Evening Star Newspaper, February 28, 1932, Page 5

BORAK CONFIDENT ¢+ 6.0.P.TO BEDRY Renewal of Previous Pledge | Despite Eastern Demand * Seen by Idahoan. By the Associated Press. Confidence that the Republican Na-! tional Convention would adhere to pre- vious dry pledges was voiced yesterday by Senator Borah, Republican, Idnl’mq in the face of Eastern demands for a repeal plank at the Chicago meeting in June. The action of New Jersey Republicans in recommending that its delegation work for a repeal declaration drew no comment from the Idahoan, but he re- called that a similar effort failed in 1928. Senator Borah was & member of the Resolutions Committee at the Kansas City convention four years ago and was largely responsible for the dry plank | adopted then. If he attends the Chi-| cago convention it is expected he will have a lot to say about the prohibition resolution. Seek New G. O. P. Statement. New Jersey and other Fastern Re- publicans appear determined to fight ! for a repeal or modification plank. Some have attempted to obtain President Hoover’s sanction for 3 new declaration on prohibition, but so far as is known the Executive has made no promises ‘and is not expected to make any. Republican leaders on the dry side are convinced Mr. Hoover is not go- ‘ing to take a wet or even a moist stand, thus leaving the issue to be thrashed out on the convention floor. Four years ago it was Dr. Nicholas Murray Butler and former Senator ‘Wadsworth of the New York delegation who championed the wet cause at the convention, but & dry plank was mdopted, saying: “The people, through the method provided by the Constitution, have written the eighteenth amendment into | the Constitution. The Republican party pledges itself and its nominees to the observance and vigorous enforcement of this provision of the Constitution.” Borah expressed the view that this year's prohibition plank would be similar to that of 1928. The Democrats are not without their troubles on prohibition, with Chairman Raskob’s home rule plank looming as 8 possible squabble producer. Democrats Continue Race. Meanwhile, the race for Democratic delegates continues and Congress is growing apprehensive over whether it will be in & position to adjourn in time for the June conclaves. ‘With controversial legislation and ap- propriation bills piling up in the Senate, some leaders believe a recess will be necessary and another session held after the conventions. However, the conventions are three and a half months off and the Senate has been known to do a lot of things with dispatch once it gets in the mood. No delegates are to be chosen next ‘week, but the following week the first presidential primary will be held—in New Hampshire—where a contest is on between Gov. Roosevelt and former Gov. Smith. Thus far Roosevelt has 16 delegates from Washington State lined up for him. Six in Alaska have been in- structed for him, but they must be rati- fied at an April primary and other ,slates may be formed before then. Gov. Murray of Oklahoma, who car- ried his sweeping campaign for the Democratic presidential nomination into Indiana this week with seven speeches, has Oklahoma's 22 delegates instructed for him, but that is as far as the Demo- cratic delegate picking has gone. Murray’s name was filed in Oregon, but he falled to qualify in Georgia, de- spite a request by Gov. Roosevelt that the rules be waived on late filing. Garner’s Name Is Filed. Roosevelt's name was filed in Ne- braska. In that State and Georgia ad- herents of Speaker Garner for the nomination have ignored suggestions by Representative Rayburn, Democrat, ., Texas, a Garner worker, that the Speaker's name be kept out of those races. Representative Rayburn issued a statement yesterday denying he was campaign manager for his Texas friend, and saying he was not author- ized to speak for him. He explained he was merely the national representa- tive of the Texas committee set up last week at San Antonio at a Garner Tally. During the week the Garner move- ment spread to Florida, where a Metho- dist minister said he would place the ‘Texan's name on the ballot. Gov. Ritchie of Maryland, another Democratic presidential possitility, car- ried his speechmaking to Michigan, and next Thursday plans to address a_joint session of the South Carolina Legis- lature. “MARCHERS’” CHIEF | MAY ENTER RACE Friends of Father Cox Strengthen Hint in Pre-empting Name of ‘Jobless Party’ at Harrisburg. By the Assoclated Press. PITTSBURGH, February 27.—Asso- ciates of Pather James R. Cox today gave substance to the priest’s asser- tions that he may be a candidate for President on a Jobless party ticket. Papers pre-empting the name “Job- Jess Party” were flled in Harrisburg by friends of Father Cox. leader of a march of 15,000 men to Washington in an unemployment demonstration The papers stated the purpose of the pre- emption is to elect presidential electors and a full ticket of State-wide officers. “‘We are just making good our prom- se to go through with the formation of a national party,” the priest said. A. L. Staley, Father Cox’s legal ad- wiser, said no definite plans have been made beyond placing a candidate in the fleld for Congress at the Spring primary, however. A special election will be held at the primary to choose a successor to J. Ru sell Leech of Ebensburg, who quit Con- s8 t0 accept appointment as a mem- r of the Board of Pax Appeals. Staley pointed out Father Cox would | not necessarily be the Jobless party candidate for President, since the choice of a candidate would be made at a national convention. He also said that “we have not looked definitely so gar ahead as a national convention SINGER WEDS MAGNATE Cyrena Van Gordon Bride of How- ard Smith, Copper King. NEW YORK, February 27 (#)—Cy- rena Van Gordon, mezzo-soprano of the Chicago Civic ra Co., was married today to Howa . Smith, president of the Consolidated Copper Mines, Inc. A reception was held tonight in the eouple’s home at 1133 Fifth avenue. Among those attending the ceremony, which was performed by Rev. Robert Bearles, were Mr. and Mrs. George Lo- of Chicago and Mr. and Mrs. Ar. gnw M Songen of Hamilton, Ohio. frs. Smith plan to remain weeks and then take s THE SUNDAY STAR | Presidential Profiles Intimate Sketch of Franklin D. Roosevelt Who Early Entered a Strenuous Political Career and Was Surprised at His First Victory. This is the first of a series of pen-portraits of leading possibilities for the Democratic presidential nomination. emulate his famous kinsman, Theodore Roosevelt, but thefe is striking similarity in their political methods. Like “Teddy,” Gov. Roosevelt glories in “Progressive. marked by battles. , Whether it was because of the influence of his big-stil jelding relative, then in the heyday of power, or his own rebellious nature, Gov. Roosevelt staged his first public demonstration while he was in college. He was editor of the Harvard Crimson, and one day in a vigorous editorial he assailed the university authorities bittefly for not equipping the dormitories with fire escames. ‘The wealthy and conservative members of the board of trustees were shocked by the irreverence of the suggestion. For more than a hundred years the buildings had stood without fire escapes, and now along came & deflant undergraduate who de- manded them. Of course, the young rebel came from one of the best families and was a hand- some, charming chap, but his suggestion and its tone were impossible. However, fire escapes Were put on _the dormitories. Once the idea had been broached by Roosevelt there was general agreement that it was excellent. and the trustees had to swallow their indignation and approve the safeguards. Receives Early Encouragement. Franklin Roosevelt's success in this modest bit of crusading undoubtedly was a factor in encouraging him to tackle really big game. He had been out of college only a few years when he decided to run for the New York Senate in his home district of Westchester. It is mainly a rural community. and, with ome exception, had gone Republican since the Civil War The Governor's ancestral home, an estate of 1,000 acres, had long been one of the show places of the section. Young Roosevelt ran as & Democrat, to the amusement of his family and friends. When he made his campaign in & sporty automobile, and automobiles then He and members of his party were in were still an oddity, they were sure he |a small yacht passing through a lock would be defeated. The water in the dam was being let out and in some manner the rope in Surprised at Victory. the stern, instead of unwinding as the But to every one's surprise, including | boat lowered with the outgoing water. his own, he now admits, he was elected. | became caught, and in a moment it At the capitol he promptly challenged | appeared the craft would be capsized his own party. Tammany, then under |and its occupants thrown into a whirl- control of Charles Murphy. was bent on | pool. electing William _(Blue-Eyed Billy) | There was shouts and cries of alarm Sheehan, Buffalo Democratic_boss, to |a quick-thinking sailor grabbed an ax the United States Senate. In those |and cut the rope as the boat was about days the State Legislatures elected | to overturn, Roosevelt had remained Senators. seated, watching calmly. When quiet Roosevelt aligned himself with the Up- | had been restored one of his party State Republicans and led a movement | spoke of his concern for the Govern- to defeat Sheehan. He charged Sheehan | or’s safety. with being a grafting machine politician, | «you need not have worried.” Roose- and the battle was furious for weeks. velt said smilingly. “I can still float.” More than 60 ballots were taken, but| This same fortitude was displayed Sheehan was not elected. | recently while Roosevelt was making Roosevelt carried his war against|a public address. He was on a plat- Tammany to the-Baltimore convention | form, and in his speech became very in 1912, laboring zealously for the | animated. Suddenly, in the midst of nomination of Woodrow Wilson. Tam- |a sentence, he lost his balance and many was for Champ Clark, and it |toppled. Friends rushed to his aid and was only natural that the young re-|helped him up. former, not yet 30, should have taken ‘Without indicating anything un- a leading role in the fight sgainst|toward had happened. and without los- Clark. ing a word, Roosevelt calmly resumed his vigorous remarks exactly where he had left off. This display of courage and poise so aroused his audience that | it interrupted his speech and gave him a great demonstration. (Copyright. 1932. by the North American Newspaper Alliance, Inc.) Given Cabinet Post. 1t is related that Murphy offered the New York governorship to Franklin Roosevelt if he would line up with Tammany. Whether this is true or not, Roosevelt threw in his lot with Wilson and when Wilson was elected the New Yorker was rewarded. Wilson | made him Assistant Secretary of the | Navy, and he served throughout the Wilson administration, | As Assistant Secretary, Roosevelt was a great solace to the service. Josephus | Daniels, head of the department, had | a lot of ideas about what the Navy men | pjstrict of Columbia—Partly cloudy Should eat, wear and drink. Roosevelt | ang slightly colder: tomorrow partly Sympathized with the men and did & | cloudy and warmer; moderate north good deal to prove it. winds, He was a deadly terror to red tape. Marylani—Cloudy and slightly Once, early in the country's entrance | colder; tomorrow partly cloudy with into the World War, Roosevelt Was | rising temperature; fresh north winds. told that a naval hospital camp was| Virginta—Partly cloudy; slightly badly needed in Brooklyn. To g0 | colder in north and east portions; to- through the usual routine of obtaining | morrow increasing cloudiness with executive approval and an appropria- | slowly rising temperature; fresh north tion would have taken weeks. Roose- | and northwest winds. velt went to Brooklyn, looked over| West Virginia—Fair; tomorrow in- the proposed site, saw what was needed | creasing cloudiness and warmer, prob- and on his own Tesponsibility ordered | ably followed by rain in the afternoon the camp bullt. or at night. Report for Last 24 Hours, Temperature—Midnight, 60; ; 4 am., 50; 6 am, 44; 8 am, 43 (Tomorrow: Newton D. Baker.) THE WEATHER Anxious to Enlist. It was taking a big chance, but men’s | lives were at stake Tnd hu‘(‘: yas G vital The camp was later authorized | . 67; and Roosevelt's glrlng initiative highly | . 65; 6 pm., 60; 8 pm., 54; 10 commended. _Roosevelt wanted to en- | P, 51. list in the Navy, but was urged by Wilson to remain at his post. Roosevelt's greatest fight so far, however, has not been in the political arens, It has been against the rav- ages of infantile paralysis. At the age of 40, at the height of his physical powers, tall athletic, handsome, with an enviable political career to his | credit and an assured political future, | he was stricken by the disease as the Tesult of a chill on a camping party. When he arose from his sick bed | he had lost the use of his legs. But Roosevelt has never admitted he can- not walk. From the day he left the | sick room he has fought to overcome his disability. His progress has been remarkable, | He has discarded crutches, and with canes and braces he can walk as far | as 100 feet at a stretch. He can climb | steps, and he stands unaided when | making an address. Except for his legs he is in excellent health, and has never been ill since he was stricken with in- fantile paralysis 10 years ago. ... 67,2p.m. Yearago... 52 . 42,7Tam. Yearago... 32 Tide Tables. (Furnished by United States Coast and Geodetic Survey.) ‘Tomorrow. 1:49 am 8:25am. 2:22pm. 8:07pm. 9:12pm. The Sun and Moon. Rises. 6:44 Sets. Sun, today 5:58 Sun, tomorrow 6:42 5:59 Moon, today 1:06 a.m. 10:21 am. Automobile lamps to be lighted one- half hour after sunset. Rainfall. Monthly rainfall in inches in the Capital (current month to date): Month. 1932. Average. January . 482 3.55 February ... 242 3.27 March 3.75 | April 327 Begins Day Early. | May 370 June . 413 | His day's routine begins at-eight in [y e the morning. He is awakened by a | aygygf an servant who brings him the mOTNINg | September | 324 papers, which he reads in bed | October .. . 284 He then has breakfast in bed, and | November i his secretary arrives with the first mail. | December 37 This Roosevelt takes care of before 3.32 7.56 he_gets up. | Weather in Various Cities. Members of his staff who have busi- ness with him next confer with him He is then ready to leave bed for his exercises. He punches the bag, lifts weights and goes through special exer- cises for his crippled legs By 11 he is ready to be driven to the b State House. He enters his automo- | Bosion, bile, a limousine, unassisted. At the | Buflaio, N Capitol a staircase with special banis- | CIlCA0: ters has been built for him, He climbs the dozen steps without assistance B Until 1:30 he is busy at his desk. | Denveror g™ Luncheon js served in his office and | Des Moines, guests are always present. Ig.the g;m: A afternoon he receives visitors. He Works | Ei' paso, usually until 5:30, then departs for home. 709 6.84 884 9.13 10.69 10.94 10.63 14.41 10.81 857 Interested in Movies. Roosevelt often works on State busi- ness in his study at night. Befcre re- tiring he always reads an hour or more. et He s fond of his home at Hyde Park and | Yiemphis spends most of his week ends there. | yapi: His mother, a stately lady of 75, live there. The Governor likes motion pic tures and he indulges in them when he is at_home by renting films and | En showing them in his library. [Ehsenix., Auis When he had the use of his legs | Boriland. Me. ... Roosevelt was a good tennis player and | Portland. Orey ""\'[ cross-country runner. He keeps up his | S/t Luke City. Utah interest in amateur sports and often 2 visits games and contests. He was & | keen horseman and is still fond of |sa horses. In his first term as Governor the | 3% suggestion was made that some of the State constabulary be motorized. It was contended that the State would save money by eliminating the feed costs of the horses. “Peeding these horses costs as much as maintaining expensive cars” one of his staff argued. ‘And what would you operate motor vehicles on?" laughed Roosevelt. The horses stayed. His_difficulty in getting about has not kept Roosevelt from extensive traveling. He has covered the entire State of New York, both in campaigns and tours of inspection. Last Summer he toured the State's canal system and the proposed route of the St. Lawrence waterwa: Demonstrates Courage. While he was on this tour an inci- dent showed his esim seif-Dossesgion. Kansas City, A Little Rock. 05 LoC Tenn i P Omialia, ' Ming. . . Fla ' Ohlo. Vicksburg. Mis WASHINGTON, . D. C. . The lock was first used in Roman times. It was & bolt held in place by wooden tumblers, which were lifted by a key to liberate the bolt. ri 50 i ERNEST HOLOBER CO. 519 Mass. Ave. NNW. Met. 8018 T is not on record that Gov. Pranklin D. Roosevelt consciously set out to the former President, the characterization of And also as with T. R, his political progress has been WASHINGTON, BOOM FOR GARNER REACHES MATURITY Order and Organization in Candidacy of Texan Are Lacking, However, Associated Press, presidential boom for Speaker John N. Garner, which first saw light |at & meeting of his neighbors last Fall at Uva | through the adversities of infancy and attained & stature of measurable pro- portions. | As it stands today, the movement to | make this direct-speaking plainsman the Democratic nominee still lacks the |order and organization customary for | presidential candidacies, but it has gathered into more or less nebulous union some unquestionably important elements of strength. First, there is the Texas Garner-for- | President Club, organized recently at a | State-wide meeting. It promises to send [to Chicago & militant and harmonious | Garner delegation—one of the largest among the States. It is no favorite-son venture. It already is distributing auto- | mobile posters and negotiating for & special convention train of boosters. Many See Advantages. Next there is a large group of Gar- ner’s associates in the House, from every | section, who love and respect him for | himself, and who presumably do not |overlook also the advantages to them- | selves which might result from election to the presidency of one who knows so well their own legislative problems on Capitol Hill. Tnen there is s scattering of ad- mirers in many States, attracted by the Speaker's personality and new-won fame, and impressed by the possibility that his nomination might be the key to party harmony. There are enlisted on his behalf sev- eral national figures who aave, or at least have had, a considerablc following of their own in the part, including Wwilliam G. McAdoo and William Randolph Hearst. Finally, there are party leaders, en- tirely friendly to Garner, but unwilling for varfous reasons openly to support him, who are talking up the Garner | candidacy as one means of preventing Franklin D. Roosevelt or anyone else from foreclosing the nomination in advance. Altogether, this amounts to an im- | pressive show of strength. But there are important obstacles, too, and nct even Garner's best friends expect his candi- dacy to sweep along a pathway of roses. It is very difficult to conduct a suc- cessful campaign without & close knit and comprehensive central organization. The task is still more difficult when, as in the case of Garner. the beneficiary himself casts about the movement an air of distinct uncertainty by his re- fusal to become an active candidate. His friends appear undecided what to do about it, how far to go toward putting his name in or keeping it out of the scramble for delegates. Remain Roosevelt's Friends. Many of these friends are friendly also to Roosevelt, as indeed the Texas delegation itself was assumed to be prior to the advent of the Garner boom. They distinctly do not want to make a fight which will antagoniz> the Roosevelt wing of the party; for if Roosevelt is nominated. they want to be |on good terms with him, and if he is | stopped they hope to swing much of | his strength to Garner. | _ Still deeper lies a reason having to | do directly with Garner's present prob- lgs as Speaker. It is realized that mich of his present popularity is ancnored in the solidarity of his con- trol over the narrow Democratic ma- jority in the House. It is not unrea- sonable to suppose that if his candi- some of the Roosevelt men in the House will be disposed to cut the ground | from under him | ‘Thus it might happen that the very prestige which now forms the central prop of his availability, would be seri- ously impaired before convention time. | Happy in Speakership. | . Beyond all this lies the fact that | Garner is happy In the speakership, and would not expect to be happy in the presidency. He loves simplicity and cherishes privacy and boon companions. He is past 60, and independently | wealthy. What attitude he himself {may take eventually toward the a tivities of his friends, even they do not know. He laughed when the presidential boomlet was born at Uvalde, but he is not laughing now. He has known too many Presidents to assess lightly the trials and sorrows of the highest office. In the broadest sense, then, his can- ! undisputed prominence in party affairs. A great deal of water must run under the bridge before any one can take the final measure of John N. Garner. GARMENT STRIKE PEACE AGREEMENT APPROVED 4,500 Workers in 150 Shops Ex- pected to Return to Work Next Week. By the Assoclated Press NEW YORK, February 27.—Terms of a collective agreement between the un- ion and the manufacturers to end the strike in the dress industry were ap- proved today by the Affiliated Dress Manufacturers. Inc, the organization (of “inside shop” producers, Philip Salkin, president, expressed the hope that the 4,500 workers employed in the affiliated shops of 105 manufac- | turers would go back to work early next week. The Affiliated and union representa- tives reached an understanding after several prolonged conferences. Union leaders are expected to lay the matter of the agreement before the workers for their approval on Monday. “The new agreement,” Mr. Salkin said, “does not accord any reduction of wages or other concessions to us. We have entered into this new contract in the hope that through it some progress toward stabilizing the industry can be made." WASHINGTON, Ind. February 27 (#)—Twe_men, who gave their mames as Roy Masters. Toledo, Ohio, and Charles H. Hadley, 16, of Cleveland, Ohlo, were sentenced to 10-year terms in the State reformatory yesterday, when they pleaded guilty in Daviess Circuit Court to a charge of robbery. Police said they admitted breaking into a wholesale grocery concern to get food, declaring they were hungry. oafresdeadeidsadratesl Specializing in Perfect DIAMONDS Also complete line of stand- ard and all-American made watches. Shop at the friendly store— you're always greeted with & smile—with no obligation to e buy. Charge Accounts Invited M. Wurtzburger Co. 901 G St. N.W. Ide. Tex., Now has passed safely | dacy becomes a threat to Roosevelt,| didacy remains in a transitory stage, | | even though it has taken a place of FOOD THIEVES SENTENCED T | 16 C.. FEBRUARY 28 PART ONE FINANCIAL EXPERT EXPLAINS OPERATION OF BANKING BILL Machinery Set Up to Increase Amount of Federal Re- serve Notes. Groups of Member Banks| Join to Free Gold Equal to Securities. (Editor's mote: The following snalysis Glass-Steagall banking legisiatl was prepared for the Associated Pi Mead. professor of fi Univessity jon by Dr. ce at of Pennsylvania.) BY DR. EDWARD S. MEAD. The Glass-Steagall act provides for | a very large increase in Federal Re- serve notes, to & maximum amount of $2,936,075,000. ‘The machinery by which this result can be accomplished works as follows: The total amount of Federal Reserve | notes outstanding on February 10 was | $2,925,000,000. Of this amount, $819,- | 435000 was issued against bills dis- | counted, and $169.391,000 against bills bought in the open market, leaving | $1.936,000,000 outstanding against gold The Federal Reserve System holds $741.434,000 in United States Govern- ment securities. These bonds could formerly be exchanged for Federal Re- serve notes. This amount in gold— $936,000,000—therefore, is held to se- cure an equivalent amount of gold Fed- eral Reserve notes. The Glass-Steagall bill serves to free an amount of gold equal to the Government securities | held by the Federal Reserve banks, which gold can be used as & basis for | new notes. | ‘The method is as follows: A group of five or more member banks, joining together for this purpose, may apply to the Federal Reserve bank of their district for loans from the Federal Re- serve bank, secured by municipal bonds, | railroad bonds, real estate mortgages or | &ny other collateral which may be ap- proved by five members of the Federal Reserve Board, and secured also by the joint liability of the members of the group. ‘The interest rate on such loans will | be 1 per cent above the Federal dis- count rate in that district. Single banks, provided their capital does not exceed $5,000,000, also may obtain loans in an emergency, but only under “spe- |cial and exigent circumstances.” After these loans are made, the bor- | rowing banks have a credit with the Federal reserve bank for the amount of the loan. They can now turn this credit into Federal reserve notes, to be | used to strengthen their cash position and to re-establish confidence among their depositors by promptly meeting all demands. The next step in the program is for the Federal reserve bank to obtain from the Federal reserve agent, the amount of notes which it is called upon to furnish to these member bank bor- rowers. Previously, a Federal reserve bank could obtain only these notes in one of three ways: For gold. for eli- gible commercial paper, including notes DR. EDWARD 8. MEAD. and bills, or for 15-day notes of the member banks, secured by Government bonds. ‘These restrictions, by the Glass- Steagall act, are greatly relaxed. Under the new law, the Federal Reserve Bank can still obtain reserve notes with this security, and in addition, for United States Treasury notes and bills and di- rect obligaticns of the United States. The maximum amount of Federal Recerve notes which can be issued un- der the provisions of this new law, com- pared with provisions of the present law, is arrived at by the following com- putation based on the Federal Reserve statement of February 18: Present law. Federal _Reserve notes issued_to the Federal Re- serve banks by Federal Reserve agents ...... Eligible paper. New law. Gold required to secure Federal rve agents $1.039.720,000 31,199.164.000 Gald _redemption n co..... 48431250 85,459,050 Total gold need- ed to secure notes. Including redemption fund gold reserve re- quired against deposits Total gold 690,723,600 need- £1.075.346,650 ful money other than goid, which can be used as reserve against Federal Reserve deposits ... Net gold needed notes, posits Total ~ gold serves .. reserve against plus de- ...52,476.660,850 $1,773.132.650 Te- 2.937.548.000 Pree gold .. $460.887.150 §1,164,415,350 Maximum amount of notes which could be issued (provided Fed- eral banks ficient le $1,152,217,857 $2,911.038,375 £- isues under the new law +.$1,758.820,500 PRESIDENT PRAISES CREDIT MEASURE IN PLACING SIGNATURE | (Continued Prom First Page) members of both parties in Congress in swiftly enacting the bill, the Presi- dent pointed to other measures, asking | for similar non-partisan action. He named as necessary additional| assistance for depositors in closed banks, a cutting of Government expenditures, a balancing of the budget, and altera- tion of present railway regulations. Text of Statement. The President’s statement follows “In signing this bill, which comprises an essential part of the reconstruction program, I desire to express my ap- | preciation to the leaders and members of both Senate and House of both par- ties, who have co-operated in its en- actment. The fine spirit of partriotic non-partisanship shown in earrying out the emergency program is, I know, appreciated by the whole country. “The bill should accomplish major purposes: “First. In a sense this bill is tional defense measure. By freein vast amounts of gold in our Fe Reserve system (In excess of the reserve required by law) it so iner¢ the already available large resourct the Federal Reserve banks as to en them beyond question to meet any ¢ ceivable demands that might be m upon them at home or from abroad. “Second It liberalizes existing p o- visions with regard to eligibility of col- lateral and thereby enables the Fed- eral Reserve banks to furnish accom- two a- 1e | al d s t NO DOWN 0000000000000 000000000000000: $159 installed ..... 3 3 $ 3 i i H 3 : § 3 3 3 * $ $ 2 modations to many banks on sound as- sets heretofore unavailable for redis- count purposes. Hoarding Is Scored. “The gradual credit contraction dur- ing the past eight months arises indi- rectly from causes originating in foreign countries and continued domestic de- flation, but more directly from hoard- ing, has been unquestionably the major factor in depressing prices and delaying business recovery. “This measure I am signing today, together with the additional capital pro- vided for the Federal Land Banks and the creation of the Reconstruction Finance Corporation, will so strengthen our whole credit structure and open the channels of oredit as now to permit our banks more adequately to serve the needs of agriculture, industry and com- merce. “I trust that our banks, with the as- surance and facilities now provided, will reach out to aid business and in- dustry in such fashion as to increase employment and aid agriculture. “I am confident that the further non- partisan measures of reconstruction to assist the earlier payment of depositors in closed banks, to apply rigid economy in Government expenditures, to balance the budget, to reform railway regula- tion and so forth, will be dealt with by the Congress in the same spirit of co- operation that these great questions have already received.” BUILDING SCALES CUT SACRAMENTO, Calif., February 27 (#)—Organized labor in 26 building crafts in Sacramento today accepted a voluntary cut of approximately 15 per cent in wages as a means of stimulating construction and relieving unemploy- ment in the building fleld. 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