Evening Star Newspaper, May 19, 1929, Page 13

. DEBENTURE PLAN DEBATED IN FORUM Brookhart Urges Proposal in Radio Address as Fort Attacks It. _._iContinued From Fi surpius alone. but will have an equal | effect upon the whole domestic market. | “The benefit to the ‘armers will be about 10 times the amour? of the debenture. In other words, if ehe debenture is £200,000,000 the farmers will recelve a benefit of $2.000,000,000. This is less than half of what they are justly en- titled to receive. His address follows in full: The farm problem is the greatest economic problem of our time, and yet | some people, mainly in Wall Strvst, say there is no farm problem. However, | here are the facts: About one-third of the American peo- ple are farmers. These farmers now ©own less than one-fifth of the property value of the country, and they are get ting less than one-tenth of the na: tional income | Since the deflation of agriculture in | 1920 there are about sixty billions of capital investment and about 12 mil- lion workers, not counting women and children. This capital and these work- ers produce a gross value of about twelve billion_dollars. There are about forty billions of capi- tal in manufacturing, or only two-thirds as much a5 in agriculture, and there are fewer than nine million' workers, or | fewer than three-fourths as many as| in agriculture, but after deducting six- teen billion dollars for difference in raw material costs, this smaller amount of | capital in_manufacturing and smaller number of workers produced & gross value of forty-four billions, as against twelve billions for agriculiure. Since labor got only eleven billions in wages in manufacturing it is only fair to say that high wages were not the cause of this discrimination. Valued by the same rule as the farms, the railroads are less than one-third of agriculture and the number of workers about one-seventh, but they produce a gross revenue of more than half as much as the farms, and again labor gets only about one-half. Farms Fell as Rail Stocks Soared. Towa lands went down over two and a half billion dollars, and railroad stocks went up more than that amount at the same time. Iowa is only typical of all the States, and railroad stocks are only typical of the bli stocks in general. Recently brokers' loans have passed the six and one-third billion dojlar or nearly one-third of the bank deposits of the Federal Reserve Bank members. Since 1920 these loans have scarcely been below three billion dollars. Until the last year this vast reserve of surplus credit was accumulated at the rate of about 4 per cent, while the farmers of the country were compelled to pay 6 to 12 per cent. e demands of* this speculative bubble have become so great that it has raised the rate as high as 20 per cent for call money, and it has further increased farm rates‘ even in the Federal Land Bank. A National City Bank bulletin shows that in 1925 the national banks of the country earned 8.34 per cent upon capi- tal, surplus and undivided profits. The National Industrial Conference Board shows that from 1920 to 1925 agricul- ture earned only 1.7 per cent upon its capital investment without adequate allowance for labor or depreciation. In 1926 the farmers of the United States sold 41,000,000 hogs. In 1928 they sold 48,000.000. They got $200, 000,000 less for the 48,000,000 hogs than they got twd' years previously for 41,- 000,000. This in spite of the fact that the foreign demand was increasing; that the number of hegs in Denmark had been decreased 10 per cent, in the | United Kingdom 5 per cent, Germany 2 per cent and in the Netherlands 20 per cent. For a whole generation farmers have received less total money for a big crop than for a little one. Farmers Get Small Retarn. ‘The public utilities as a whole are earning more than 7 per cent and the courts are allowing them that rate or higher, while agriculture gets only 1.7 per cent, and that upon an unfair book- | keeping. Massachusetts has 3.69 per cent of | the population, produces 3.92 per_cent of the national wealth, but gets b per cent of the national income. New York | has 9.83 per cent of the population, | produces 9.81 per cent of the wealth, but gets 14.79 per cent of the naticnal income. ITowa has 2.27 per cent of the | population, produces 348 per cent of | the wealth and gets only 199 per cent 1 | in a debate on the farm debenture plan SUNDAY STAR, Left to right: Senator Brookhart and Representative Fort, who took part in The Star radio forum last night. —Star Staff Photo. fastened upon the farmers a bank rate of from 6 to 12 per cent, while Amer- ican pro@uction is only 5% per cent. We have already noted the excess which the big banks have dipped from this pool in spite of the failure of sev- eral thousand country banks. Again the farm bill without the debenture of- fers no such equality to agriculture and Buys High; Sells Low. Congress has _enacted tariff laws which enable the protected manu- facturer to fix the price of his product at the factory without forelgn compe- tition and patent laws that enable him to fix his prices without any competi- tion, either forelgn or domestic. On the other hand, the farmer produces a little_surplus—only about 10 per cent on an average, which is sold in a world market in competition with all the world, and the price fixed by that sale This price is cabled back to the United States and fixes his domestic price also. He is forced to buy what he needs in the high level of the American market and to sell his own product in the low levels of the world market. Econo- mists_have said these tariff laws add four billion dollars to the price level of American manufactures, and I do not doubt the patent laws greatly in- crease this amount. In spite of this, opposing a debenture that will only half.way equalize agriculture with its own advantages, Lastly, 1 will mention the fact that Congress permits corporations organized under State laws to come into inter- state and foreigh commerce. quire the greatest of the natural re- sources and are permitted to charge profits without limit. As_against all these discriminations, the Republican platform summed up its promises to the farmers in these words: “The Republican party pledges itself to the development and enactment of measures which will place the agri- cultural interests of America on a basis of economic equality with other indus- tries to insure its prosperity and suc- cess.” Pledge Won G. O. P. Votes. Upon this pledge the Republican party won the agricultural States in the | election. Congress was then called in extraordinaty session to keep this pledge. When the party bill appeared. it substantially provided for nothing but loans to co-operatives. We had that be- fore in the War Finance Corporation, with unlimited funds, and it failed. We have it now and all the time since 1923 in the Intermediate Credit Bank with provision for 660 millions and it has utterly failed, When this new bill appeared with a farm board limited in authority to the failures of the past. some of us who had fought for the platform in good faith. regarded it as a gross repudiation of the party pledge. We wanted a board with authority to determine the cost of producing farm products as is done in every industry. We wanted it to have sufficient fun and authority to bid this cost of produc- tion price to the farmers themselves for their two billion dollars a year ex- portable surplus. We knew this bid | would raise the price to that American | level. We also wanted authority to hold this surplus and_dispose of it to the best advantage. We belicved there would be little or no loss, and perhaps even a profit, as Mr. Hoover had in the | wheat corporation. But If there was a | nes we wanted the Government to treat | i the farmers as well as it did the rail- | of the national income. ~Again, Towa is | only typical of the agriculiural States | and Massachusetts and New York are | only typical of the industrial States. | According to the Menufacturers’ | Reccrd, the deflation policy of the Fed~ eral Reserve Bank redjuccd agricultural by $32,600,000,000 and other ncss by only $18,000,000,000. This means that agriculture was deflated six times as much in proportion as other business. Since 1920 farm lands have declined mearly 20 billion dollars, while in in- dustrials centers real estate has ad- vanced more than that amount. The farmers of the United States re-| ceive about nine billion dollars for what they sell, but the consumers pay over 30 billion dollars for it. Since 1910 farm bankruptcies have increased by more than 1,000 per cent, while commercial bankrupteies remain about the same. The direct causes ~* criminatin men i1 lavs of the ) i gores of Mr.| ¥ oover as £ a )t C mnerce, since 1912 the Ame ple. with all their | pital, all their all increase in| property values and all deprectation of tie dollar, have produced only about 5% per cent & year of new wealih. If cap- s'gani. - dis- the banks and the. shipping in- | s. And we had precedent for all Mr. Hoover had dnne it all in the 2t cororation and the food admin- | ration during and after th> war, and | it had succeeded and given the farmers | the best prosperity in all their history. | We had recited this record with en-| thusiasm in the campaign, and we re- | sented its repudiation in the farm bill. | It was this situation that forced us to the debenture pl Toads. experts bf the Ag: Dej nt. ‘They sald it wou and Eommittee then put it bill by unanimous vote. Debenture Held Simple Plan. It is a simple easy of admin istration without new gov - chinery. The Treasury s a cer- te of debenture to the exporter of farm surpluses equal to one-helf the tariff rate, and on cotton, which has no tariff, 2 cents per pound. The Treas- ury will receive these debenture cer tificates the same as cas ment of all tariff duties. will be to raise the price 1 farm products that have an exportable sur- plus. It will not be confincd to the surplus alone, but will have an equal q work, n the ital got all the wealth production of the country and it were evenly divided, it would get only a return of 51, per cent. Capital, however, is not entitled to all. It is, therefore, self-evident that when any block of capital is permitted to dip out more than 5% p-r cent from th* Amerjcan poo! some other block raust take -5, or even noth'ng, to maintan the level. Agricultural Legislation Needed. Notwithstanding _this _indisputable | fact, we passed a railroad law that gave them a subsidy in value of over seven billior: dollars above their market value a5 fa'ms are valued, and gave them al Teturn, first 6 per cent and now per ceat upon all this value, water and @ll. This dips an excess of some 400 million dollars frow of prod s pr waste of comp: ¢ unearned in 800 or 900 null year. And i er items of ex- corporations apitalizat 1 dollars more each ition to all of ths, the r wartime profits for iey were turned back n‘ted States, id get @ law that values and thelr rates a Treasury guarantee would get what the Re- 1 promised. ‘The farm 3 1 penture gives them no such equality of cpportunity. and with the debenture only about half of it sted by created a banking al monopoly upon o couniry tablished t > b tem with a deposit bu ngress also X Reserve em which deflated the farmers as we have secn, collected the surplus credit of the country in New York for speculation, boosted the in- terest sate even to 20 per cent, and vir e Ametican pool | o on cment_take out about effect upon the whole doriestic market. The benefit to the farmers will be abcut 10 times the amount of th® debenture, In other words, if the d-bont 1 200,000,000 the farmers will reccive a benefit of $2,000,000,000. ‘This is less :an_half of what they are justly en- tilled to receive, In spite of this. the interests that now receive $4,000,000,000 of Govern | ment aid through the ‘;mu-ruw tarift, | arc opposed to this small stipend. How- ever, I am proud to say that the labor { leaders have joined the farmers in their demand, and this guestion will not be scttled ' until agriculture does get equaiity. “our commo for handling n orderly mar- the ability to get future suppiies on the part_of manufacturers,” Mr. Fort said Waiatever may be thought of futures ding in ccmmoditics,” he remarked. “it is cerain that we want trading in America under som> control to have some volce in the fixation of prices, and not leaving it entirely to Liverpool or some foreign p Otherwise, certainly vised as to conditions. whole - mediatel commoditi's 1o y in (h's country. another objection to the ing of protecting duties by foreign governments on importers in order to equalize the bounties paid by | exporters, This, he said, would oper- at> to wipe out the bounty and leave Federal th~ domestic price unchanged. but cost | serted, that a straight bounty without the American Treasury the full amount of the bounty. Mr. Fort spoke as follows: | There i8 no occasion, fortunately, for debate between the distinguished Sen- with it much less than half. | we find Industry and its representatives | They ac- | ator from Iowa and myself as to the need of economic adjustment in our agriculture. Our farmers in many lines—notably, for example, in some of the staple crops—are not sharing in the general national prosperity. Com- mon justice demands that they should | and as a Nation we must see that they | @0, not only upon the selfish grounds of assuring the continuity of our food | supply, but because it is not right nor desired by any group of our people that one part of the Nation shall pros- per while another languishes. | " This serious condition of some branches of American agriculture has |led in the past few years to the in- vention of many legislative devices in an effort to produce an instant cure of a deep-seated and puzeling series of economic diseases. Of these the latest idea is the so-called debenture plan. ‘The debenture plan, as set out in. the Senate amendments to the House farm relief bill, is indistinguishable in its effects from straight subsidy or bounty, but is infinitely more complicated in its operations and nowhere near as direct in its effect upon price. ‘The amendment provides that when- ever the farm board finds it advisable with respect to any agricultural com- modity—which under the act may be anything from cotton stalks to fresh peaches—it may direct the Secretary of the Treasury to begin the issuance of certificates called export debentures to any exporter of any such commodity thing manufactured from it. The rate is prescribed to be one-half of the existing tariff rate upon imports of the commodity, except in the case of cot- ton where there is no tariff and the rate is specified to be 2 cents per pound. On the manufactured goods the rate shall be such as equals what the rate would have been if the raw material used had been exported. Points Out Vital Defects. It further provides that if the board finds at the beginning of any crop year—and it does not specify whether the beginning of & crop year of wheat, for example, is the time of the planting of Winter wheat for next year's harvest or the time of harvest—that the prob- able production of any commodity will exceed the five-year average production by more than 20 per cent but less than 40 per cent, there shall be a reduction in the debenture rate of 20 per cent, and similarly for other increases in the estimated probablé production. It is the theory that'this will force the export of American commodities so long as their price here is less than their values abroad, plus the amount of the debenture or subsidy. In 15 minutes, it is impossible to adequately discuss this proposal and I can point out, therefore, only one or; two of the vital defects. . To begin with, it proposes a direcs subsidy to whomever is the owner of wheat or cotton, for example, on the date the board decides to award the debenture. Today, for example, prac- tically all of last year's wheat crop has passed from the hands of the farmers into those of the speculative and trad- ing element. The price of wheat is disastrously depressed, and the board would probably decide to award a dé- benture immediately in order to stimu- late that price. The rate of debenture would be 21 cents, half the tariff of 42 cents. The traders had on April 1 approximately 300,000,000 bushels of wheat which they owned. The estab- lishment of a debenture plan, then, therefore, would instantly have given | them a present of $63,000,000 on stocks on hand. not one cent of which would go to the farmer who produced the wheat. Y"nw adoption of any such act would immediately destroy all dealing in com- modities for future delivery and reduce the market to a cash basis for imme- diate delivery in this country. ‘Wheat and cotton, however, are used the world | over and there would still exist futures markets in_Liverpool and elsewhere Wiheh would fix the world price. No one in America would buy except for mr~diate consumption bacpuse he would not be advired how long the debenture houn‘v would continue to be given nor haw leng the tarift rate, end, therefore, the amount of the d=benture. would remain unchanged. This s duc both to th~ nossibility of Congress changing the tariff and to the possibility of the| President changing it under recommen- dation of the Tariff Commission. The maximum that any exporter would, therefore. pay for delayed delivery wou'd be the Liverpool price on the date of his purchase, plvs. perhaps, some «mall allowance for the possible collec- tion of a debenture when the time cam~ to ship the commodity abroad. U. S. Price Fixing Favorable. structure for handling mm>diti~s is built vpon orderly mar- ng. which implies the ability to get a confract for future supplies on the part of cur manufacturers. Our central s'orege caparity is limit>d and anything that forces the movement of our com- moditi~s en a ecssh and immediate de- Jivery basis would so congest our facili- |tles ‘s inevitably to rcsult in lower prices. Whatever may be thought of futures trading in_commodities, it is certain that we want trading in America under some control to have some voice in the fixation of price, and not leaving |1t entirely to Liverpool or some foreign grown in the United States or of any- | | find our N: i { bounty by way of debenture, the pro- | point. Otherwise, certainly our domes- tic producers, unadvised as to work- wide commodity price conditions. will | suffer Ameriean monufacturers, some of whose procese»s of conversion the raw moterial are long. will certainly hesi tote to buy commodities for manufacture | at any higher price than the world market, when, before their manufactur ing operations are completed, the ex port debonture may be withdrawn by tiie board or reduced in amount by an estimate of increased production in the following vear. so that they will then be in the position of having paid more for their raw material than their | cign comp-Uitor but unable to secure a | {reim of this excess cost when they export the finished goods i Trom Al of thes> consilerations, it that the amount of the do- must be permanently fixed for at least a long period ahead, and that ane nouncements of change in rate must likewise be made a long time ahead. It was conceded in the Senate, and the provision for the decreasing of the | amount of the debenture therefore in- penalty for increase in production would _certainly increase production. We are, therefore, faced with the 'choice between a plan that definitely promises {ncrease production by JADWIN PROPOSAL | SCORED BY HAWES Missouri Senator Declares Mississippi Flood Control Plan Is Economically False. By the Associated Press. ‘The plan for Mississippi River flood control advocated by Maj. Gen. Jad- win and approved by the Mississippl | River board was assailed yesterday by Senator Hawes, Democrat, of Missouri, as economically false and meaning a despoliation of private property owners along the river. He declared that “bureaucracy is run- ning wild” and that “both common jus- tice and humane considerations are to be put aside to gratify the pride of per- sonal opinion” in construction of the project, as proposed under the plan adopted by Congress last year. Long Litigatiodf Is Predicted. “Land and property owners in South- east Missour],” Hawes said, “are to be despoiled in clear violation of the intent of Congress, and, if not interrupted, a precedent may be established which will affect the welfare of the whole valley from Cape Girardeau to the Gulf. “Unless th arbitrary plans of the Army engineers are stopped, it will bring litigation involving long s of time in settlement, endangering both life and property throughout the entire valley.” Hawes sald the Mississippl River commission plan was the result of study by engineers and civilians “who knew the river” and that a board was set up to reconcile the differences be- tween that plan and the one advo- cated by Jadwin. Contract Delay Asked. Congress, Hawes declared, in passing the flood control act believed that a policy of compensation was definitely established, but Jadwin, he said, has decided that “he need not pay” for flowage rights over 135000 acres of land in southeast Missour! until “he has erected the set-back levee and is prepared to cut the main levee which will pour the flood waters of the Mis- sissippi over this vast Missouri section.” ‘The Missouri delegation in Congress Friday asked President Hoover to de- lay letting of contracts for the levee, bids for which are to be opened next ‘Wednesda; DR. READ OF G. U. STAFF TAKES COLUMBIA POST Position of School of Mines Lec- turer in New York Not to End Association Here, It Is Said. Dr. Thomas T. Read of New York City, for the last five years a member of the staff of the Georgetown Uni- versity School of Forelgn Commerce, has accepted a_position as lecturer in the School of Mines, Columbia University, New York City, it became known yester- day. He will continue his association wi;dh Georgetown University, it was sa Dr. Read. who is assistant secretary of the American Institute of Minin; Engineers, lectures on the subject o muneral and chemical commodities of world trade. He is associate editor of the Mining and Sclentific Press and avthor of numerous works on mining and minerals, Under special arrangement with Columbia Universit;4 Dr. Read will continue to travel to Washington from his New York residence for lectures here. guaranteeing the continuance of the export bounty for a definite and long- term period, or one which absolutely disrupts all existing channels of han- dling our commoditics and at the same time will result in the greater part of the debenture, if any, going to the ex- porter rather than to the producer. There is still another powerful objec. tion, which is that all nations, inciud- ing ours, for the protection of their own producers, levy a protective duty on im- ports equal to the amount of bounties paid by any exporting nation. For ex- ample, even between dominions of the same empire, Canada a year or two ago placed a duty upon butter from Australia equal to the amount of the goun!y paid by Australia on exports of utter. | Tax Increase Is Feared. The net result of this, of course, is to wipe out the bounty and leave the do- mestic price unchanged, but to cost the American Treasury the full amount of the bounty which it pays to the ex- porter and which he in' turn pays to the nation to which he exports the commodity as a tariff duty. We thus jon, including our farmers, helping to pay the taxes otherwise pay- able by the people of Great Britain, Germany and other foreign nations. It was conceded in the Senate that any commodity was promised a' duction would increase. But still they | want to promise & bounty when ail| admit cur troubles come from too much | surpl The Senate evidently anticipated that | this_increase might easily equal 160,- 000,000 bushels a year in wheat and 2,500,000 bales of cotton, for they pro- vide for no decrease in the amount of the bounty until the increase exceeds | these Zigures. But a mere increase of 50,000,000 bushels in the normal world | supply of wheat would almost certainly dccrease the world price 20 cents a| bushel, and an increase of 1,000,000 | bales of cotton would mean more than 2 cent, a pound off its price. In a hormal year, the Senate’s anticipated | probable increase in production would break the worlc price of wheat over 50 cents a bushel and of cotton over 5 cents a pound. And for this the farmer would get a bounty o 21 cents on wheat and 2 cents on cotton, plus the pleasure as a taxpayer of paying his share of the bounty cost to the Treasury which, on these two commodities alone on the basis of such exports, would be about $175,000,000 The farmer pays roughly 30 per cent of our taxes, 6o that on this basis he would pay $52,000,000 for the privilege of getting a lower price on wheat and cotton than he would if the law never passed. FOR RENT 631 D St. N.W. Four-story Building, consisting of store and three apartments. Low rent. Address J. B. Stein, 482 Louisiana and Disiributors calling op or with following Lemition, Shock Absorber or E ervice Hiations are invite: te sales opportunities o BCO Vision Windshield Cleanet. One s greatest SAFETY de- 3 mediat 2 interview. phone number), Irving G. Qu amon ectrical v money_m sponsible a jon write Mend WASHINGTON, D. C., MAY 19, Vice President Curtis is presented for his private office in the Capitol, b; president of the Radio Manufaoturers y MAII, Herbert H. Frost of New York City, JOINT MEETING LAUDS WORK OF DR. LAMB Medical and Anthropological So- cieties Honor Memory of Promi- nent Capital Man. The work of the late Dr. Daniel | Smith Lamb, for many years promi- nent in medical circles in this city, was praised at a joint meeting held in his memory by the Medicai Society of the District of Columbia and the Anthropological Society of the District of Columbia, in the Medical Soclety auditorfum, 1718 M street, last night. Dr. George M. Kober praised the work of Dr. Lamb in connection with the Medical Society, of which Dr. Lamb tvas one time president, and told of his various contributions to the cause of medical science. Dr. Ales Hrdlicka spoke on “Dr. Lamb's Contributions to Anthropology, telling how he had aided in transfer- (ring from the Medical Museum many with the latest type radio receiving set fation. —Star Staff Photo. OFFICERS DESIGNATED FOR GENEVA MEETING Three Are Scheduled to Represent | War Department in Switzer- land Conference. Maj. Allen W. Gullion, judge advocate general's department; Maj. John P. Fletcher, medical department, and Maj. John B. Andrews, general staff, have been designated to represent the War Department, at the conference to be held at Geneva, Switzerland this Sum- mer to revise the Geneva convention of July 6, 1906, and the code for prisoners of war. That action was taken on the invitation of the government of Switzer- land, with the approval of President Hoover. First Lieut. Joaquin Demestrey Zuri- guer of the Cuban army. now complet~ ing a course of instruction at the ordnance school, Watertown. Mass., has been authorized by the War Depart- ment to take the the Massachusetts Institute of Tech- nology, at Boston, beginning in July next. . In little Prench Oceania are 2,000 bicycles. . L ANSBURGH &BRO 7th, 8th and E Sts.—Franklin 7400 This $125 Value Crosley Gem Box The Newest 1929 7-Tube Set $8”‘" In Cabinet Sketched With Built-in Dynacone Dynamic Speaker st year's course at | CIGARETTE TAXES FORM QUARTER OF RECEIPTS Figures Mount to $275,998,062, Against $246,067,705 for Same Period Last Year. By the Associated Pres | Taxes on cigarettes brought into the Treasury for April $28,832,122, or more than cne-quarter of the total of inter- nal tax receipts for the month, which were $96,481,365. The Bureau of Internal Revenue in its monthly report yesterday noted that for the 10 months of the fiscal year, including April, the taxes on cigarettes had mounted to $275,993,052, against $246,067,705 in the corresponding period of the previous fiscal year. The con- sumption of cigarettes was indicated to | have been during April 9,608,900,000 in- | dividual cigarettes. In the same month last year the cigarette consumption in-| dicated by the taxes was approximately 7,600,000,000 cigarettes. | The tax receipts indicated that cigar | and tobacco consumption was also con- | siderably higher during April than dur- | ing the same month last year, but the | income from snuff taxes dropped off | slightly. An ace-high year-"round performer, and a value of obvious worth, considering the newness of the model, the grace of the cabinet and the quality of the tone. This New Crosley Gembox now has an additional tuned radio frequency stage, making seven tubes with rectifier, three-gang condenser and specially designed noiseless volume control. type E dynacone speaker. Mershon condenser and The console cabinet is béautifully designed and finished in a deep rich walnut veneer, which wifs harmonize with most any type furniture. Here’s Your $125 Value for $85 1 Crosley 1929 Gembox, $65 1 Crosley Ty‘,. E Dynamic Dynacone Speaker. 520 7 Radiotrons 1 Console Cabi A Savings of $40 $10 Down —is all that re- quired; the remainder payable in thly paym P a small carryin charge. Our Radio Salon—Fourth Floer. | specimens for exhibit in the Smith- sonian Institution. Dr. Edward A. Balloch and Maj. G. R. Callendar praised Dr. Lamb's work during the latter’s long association with the Medical Museum here. Dr, William H. Hough, vice presi- dent of the Medlcal Society of the Dis- trict of Columbia, presided at the meeting. Of 340 sanitary inspectors in- London 28 are women. 13 BANQUET TO BE HELD. C. Women’s Club Members to Meet at Hamilton Hotel. ‘The District of Columbia Branch of the National Federation of Business and Professional Women's Clubs will hold its annual banquet at the Hamil- ton Hotel tomorrow evening at 7 o'clock. Among the guests of honor who will attend are: Secretary of Labor Davis and the following woman members of Congress: Mrs. Ruth Hanna McCor- mick, Mrs. Ruth Bryan Owen, Mrs, Mary T. Norton, Mrs. Katherine Lang- ley and Mrs. Florence Kahn. Many prominent women in the Gov- ernment service, including Miss Mary Anderson, director of the Women's Bureau, Department of Labor, as well as those from organizations outside the Government, have signified their in- tention of attending the dinner. COMMANDERY TO MEET. Order of Golden Cross Convenes D. Tuesday Afternoon. ‘The Supreme Commandery, United Order of the Golden Cross, will assem- ble for its fifty-third anual meeting at the Hotel Hamilton Tuesday afternoon at 2 o'clock. The supreme treasurer, the supreme keeper of records and the three supreme trustees will meet in the committee room of the Hotel Hamilton tomorrow at 8 o'clock. ‘The executive committee will meet in the committee room at 8 o'clock tomor- row night. 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