto* w e foraoci for the J»# York fmimrol R*e«rv^ distr ict to ce« what e;>uldbm done to improve the credit citu. lion by 4 roa^tinf M V ejctwtfiv* u#e of

in oth&r directiori** I t wc« fu^t^ted to Mr* Hoover tii.,! riail^r eoianitte#«b«- foTB«4 in the ot&tr Reserve didtrlctr &nd he ianoiiit. tt ly gnw?r#d &t till*Rd I t ««< announcod with A rrott hlar«» of trimp tEi in July lmft thi I the

Another grt«.t constructive

Running true to ions, he calle-i «notu-r n runoe. 0r» Au,u:t 14glv«n out in which tb* ?r«ffld«iit c-«id9 "1 hwrt c«.ll«d • n&tion*l

for *U4rust 26 of th*: bu#in* &t *~nd in iuc triAl eoaialttecji of the twelveill strict r for Uifc :,iur>--o< of orûnlain*£ e conc^rt^4 ^pogr >% of

project.*- «h»r€ itflB&ii i.ccoa:-M?hMSts i?> lNMtiUMM§ agriculture andem be »ttain«d9 *nJ ?dli cooruinAt* the nobllizftticm oflnttruaiiqatsllti©f to th*t end.

•CJnRepubli

I ennoimci-'d ih*.t ,:;rollaln< rj conT»rst;ti a t N f l ij\ ph«*de of the govenamt im$~ni»entsliii©t »ad prlT&t^ groups in

and indurtry AS to t;uch » pvejfltttp ieji ihr t at a lat«r tiae I iûldof & canf#rinc<» ?®r « ôr^ d»finlt« itveXftpejeBt of tb«»-e id«';g» Tht &r*«;-« of«ind definite,- action h&ir« bên furtb*r fex.îored b> infonuil j j i i a clone be-

t f » of T rioue group** -iftd ia<iuctri»e


- „

r- »ro^«Rtin^ tbm f*dmnl Rt.**rr*:. dlt tr lat iaon© »<«&£ sgo, Z have u&k*& th* cbulrmm oi UM I e.*88ltt«?e*sf tog«tu V

*ith the gov^mstsnt otiftotalf s«nt • *it# to a#-t irs ' w.'ftin uon ox* dt^ btior: tk«?for the ur ©: e of pfftllBiBftSy preparation of th? ;ro;,r.ia of th*? or

&•*». fcT« thifi attt^swrnt of f^f^ L lui> ,93;' with his rtettatate oi' th# ff;»ur--o.->• 5J« tb** ;>hit« Houê tli UMBl of ^cmab> r 1 9 ^ ariJ Mic cor.* {*?*&£* 11 ; 3>: ^ceafbf.r 5* I^S* (iôr i-tknxui VXh t^mo\mc»»€nt i5«© Set. lark Tfcots, Auust 1

5)

Th« aecon<l conf*Tîicet m^rly three y*»r3 oftof1 the f i n iu»«tabled or; August 26th an<l appointed tftyVlr* : or^.-î^tiyti e<.âBitt#e to "coo: cx**Wwith th*' cofi»^.itte*« 0fffaaj4>o4 1» the F*4er-.l M , ^ W : dirt'ict^". Th*i-« coaaitt«o»included practieaiHy ev* xy lao oo *hc fir&t conaitte« appointed V Cheimaii Bfcns; f

Pr@---i4tsnttf airtctioB in Deooibar 1>- ?• 2b* cieira«in of the n«woosadttft€ KMI Henry M« Koblntfon of Lor A£t;*les9 OBOtlMf1 ;^rffonal friend

a of 1 9 3 *

I t tt^.ac i t * fir.«t NftVt DRly Ifeet »Ml^lteAicef.iiiy> October 3Othfreported .jxro^rît r in fccelating îiitrc-ggv/d aortgagcf^l "i« lo«^tirig Into

of i5a&ll bu.ir.orc«i£% *»in 1 '• c-v.t*nainf of ec.lt;»l ©end ix c.rrj'in^ on "JP such I asoimt df highly ati&l c^n

I t also ripoViod th!t the Kork ecwa&itt fi *i* K<*& JTur.ctlcning OB & nation**!* I t t4iod thr t "th* awrtcase situt-«ioB9 both urb&r* fe*ut f*t.r»f h^n be«n

It dcclarrd thut •rith the f*ot fiading ,i»ae of itr i«ork yeoapl«rttf i t appeers tfeat fc rcl&tiv€ly —nil pvrcantftg* report pofefioni creditii; acuities.*

All of ti.iCf i t i*lll he ob««nrtdf It the M M thing ail ov» rafter di interval of thrê jcrre*

I t Is work Uw*t i f n*c«p8«-.ry ^nd f I t ih l i but i t v*ouli b >hollyto begin a l l ov^r agein i f th# ?r«îd«it oi tht United St&teo

not ffcttoi ut terly in soy oiOQJOAiO effort to organic* t.n<i Ke*t th*?d in tfco fa l l of LfQf«

or Qrtobt-r ?.nh r^**5"1 m thm ««c*>nd confffr^nea ff»« »«»* Xorko v i > r 1 t ;


W S EKSKJISXBXLin IDE TBS GP

the sl&i& of Prasktait Hoover &»4 aeeratary SEill*. tfefct thmir o«n%«nt of govanuMiit Is* not rtspooelbl* for «hst ha* hlppMti tc tha

eoantr/, tut on tb« oth&r hand tbrt i t l i the wiekae foreigner »h© is tohl*m«9 in M

Th© u&so «llfci ma put famvl If th# Republican s&slnlrfcr&tion »icjifficuiti&e of 19*0 «*nd 19*1 oeeurrml* fh# Pr««id»Qt90 Canf*r#iio© 0*2

of «hieh H^rb^rt iMfv-r mis ehatlnMtrs, opfln«d in Sffc«hi»gton oaMkf If 1* ?r@gldw*t Harding in hia *eit r«»» tptt

in no wia« ?>*&iLikrwhich wr- ?,r« faalia

to th-s tfejtt??d SiKt*9«laheritaac^

•0 if;d'4^t

h<3Ut

p which i^0rial ia«Ma|!i« ifpr\d,p

nof.» onpublished SprtflHMMt Ms%i«i Office V?"l)

Pr»sid«tit Jif i lag w«nt aa to say that "'wito th« world lmrolT«iiIs no ttêftrm for any of th# ôrld froa the VttXlifl » d«pr«*fcsi3>af* ar;& h#

tstfct there MM ao hof>® «ixefi:"»t to go ttr<mgh Itryd'i t t lon, cl«.fiationf *tc«

taking'account ^f tfelafl i ta# | ftad tiui .**ob«r o-jnta«spl«tion of things tobt ftMtj f* @ riftdiaf of f tr* grc»ua~ wwi ih« 0|>#Bj» yuntjj and ani^ rd.wiy—-. 11 IfctM are | r>trt of the ia«vitf.bX«9 esJ h« ?ho ihinki tK-©yalisht h^va b*j*m AToi..tri by thin plan or that , or this poliov or th&t9of thi» isMtflfttlMMl r©irtioneJii7 or th#«t# only lH(p & dtluaion

M l i a««ik?a .for a sa.ff»

OTpiimitli »*» ths t tfa® world wt»« to bie««9tb&t w# could d«> notbia^ to avoid i t f thfct I t >e« fata9 and wr pttpiit »uat tak«th# eooaac;jaoe*s9 h# *t.l»o follo«#<i tb« iai # OOUT MI vhlob 'mov&r pursuai wh©n h«

hie V&ahingtoa ooarnrqne* ta* Dac«ab#r 99 Lfi ^9 Hrf assured th« nation intb# ea'&a words which So-over mployihj th&t d * l

hr.ve bstlAai th« M#rief. tf te-cln/ -un thu ftmdatssntnle ofindustrial* rnd polit ies 1 Ufa which 3HM3» U^ whst «r® .Rr«, sad

tb.# t«a.'ia r«*fitlr«» ao raa&jcla£ :.c?w# f# are incoutettabl^ aounUa ^#ar« eoiiatitutiîii l l j strong* re amrmlf •pVWMMd af ter the(S 7| h« ort P )

of Co«a«re«) on th«» Muffio d ^ at th«g also lii»lst*4 that i t *m» tb© vorld *a.r whlrh vaa to t&aae In If8

Ha aaldi

aur «n«stploya®nt &ri^«c fro-s the ftflfVMti of the%rid *ar»* {

MUt)


-10-

on to d#eJUre*

^tierfe i s no ecffifiosaift failure go t«yribi» ifl itft lr>jort ,|tg

nutterrA yjxliflg ^ d «mKJon tft y, ,rs.iff ^ye :i.egriv^d j ,

E

•What our p<K»pl« wish is th» op W t a d t ^ to tarn thoir 1,1*iiyad, fena s.,;reLy lis 0 oowlry mitt U P wir«L5use» buratlA^ *itb

of ClwA| or elot-hiag, *i% i t s aini»« ea -- t l * of ia<i#rinit#i>ro<5«ction df fuel, with 3nffici#nt iMHdag for eoafsrt sa4 h«filth,

th# int«lli^9ocw to n»d aolutlan. filhaut i t aî s otioti to *«-.rlotia ebitrges of fallar#«* (Sum p g1® i'9)

la lh# fcfeofvc Mr» Hoover d«findd «x»atlv th« f&iiur© for vrhit x he «ad hieMM r»tf;>or.«ibl0t latf th is lr» the f&e# of tê iav«?tl&?.tl-xui a*lfc« Conf»r<mc* of which im.ff ehairtMQi la 19ri» Th« ntfft«mwa%« froa

end Bot^r^r cuoisc eVo»v« w#re f*iit<mk! ejg â iatrcKl aetiow to th« ruporin«tplojf»ent csaferesco, «-sd to *»£ifc*?*i»# tb»« tiMty w*m tdaeiKi in a box

dt the be&iiuJL&g •€ tho r®,xirl« I t ^«# this flscwi report, hgr tfco »«/ , (««• r> ge159) which H^Mii^cl th^.t i t »as ô«teibX» ta ;nr*v«nt ttoa vi*">l<me# of b'veriit»s« I t eoidt

p in this dirscti^r* has rs#uLt«d frrwi *» widrawn ftas ptrt •afc*ri^ne#« Th# or^ntioa of th«

f:*»#mwi »yt<tfl« i# * tnotabl* *»juu»:>i# ?>f American *cJr:i«v«a«ctfinii$« Ttet a*»&uur« nrrmt«d tht e r i s i s &? 1% 3 freae ojgeinto psaie* Hfviu^ dovis«d & a^thod i£ s i t ignting %'m stwirity iferi*«$, w# MB irith . o j ,proi«j et® of siaee#8B tun* our^ffort^ to tii* furtluir or^Haa of(See page 159)

Thi* *es tfe« fouDdatlM of the furt»a«r «tudi#s of %Chang** which folloiMK!! th« un«a?Xoj»flot eoiifer*mee of 1999« T!i* ehft,Ira«*» ofthat Ctnmitttto on £e-; >mle Ch&sgta V&II Herbert Snorer*

bo record »aow« thnt , aXthc»ti| K foXIj informed, msd LatiatWl;/ lawith the work avttr a »»ri«# of jwkT* before tb® Ptoek aerkc^t org/ , he

to do ©&« «iaile thing felosg the ila*^ of the «e.raing« given l r hior e>* * result of


president hoover and the depression - st. louis feda *cetln£ of thi^ cospiitte* aas held in...

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president hoover and the depression - st. louis feda cetln£ of thi^ cospiitte aas held in...