The Bismarck Tribune Newspaper, May 27, 1933, Page 1

North Dakota’s Oldest Newspaper ~ ESTABLISHED 1873 T0 SPEED MEASURE: dote Favorable Reports on Pro- posal Which Stirred Com- modity Prices AMENDMENTS ARE BEATEN House Leader Says Bill Ratifies And Makes Legal Present Situation THE BISMARCK TRIBUNE BISMARCK, NORTH DAKOTA, Washington, May 27.—(?)—The ad- ministration’s resolution to cancel the gold clause in existing contracts and make all obligations, public and pri- vate, payable in legal tender money was approved Saturday by both the house and senate banking commit- tees, assuring swift attempts for con- gressional enactment. The house committee vote, after a short closed session, was 12 to 4 and @ move was undertaken to get it be- fore the chamber itself Monday. The senate committee voted to re- port the important legislative pro- posal 9 to 3, after rejecting by only 7 to 6 an amendment to eliminate obligations to or from the United States government. This amendment, offered by Sena- tor Glass (Dem., Va.) was designed to require payments in gold on gov- ernment bonds and war debts due the United States from abroad. The house committee defeated 11 to 5 an amendmment to prevent the cancellation of existing governmental gold contracts. Steagall Is Hopeful Chairman Steagall (Dem., Ala.), of the house committee, said “This measure ratifies, reaffirms, confirms and makes legal a situation now exist- ing. We are off the gold standard. I don't know whether we'll ever get back on it or not. That is not wor- rying me as much as going off the gold standard did. “This bill will put us ‘on a managed currency basis. It will broaden our currency basis. “It frees us at home and abroad of dependence on gold... ‘ “It is a declaration of economic independence. It, will restore pros- perity.” Questioned as to his assertion Fri- day that the resolution repealed “the gold standard act,” Steagall said: “It doesn’t specifically do that, but in effect it does, Its all the same. It makes it possible for the govern- ment to control gold for whatever purpose it sees fit.” “Asked, “do you think it is consti- tutional?”, Steagall said he did. The new bill declares that regard- less of demand in any contract, past or future, for payment in gold, any and all coin and ‘currency of the realm shall be legally usable in pay- ment. It was submitted to congress by the treasury Friday. In view of re- cent votes on gold, passage by both houses is considered certain. Senator Glass, staunch defender of the gold standard, protested imme- diately, saying if there is any integ- rity left in the courts with regard to the sanctity of contracts they will hold the bill unconstitutional. Ratifies Existing Fact President Roosevelt explained it as formally ratifying, by legal declara- tion, an already existing fact. With gold barred, the United States and private debtors have been paying inj. currency, and the payment has been accepted generally through attempts to force gold payment to bond-hold- ers at home or abroad have been ex- pected. Some courts already have upheld this voiding of the contractual gold clause, but the United States has falling due this summer many bonds, all containing the gold clause. It will have to issue many more bonds and though it has no intention of writing the gold clause in them, has aeavet no legal authority to leave it out. Before bond marketing time comes around the treasury wants the, whole question settled. Cases might bs taken to courts which might find, as Senator Glass insists, that the contractual demand for gold is sa- cred. Though officials do not fear the ultimate outcome of such a rul- ing, the resulting confusion in the bond market might make tough sled- ding for government issues. A collateral gain from his declara- tion is seen by officials in removal of the premium on gold coin, which may now be hoarded by some for satis- faction of private contracts. As money within the United States, it is to have no advantage on either silver or paper. Outside it might command a premium, but it cannot be exported. St. Paul Fireman May Succumb to Injuries St. Paul, May 27—(#)—Walter T. Hoffman, fireman, may die from in¢ juries suffered when the roof and outer wall of the E. G. Staude manu- facturing compahy plant here collap- sed during a spectacular fire Friday hurling him to the pavement from the top of a 30-foot ladder. Hoffman suffered a practured pel- vis, possible internal injuries and se-¥ vere bruises and ,his condition was Pronounced “very critical.” SETS TRACK RECORD Minneapolis, May 12—(}—James . McClearie of Brainerd ran the 100- yard dash in 9.9 seconds here Satur- day to set a new state high school record. He broke the previous low of 10 seconds in a qualifying heat of the Minnesota prep school track and field meet. Where ‘Century of Progress’ Fair Opens Today SATURDAY, MAY 27, 1933 Pictured above is an aerial view of etrations of tremendous monetary hundredth anniversary it commemo- the Chicago “Century of Progress” | world’s fair, opening Saturday in the | and educational value during the pe- ried of the fair. The management of the enterprise expects 50,000,000 per-| | rates. | As the warm May sun reached its meridian, Postmaster General James Windy City. The view, taken from| sons to view the fair during the six! A. Farley, emissary of President the western tower of the sky-ride,| giant amusement enterprise, gives a glimpse of the area in which will be| ‘concentrated exhibits and demon-| months of its operation. The exposition was dedicated Sat- urday by high dignitaries of govern- ment! and state, and the city whose | Roosevelt, faced the vast arena of | Soldier Field and before a crowd of 25,000 pronounced the exposition open to the world. Memorial Day Parade and {IGE PUBLIC WORKS Program Planned in City; MEASURE |S PASSED Late News Bulletins (By The Associated Press) RAIL BILL APPROVED Washington, May 27.—(#)—The senate Saturday passed the adminis- tration’s railroad economy bill. TAKES STAND FOR LAW New Rockford—All and persons who advocate inter- ference with the courts in the exercise of their judicial func- tions, under their oaths of office and the constitution, were con- demned in a resolution adopted by members of the fourth judicial district. bar association at a meeting here Friday. Approving the bravery of C. C. Bradley of Iowa who “under pen- alty of pain and death” refused to take an oath to violate his Judicial oath,” the bar association called attention of all lawyers and courts in North Dakota to this sustain and maintain the integ- rity and independence of the courts of the land.” WOMAN FOUND DEAD Flint, Mich—Mrs. Bruce Mac- donald, 58, a widow and one of the wealthiest women in Flint, was found dead in her home with her head crushed. Police are looking for her son Balfe, 17, who has disappeared. TWO ARE SENTENCED Denver—Two were sentenced in federal court Saturday on charges of conspiracy to kidnap follow- ing the abduction of Charles Boettcher, 2nd. Carl W. Pearce was given 26 years in Leavenworth prison and Arthur Youngberg 16 tortion, but the two sentences to an additional 16 years for kid- naping and fined $1,000 for ex- tortion, but the two sentenced will run concurrently. Mrs. Verne Sankey, wife of the alleged leader of the kidnap gang, was released on her own recogniz- and extortion who want her for the kidnaping of Haskell Bohn of St. Paul. Navy oarsmen swept to victory over Pennsylvania and Harvard here Sat- urday in the varsity race of a trian- gular regatta. NEVADA GOING WET Reno, Nev.—Early returns from precinct mass meetings in Nevada Saturday indicated an overwhelm- ing sentiment for ratification of the prohibition repeal amend- ment to the federal constitution. DICKINSON MAN DIES Dickinson, N. D., May 27—(#)—Har- ry W. Elden, 46, conductor for the Northern Pacific railroad, died unex- pectedly at his home here early Sat- urday following a heart attack. He had bee @ Northern Pacific employ 30 years. He leaves his widow and ene daugh- iter. Bismarck Will Pay Tribute to! War Dead With Impressive | Ceremonies \ A huge parade and memorial exer- cises in commemoration of war dead at the city auditorium and local ceme- teries are planned for Bismarck’s ob- ay, it is announced by officials of war veterans’ organizations. All'stores and business houses will remain closed throughout the day, ac- cording to H. P. Goddard, secretary of the association of commerce. The parade, in which 21 veterans, auxiliary, army and other organiza- @, mj according to Adjutant General Herman A. Brocopp, who will be mar- shal. The indoor program, featuring the Eleventh Hour Memorial Day Services to be conducted by officers of the lo- cal voiture, of the 40 and 8, will be- gin at 10:30 o'clock at the auditor- jum. ‘ Following the indoor program, members of the American Legion Auxiliary and war veterans will stage their grave-side ceremonies at the cemeteries. H. F. O'Hare, past commander of Gilbert N. Nelson post, Veterans of Foreign Wars, will be master of cere- monies at the auditorium. Attorney General A. J. Gronna, state judge ad- vocate of the V. F. W., will be the Principal speaker and the American Legion Auxiliary chorus will assist in the 40 and 8 program. Four Committees Working Four committees, which have been at work on arrangements, include: General—John L. Peterson, chair- man; Eugene Wachter, K. C. Arness, G. W. Cass and Clarence C. Gunness. Parade—Major A. C. Young, Cap- tain E. G. Wanner, Captain A. A. Jones, Lieutenant Cass, P. G. Har- rington and J. L. Kelley. Auditorium—H. F. O'Hare, chair- man; Everett Davis and Fred Erick- son. Transportation— Eugene Wachter, H.C. McCready, Morris Satter, A. H. Helgeson and Oscar Selvig. At 7 a. m. a firing squad from Com- pany A of the National Guard will leave for St. Mary's and Fairview cemeteries and the Memorial vehicu- lar bridge over the Missouri river to fire salutes to war dead. Lieutenant Cass will be in charge. The parade will assemble in three sections, according to Adjutant Gen- eral Brocopp: the first on Second St. facing south, head of column at in- tersection of Second St. and Broad- way avenue; second on Second St. facing south, head of column at in- tersection of Thayer avenue and Sec- ond 8t.; and third on Thayer avenue facing west, head of column at inter- section of Thayer avenue and Sec- ond St. Lieutenant Cass will be Brocopp’s aide. Section officials are: first— Colonel George W. Harris and aides; second—Captain Jones and P. G. Har- rington, aide; and third—Captain E. G. Wanner and J. L. Kelley, aide. Sections Are Listed Sections are listed as follows: first —Fourth Infantry band, third bat- talion of fourth infantry from Fort Lincoin and Company A of the North Dakota National Guard; second— American Legion drum and bugle corps, American Legion, Red Cross ‘Nurses, Junior American Legion Aux- jilary, War Mothers in autos, W. R. C. in autos, auxiliary float and D. V. in autos; third—drum and bugle ;corps of National Guard quartermas- ters detachment, V. F. W., Spantsh- ‘American Wer Veterans auxiliary, ¥ (Continued on Page Five) servance of Memorial Day next Tues- | tions 'will participate, will begin at 19| BY HOUSE, 323 10 76 | Favorable Action in Senate Ex- | pected By Administration Chieftains | Washington, May 27. — (P) — The {vast $3,300,000,000 public works-in- Gustrial-control taxation bill was ready for senate action Saturday fol- lowing its passage by the house Fri- iday. Amended to plug up holes in the \income tax laws, the measure was approved by the house 323 to 76. | Just as opposition in the house jerumbled, so is favorable senate ac- | tion expected by Democratic leaders. They expect, however, that the in- |come tax program will be revised to lease the burden on persons of small incomes. The house voted down an attempt; to insert a 2% per cent general man-| ufacturers sales tax into the bill to! finance the $3,300,000,000 public works bond issue. In rejecting the sales tax, 265 to 137, the house approved a revenue program increasing income and gaso- line taxes and making corporation dividends subject to the higher in- come levies. The taxes are designed to raise | 220 million dollars annually to cover interest and amortization charges on the bond issue. Stops Gap Morgan Used Without a dissenting vote, the house adopted an amendment de- signed to prevent income taxpayers from charging off year-old losses in making out income tax returns. This amendment grew out of dis- closures before the senate banking committee investigating J. P. Morgan & Co. The house was told that, had this amendment been in the law, it would not have been possible for Morgan and his partners to avoid payment of taxes. It limits to the current year de- duetions of net losses of all descrip- tions ‘suffered by individuals and partners. velt to establish fair codes of com- petition in industry through suspen- sion of the anti-trust laws. He is empowered to fix maximum working hours and minimum wages for workers in industry. The public works program has been estimated as capable of giving jobs to about four million men. About two billion dollars is to be advanced to the states and local governments, 70 per cent in loans and 30 per cent in outright gifts. In addition, 400 million dollars is to be given the stetes for highway construction, This is to be distributed on the basis of one-half for population and @ fourth each for area and post-road mileage. Amendment Is Approved This allocation was inserted on an administration amendment offered by Chairman Doughton, Democrat of North Carolina, of the ways and means committee, who piloted the measure through the house. Attempts were made by Represent- ative Puller, (Dem., Ark.), and Rep. Blanton, (Dem., Tex.), to, restore the old basis of allocation of one-third U.\each on population, area and post road mileage in the states. On a final record vote, however, the change was approved, 222 to 181. The balance of about $990.000.900 is “Continued on Page Five) The bill empowers President Roose- } TO BiG BANK FIRM Senators Point Out that Na: tional Banks May Not Loan | To Own Officers DAVIS GIVES INFORMATION; | Details of Giant Financial Or-/ ganization Have Been {| Bared in Probe ! Washington, May 27.—()—Though | the senate investigation of the Mor-; gan banking house was suspended) for the week-end, the inquisitors Saturday gave to the public fresh hews—that half a dozen of the 20 partners of the firm are in debt to it. The names of the six were with-; held, but the information was con- sidered of importance by some of the senators who, pointing out that na- tional banks are not permitted to make loans to their own officers, maintain private banks as J. P. Mor- gan’s should be under government regulation and subject to similar re- strictions. The information about the part-j ners was given to the committee inj executive session Friday by John W. Davis, the attorney for the Morgan! firm. For the public this news added! just one more detail to the inside information on the house of Morgan \revealed this week for the first time in four long and. sensational days of hearings, with J. P. Morgan and sev- eral of his partners under question- ing by the members of the senate banking committee and their counsel, | | Ferdinand Pecora. Committeemen at Odds Given a breathing spell until next Wednesday, committee investigators began intensive preparation for fur- gan_secrets,..but.whether they would be permitted to complete their work depended upon the outcome of a ispute raging within the committee, and upon the will of the senate. A controversy over the course of! the inquiry bubbled to the surface Friday when Senator Glass (Dem., Va.) heatedly demanded that Ferdi- nand Pecora, the counsel, inform the committee where he was headed. |{ Spectators burst into applause as Pecora defended his activities and other senators quickly came to his support. But the issue still was to be decided by the committee and the senate. The senate comes in because the committee will soon need more money. An appropriation of $20,000 was voted Friday, but it will last only a short while. Pecora has asked | $75,000 to carry the work through| the summer recess. ii Dollar Declines on All Foreign Marts i (By the Associated Press) {| American action to remove the gold clause from all obligations had these results abroad: London—The dollar lost ground in heavy selling; stocks were buoy- ant; Britain was relieved that the June war debt payment will not be so heavy a burden; expecta- tions were that the payment would be made. Paris—A bear market in dollars developed and the dollar fell in value. French coldness toward making war debt payments was not affected. Berlin—Germany wondered if she could afford to continue on gold; benefits to Germany from the new American policy were seen in the repayment of loans with inflated cheap dollars. Rome—Bankers said paper dol- lars instead of gold would be used to pay $6,000,000 interest on the Morgan $100,000,000 loan due Thursday. Brussels—The Brussels market followed the reaction of the Paris money market. Stockholm—Prof. Gustav Cassel, international economist, said the || American action endangers the il sanctity of all contracts. \ Gandhi Going Strong As Fast Nears End ther disclosure of long-hidden Mor-) Session Now Scheduled for Next Wednesday, Further Delaying Work SOME UNABLE TO COME Inability of Some Participants To Reach Bismarck Causes Extension With the truce between contractors and common laborers continued un- til next Wednesday night. construction work on North Dakota's new state capitol building will not be resumed before next Thursday morning at the earliest. - During the truce there will be no building activities on Capitol Hill and operations. Extension of the truce was decided upon late Friday night when it was learned that not all parties scheduled to attend a conference here Saturday afternoon could reach the city. Represented at the conference, which has been postponed until next Wednesday afternoon, will be the Lundoff-Bicknell company, contrac- tors, striking common laborers, skill- ed laborers, Governor William Lan- ger, the state capitol building commis- sion, and the North Dakota Federa- tion of Labor. C. M. Norris, vice president of the Lundoff-Bicknell company, who is in charge of contracting firm’s main of- fice at Chicago, is expected to attend. The new truce extension carries the strike beyond two weeks’ duration. The common laborers, members of the International Hodcarriers, Build- ters and Common Laborers Union, walked off the job the morning of May 16 demanding 50 cents an hour rather than 30 cents and better work- ing conditions. Their picketing operations prevent- ed skilled laborers from resuming work and Wednesday developed riot- ing which resulted in injury to two skilled laborers and arrest of 11 com- mon laborers. The rioting developed when the con- tractors, ordered to resume work by Governor William Langer, unsuccess- fully attempted to do so. Pickets hurled brickbats and wielded clubs as skilled laborers, in trucks, attempt- ed to break through picket lines to get to the project. DEBATE TEAMS WILL CLASH HERE TONIGHT Winner of Bismarck-Larimore Engagement Will Be North Dakota Champion Bismarck and Larimore high school debate teams will clash at the city auditorium here Saturday evening for the championship of North Da- kota. The debate will begin at 8 o'clock, with Supreme Court Justice A. G. Burr presiding. Judges will include Dr. B. H. Kroeze, president of Jamestown college; A. O. Elstad, principal of Jamestown high school; James Morris of Jamestown, former attorney general; Superintendents Hulsether of Hazelton and Klobstad of Washburn; G. A. Lindell, Wash- burn; and District Judge H. L. Berry of Mandan. Bismarck’s trio will uphold the negative side of the question “Re- solved: that at least one-half of all state and local revenue should be derived from sources other than tan- gible property.” The Bismarck team, including Miss Frances Cox, Junior Birdzell and Lloyd Ode, reached the champion- ship match by eliminating Minne- waukan, while Larimore defeated Bisbee in the semi-final of the other bracket. Larimore {s the defending state champion, having won the title for the last three years. Bismarck was eliminated in the semi-finals last year. Miss Pearl Bryant is the Capital City trio’s coach, while Superintend- ent W. E. Lillo of Larimore coaches. Poona, India, May 27.—()}—Apart from a slight return of nausea, the general condition of the Mahatma Gandhi, on the nineteenth day of his three weeks fast against “untouch- ability,” was good Saturday, but he was increasingly weak and seriously exhausted. He was confident, however, of suf- ficient control over himself to be able to endure the remaining two days and make a@ good recovery. Theater Men Seek To Show on Sunday Petitions for initiation of a law to permit operation of moving picture theatres Sundays are being circulat- ed throughout the state, John Piller, Valley City, president of the North Dakota ‘Theatres association, an- nounced Friday. The organization is sponsoring the initiative ates) with 10,000 signatures needed to place ‘the tssue on the ballot. the defending champions. Opposes Increase in Federal Gasoline Tax Minneapolis, May 27.—(?)—The proposal to increase the federal gaso- line tax from one cent to one and three-quarters cents a gallon would add $2,250,000 annually to the tax burden of Minnesota’s motoring pub- lic, and nearly $1,000,000 would be taken from North Dakota motorists, Elwin E. Hadlick, president of the Northwest Petroleum association, said Friday. Neither the association nor the mo- torist himself is opposed to proper taxation of motorists, but “with the three-cent state tax now in effect and the one-cent federal tax, the bur- den is sufficient,” Hadlick said in Suggesting that congress be peti- tioned to refrain from adding further taxes to gasoline and other motor- ; ists’ needs. strikers will refrain from picketing He Capitol Strike Truce Is Extended 4 Days —JIRND SX MORGAN [POSTPONE MEETING NEN ARE INDEBTED SET FOR SATURDAY 10 DISCUSS ISSUES Coming to Bismarck | aaa J. C. PENNEY Founder of one of the greatest mer- chandising organizations in the world, J. C, Penney will come to Bismarca next Tuesday to address a meeting of the local Kiwanis club. Penney is on a trip of inspection of his stores thoughout the country and will come here from Dickinson espe- cially for the Kiwanis meeting, re- turning to that city after the speech. le will come here again a little later in the week to visit the local J. oc. Penney company store. STATE BEER LAW IS HELD UP BY FILING OF FORMAL PETITION 8,000 Names on Document Presented to Secretary of State Saturday Petitions to refer the beer law enacted by the last legislature, provid- ing for municipally-controlled liquor Stores, were filed with the secretary of state Saturday by M. C. Fredricks, Jamestown, counsel for the commit- tee of petitioners. If the petitions are held to be suf- ficient, the law, scheduled to go into effect July 1, will be suspended until voted on at the next state-wide elec- ion. Approximately 8,000 signatures are contained on the petitions, with 7,000 required to bring about a referen- dum. Fredricks said about 590 other names will be filed later. ‘The group sponsoring the referen- dum, Fredricks said, is not affiliated with the organization working for ini- tiation of a new beer law, or the As- sociation for Repeal of the 18th Amendment. The committee of petitioners in charge of referring the legislative beer act is composed of G. W. Hag- gart, and Dr. C. A. Porter, Fargo, Daniel Preszler, Medina, and E. P. Krogh, Pingree. Rap Municipal Sale Fredricks said the sponsors of the referendum take the view that they are opposed to permitting the beer act from going into effect on the ground that it would put municipal- ities in the liquor business, encour- age bootlegging, and would cause Purchasers to buy beer in large quan- tities, resulting in “beer, parties,” and causing confusion and fisorder. Fredricks was counsel in a recent action taken to the state supreme court challenging constitutionality of the state prohibition laws in view of the repeal of the prohibition provi-| sion in the state constitution. The court held the state dry statutes are still effective. i The petitions are the second to be Tiled asking for referendum of a law enacted by the 1933 legislature. Previously petitions were filed for Teferring the bank receivership act which places receiverships in the hands of the district court, and abol- ishes the office of state receiver of closed banks. The secretary of state has held the petitions to be sufficient, and the law is automatically suspend- ed_until voted on at the next election In the meantime petitions continue in circulation for referendum of the ‘law providing a $200,000 appropriation for operating expenses for the stats: highway department. Petitions have been in circulation, with indications that sufficient signa- tures will be available. for referring the sales tax law and the law giving the governor authority to remove workmen’s compensation commission- ers without cause. Former Californian Wins Tennis Match Auteuil, France, May 27—(#)—Eliz- abeth Ryan, former Californian now living in England, and Mme. Rene Mathieu, No. 1, ranking French play- er, Saturday won the women’s doubles title of the French hard court tennis championships, defeated Colette Ros- embert and Mme. Henrotin of France in the finals 6-1, 6-3. The young Australian team of Adrian Quist and Vivian McGrath en- tered the finals of the men’s doubles with a surprise victory over the pow- erful French Davis Cup combination, Jean Borotra and Jacques Brugnon. The score was 5-7, 6-3, 3-6, 6-3. SIGNS SECURITIES BILL Washington, May 27.—(?)—Presi- dent Roosevelt at midday signed the bill for federal control over new se- jeurities sales. making it a law, Weather Report Probably showers tonight; Sunday Partly cloudy; not much change in temperature. PRICE FIVE CENTS ‘Inflation Wave Boosts Prices * HOUSE AND SENATE TAKE QUICK ACTION GRAIN, STOCKS AND COMMODITIES SHARE SPECTACULAR GAINS Roosevelt Proposal to Abandon Gold Given as Reason for Sharp Upturns TRADE BRISK EVERYWHERE Wall Street and Wheat Pit Rec- ord Heavy Turnovers in Hectic Trading Grains, stocks and commodities participated in spectacular advances Saturday on all markets. The reason in each case was the Proposal of President Roosevelt to formally take the country off the gold standard by rescinding the gold payment clause in government bonds and private contracts. The effect of this was interpreted as placing the nation on a “commodity money” basis and all items of tangible value shared in the benefit. On the Chicago market wheat closed 2'2 to 3 cents a bushel higher after withstanding profit - taking. Final quotations left December de- livery at 78% cents. Corn shared in the initial gains but later dropped a bit, closing 1 to 1% cents higher. Other grains scored minor advances. * The same situation prevailed at Minneapolis, Duluth and other ter- minal grain markets. Trading on the New York stock exchange, where prices rose $1 to more than $10, approached record- breaking volume for a Saturday. At 12 o'clock noon, closing time, the ticker was half an hour behind the actual market, but advices from the floor said final prices were strong and that most issues had finished near their highs, despite late profit- taking. Sales approximated 4,300,000 shares, the second largest Saturday turnover on record. Inflation Bee Busy Although it was pointed out both here and in Washington that Presi- dent Roosevelt's measure regularized a conflicting situation, Wall Street found itself bitten by the inflation ary bee and threw huge sums of money into the share and staple markets. Whirling upward in an opening that saw blocks of 1,000 to 25,000 shares change hands, the market bil~. lowed still higher, pausing now and then for profit-taking, but swiftly, absorbing sales. New York Cotton, climbing to the highest level since last August, finished with net gaing of 85c to $1.10 a bale. Speculators in silver pushed that metal sharply higher, the spot quo- tation being 34% cents an ounce, up %¢e, while futures rose more than a cent. The May sugar delivery on the coffee and sugar exchange sold at 1.71 cents a pound, the best price in three and a half years; sugar fu- tures closed with moderate gains. Lead touched 4 cents a pound, high- est since 1931. §,, SENDING MANY TO MEETING HERE State Officials and Probably Governor to Attend Con- ference Monday A large delegation of South Dako- tans will come here Monday to attend & meeting for discussion of Missouri river development with federal aid, it was announced Saturday by H. P. Goddard, secretary of the Bismarck Association of Commerce. The meeting, to which everyone in- terested is invited, will be held in the World War Memorial building, be- ginning at 2:30 o'clock. The South Dakota group will in- jelude the mayor of Pierre, state sec retary of agriculture, state highway commissioner, president of the Pierre Chamber of Commerce, representa- tives of many communities in the northern part of the state, and prob- ably Governor Tom Berry. The meeting was arranged by the local association of commerce in co- operation with Will G. Robinson of Pierre, president of the Upper Mis- souri Valley Development association Flood control, irrigation and navi- gation proposals for the upper Mis- souri will be discussed as well as the South Dakotans’ proposal for con- struction of dams at federal expense in the Big Muddy. Governor Berry is expected to at- tend the meeting here in view of the fact he hopes to inspect South Da- kota’s' coal mine property in North Dakota on the same trip. The South Dakotans will arrive here in time for lunch Monday, Robinsor, said in a letter to Goddard. Postal Savings to Buy Federal Bonds Washington, May 27.—(?)—Prsident Roosevelt Saturday authorized the board of trustees of the postal savings | bank to purchase $100,000,000 in gov- |ernment bonds. The move is in line with the ad- ministration’s open market operations recently inaugurated by the federal reserve board to bring about expan- !sion of credit and an easing of the | money market.