Motion Picture News (Oct-Dec 1929)

Vol. XL NEW YORK CITY, DECEMBER 7, 1929 No. 23 44 ONE GOOD OLD WORD— WORK" HERBERT HOOVER today supplies this industry information which it should be glad to hear. He tells what the nation's industrialists will do to maintain days of prosperity. Billions are to be spent in 1930. That means wage levels are to be maintained. And, of course, theatres will benefit in direct proportion thereby. The President also suggests a return to work — hard work, the good old-fashioned kind that nets results. Fine advice for our own business, that. This is how Hoover sees it : Capital becoming more abundant in all parts of the country, the bond market is growing stronger each day and already public issues held back for months have begun to appear. The second action necessary to maintain progress was the standard set by leading employers that so far as they were concerned there would be no movement to reduce wages, and a corresponding assurance from the leaders of labor that not only would they use their utmost influence to allay labor conflict, but would also co-operate with the employers in the present situation. These assurances have been given and thereby we not only assured the consuming power of the country, but we remove fear from millions of homes. The third line of action has been to undertake through voluntary organization of industry the continuity and expansion of the construction and maintenance work of the country, so as to take up any slack in employment which rises in other directons. Our railways and utilities and many of our larger manufacturers have shown a most distinguished spirit in undertaking to maintain and even to expand their construction and betterment programs. The state, county and municipal governments are responding in the most gratifying way to the requests to co-operate with the Federal Government in every prudent expansion of public works. Much construction work had been postponed during the past few months by reason of the shortage of mortgage money due to the diversion of capital to speculative purposes which should soon be released. Beyond this a great responsibility for stability and proseprity rests with the whole people. I have no desire to preach. I may, however, mention one good old word — work. Now read what Dr. Julius Klein of the Department of Commerce has to say. He is one of the nation's leading economists and when he talks, there is usually a noticeable absence of guess work. All intelligent observers have noted the fact that many phases of the present business position are by no means attributable to the break of the stock market. The influences of Wall Street are admittedly numerous, but they do not account for everything. Many wildly broadcast rumors as to payroll curtailments promptly disappear as factors of disquieting alarm when it is revealed that they are part of a normal, seasonal dip. Without belittling the many tragic aspects of the losses of both professional and amateur speculators in the recent break — and each of these groups seems to have suffered heavily — there are numerous reassuring elements in the outlook for the coming months. Dividend and interest payments in December will total almost $700,000,000, an increase of more than 20 per cent over December last year, an impressive evidence of the power of our earning capacity. Unquestionably a large proportion of this vast fund will find its way into prudent reproductive investments — not speculative ventures. Then, too, the amazing total of Christmas savings — not less than $600,000,000 and probably more — means that our Christmas trees will have about the usual share of tinsel and electric lights and crape. When apprehension arises about a possible slackening of business, there is a temptation to dispense with, or diminish, activities that are not intimately tied up with the actual work of production and delivery of goods. Some ill-advised business men might, perhaps, regard trade research as coming in that category. Few errors could be more grievous. Heartening news— every bit of it — to this business. Stick a couple of mental pins in the highlights and keep that upper lip stiff. Good times, an old American custom, are here to stay. KANN