Evening Star Newspaper, July 23, 1933, Page 4

Exchange Control Is Believed - |CTO0K FAI| FALS PRESIDENT'S SON Scene of Roosevelt Wedding PRESIDENT'S SON 1S WED IN I10WA. MINIMUM GRAIN NATION RALLIES PRICE 15 FIXED : Uv. $. Moves to Prevent Spee- wlation and Peg Com- modities. ’_mnnued From First Page.) " trader came to the attention of e Chicago office of the grain futures sdministration, was immediately trans- mitted here and reported to Secretary ‘Wallace. The latter then communicat- ed with Peter B. Carey, president of th Chicago Board and advised him thaf "-u-uxa( action quickly” would be ex- te Dpected. - Meanwhile, Wallace held a long con- ‘Jerence with George N. Peek, chief ad- aninistrator of the farm act; Charles J. Brand, co-administrator; Dr. R. G. ‘Tugwell, Assistant Secretary of Agricul- ture, and others of his intimate advisors to formulate a plan for achieving greater price stability. They approved the plan for minimum trading prices and maximum daily fluctuations as a temporary expedient but resolved to concentrate without | Jurther delay on a broad program of | yeform for commodity markets which may require some time to develop. Re- duction of the volume of spaculation in markets will be one aim of the new program. Attitude Explained. " The attitude of administrators was deecribed by-one of them as: “The exchanges, the brokers and rs will be given & full opportunity :to put thelr own house in order to stop farm products from bfln?n most serious victims of price bility. “It is reasonable to believe that it is possible to reduce the tremendous variation in quotations and to reflect back to the farmer a more nearly ac- curate and stable return for the prod- 4 “Phe facts of supply and demand dp not vary as rapidly as the price recently has, and there does not seem be & valid resson in accounting for tremendous fluctuation in prices evident in the last month. “We want to establish if all ele- ments in the marketing of grain serve s useful social function—if there is ‘any excuse for their activity and if they assist in contributing to the or- derly marketing of the products of the farm. “We are open minded, but we have idess, and we have authority under tbe farm act through licensing powers to enforce regulations which might be set up and which could be employed in event that the industry fails to show a capacity for doing 50. Reports to Be Made. The first reports of individuals whose “tradings are more than 500000 bushels of wheat futures in one day will be made available to representatives of the [grain futures administration just before the next opening of the Chicago market. The reporting requirement was re- stored last week by Wallace. It had been suspended last October. Wallace has indicated that he desires to de- ‘termine whether the recent shifts in wheat prices Wwere accountable to “manipulating” by any individuals. The reports must be made to the in futures administration by the icago and other exchanges after each day's trading, but they are ordinarily ot available in full until shostly before &. next opening of the market, now met for tomorrow. © Representatives of the grain industry called by Peek will meet here tomorrow to concentrate on whealt market _stabilization. Invitations Ascepted. Invitations to attend the e elements of supply and demand. Chamber of Commerce, the exchange fon there; Prederick B. Wells, & member of the Minneapolis Cham- ber; Thomas Y. Wickham, Chicago, chairman of the Grain Committee on National Affairs, an organization of ex- ehanges which maintains & Washington representative; George E. Booth of Chicago, president of the Grain and Feed Dealers’ National Association. C. E. Huff of Chicago, president of the Farmers' National Grain Corpora- tion; T. R. Cain of Jacksomville, I, president of the Farmers’ Natiol Grain Dealers’ Association; George H. ‘Davis of Kansas City, representing | terminal elevator operators; H. L. Rob- 4nson of Salina, Kans., representing | Southwest country elevators; Ray Bow- den of Minneapolis, secretary of the Northwest Country Elevators’ Associa- tion. Pred J. Lingham of Lockport, N. president of the Millers’ National Fed: eration; Robert M. Morgan of New ‘York, president of the North American Export Grain Association; Thad L. Hoffman of Kansas City, president of ‘the Southwest Millers’ League; Frank- .lyn M. Crosby of Minneapolis, a flour ‘mill executive; E. A. Boyd of Spokane, | ‘Wash., representing Pacific Northwest | grain interests. EMERGENCY GRAIN RULE IS EXPLAINED Regulation Sets Minimum Prices| for Trading in Futures on Exchanges. By the Associated Press. Farm administrators last night ex- plained how the emergency rule pre- ‘meribed earlier in the day would work 3in establishing minimum prices for trading in wheat, corn and other Brains. Taking. for example, & grain of a $tven type and grade offered for sale for future delivery at Chicago which ! ‘slosed at 90 cents a bushel Thursday, #hey said it could not be bought or re- 1d at less than 90 cents “until further tice. 7 Neither could it be bought or sold gor more than 95 cents on the first #rading day. I 1'.'chnnced to close at 95 cents the st day, on the second day of trading could be boufeht and sold for as much Bt $1 and not less than 90 cents. S If by another chance it closed at $1 ®n the second day, on the third trading day it could sell for as much as $1.05 and not less than 95 cents. ~ Thus its range could be 5 cents afihn up ::1 dova;, pr&flm.n( that it ot go below 90 cents. s dAdn.mln'lstrlwr! added that “the rule 3s the Chicago Board's rule, of course, w it can change its rules from time to e.” —— THUNDERSHOWERS DUE i TODAY AND TOMORROW thundershowers are exrcted bl"‘.l;-m tomorrow to bring relief from the heqt The forecast issued by the Weather Buresu for the District last night "was “Local thundershowers Probably gunday snd Monday, . not anuch chagge in temperature.” : One man was prostrated by the heat Jesterday, when the tem; ture reach- d a maximym of 94 degrees, coupled “With unusually high humidity. The ¥ictin was Walter 16, of 1926 street, in Irst the | sta- | ts of his eforts which will recognize | Certain of Congress’ Action Robinson Says Recent Crash Indicates Need for Regulation—Margin Trading Ban Regarded as Likely BY G. GOULD LINCOLN. Regulation of the stock and commod- ity exchanges of the country will be proposed in one of the first major pieces Congress when it convenes next Jan- uary—unless it should convene earlier —it was indicated here last night. The huge inflation in security and commodity prices during recent weeks, followed by the crash of the last few days, has made this ‘practically ocer- tain, Senator Robinson of Arkansas, Dem- ocratic leader of the Senate, made the following comment, without going into any details with regard to the legisla- tion for stock market control: “The last few days indicate the neces- sity for additional legislation. Repert Expected Early. “In view of the fact that the Sen- ate Banking and Currency Committee has been making a study of the subject of control of the stock exchanges, it is believed a report may be looked for early in the next session. “Of course, there arises not only Questions of what should be doue, but ::; g:edexlt!em_l;o k’;»hi_lch the subject lealt wil y the - thu;mfi. national au: “It is rather surprising that the losst of 1929 should be so quickly Ior(ofi ten, or rather that those losses would not have been more profoundly im- | Pressed upon the American people.” Senator McKellar of ' Tennessee, ‘I::moclrn; declared himsell to ~be {strongly in favor of legislation giving the Federal Government rew?.wr; powers in connection with the stock nd grain exchanges. He sald that much of the trading on these ex- changes is simply gambling and that there was no reason why it should | continue to be countenanced by the Government any more than any other |form of gambling. Favors Margin Curb. The Tennessee Senator expressed the opinion that a ban on buying and selling stocks and commodities on margin would obviate a great part of the present gambling. While at the White House the ad- ministration was represented as being still watchfully waiting and as hold- ing the opinion there was no way of saving foolish people from their own mistakes if they continued to bid up prices of stocks and commodities far beyond their real value. it is believed that if the present debacle continues on the market and threatens the re- covery program, steps will be taken A national conference of executives and representatives of organized groups in the grain trades is to meet of legislation to be undertaken by the | to deal drastically with the exchange. | to Work. Fr i that the prices may be forced ar below actual and reasonable values under panic conditions such as ha existed in the exchanges in the last few days. It is to prevent such a dis- aster and to give some lon to the farmers that the conference is to | be held here tomorrow, to de | how best to deal with the situation. The same situation exists with re- gard to the rush to sell securities on | the stock exchanges. Once panic con- | ditions prevall, securities drop in \“m | far below their real value and b | is likely to be demoralized, despite the | fact that stock market trading has no immediate relation to production and consumption of goods. Pressnt Act One Step. President Roosevelt, in his message to Congress on March 29, recommend- ing Federal supervision of traffic in in- vestment securities in interstate com- merce, clearly sald that the securities act, now a | our broad pul of protecting inves- | tors and depSsitors.” He continued: “It should be followed by legislation relating to the better supervision of the | purchase and sale of all property dealt in on exchanges, and by islation to correct unethical and e practices of banks and other corporations.” ‘The President, speaking in Columbus, Ohlo, during his campaign last A t, indicated it was his belief that Federal | control must be undertaken if the stock | markets are to be dealt with properly. | He said on that .occasion: “For the very simple reason that the very many exchanges in the business of buying | and selling securities and commodities | can by the practical expedient of mov- | ing elsewhere, avold regulation by any given State, I &ropmed the use of Fed- | eral authority ¥n the regulation of these exchanges.” President Roosevelt, who at the time was Governor of New York, had been because he did not exert the authority of the State Government to deal with the New York Stock Exchange when security prices took a nose dive. Quiz of Leaders Planned. ‘The Senate Banking and Currency Committee has for the better part of two years been investigating the stock exchange and its operations. Ferdi- nand Pecors, counsel for the commit- tee. already bhas announced in. New York, he is going to question stock ex- change officials and others regarding she recent bull market and the crash of last week. X | _ This investigation was still under way when the Congress adjourned, and was | continued with hearings on the oper- ations of private banks after that ad- journment. If the committee had any ides that the public would not be caught in another gambling crash so soon after 1929, it missed its guess jon the part of officers and directors | at 10 am. tomorrow at the Depart- “ ”, ] ment of Agriculture and will cmlfl!rims r:;fiul:m;tcah -fi’m.mcca’:;:' '&o':r‘e; what steps can be taken under the not in the administration of former sgricultural sdjustment sct to main- | President Hoover. but during the Roose- taln falr and stable grain prices for | velt administration. In view of aH the the farmers. The conference was call- | circumstances, it is that ed by George N. Peek and Charles J.| Senate committee will not delay much Brand, administrators of the act. longer in making a report to the Sen- Mr. Peek called upon Senator Robin- |ate and in drafting legislation, which son at the Capitol yesterday afternoon, | may have the approval of the admin- presumably to talk over the situation |istration, to bring about of the grain markets and the work | control of the exchanges. Such which is going forward under the agri- | lation undoubtedly ,will be based upon cultural adjustment act. the interstate cominerce clause of the ‘Wheat Rise Speculative. Members of the Senate from agricul tural States yesterday expressed the opinion that prices of wheat and other commodities had been forced far be- yond real values, by the "mb"ni: n the exchanges; that $1.28 for wheat had not been justified and t the level to which the grain had been forced back in the last few days was more nearly correct. However, the dan- United States. Should conditions in the markets be- ome 5o serious that action be de- manded of the administration - the” be- | lief prevails that the President will not | hesitate to exert all the powers of the | Government in the premises. It was suggested last night that if the Presi- dent was able by proclamation to close | the banks of the country—for which he | obtained authority of law might also close the exchanges. | e MAELSTROM TURNS MARKET UPWARD IN SHORT SESSION (Continued From First Page.) Corporation have been working for a very considerable length of time, and! particularly so in the last few days, nal | the governing committee by resolution this morning has determined that be- | ginning with Monday, July 24, 1933, and | until further notice, the exchange wflli open at 12 o'clock noon instead of at 10 o'clock on full business days; and, furthermore, the governing committee | will determine next week, provided thav‘ present activity 'continues, whether or | not the exchange will be closed next| | Saturday.” Many Margin Calls. Brokers had to send out large batches of margin calls last night and early to- day, and selling from accounts of cus- tomers who had falled to comply with | these demands was rather substantial— | s Datural aftermath of three weak markets. | Customers' rooms of commission houses were thronged with men and| women who anxlously ~Watched the | speeding tape or listened for reports of prices as telephoned from the exchange floor, since the ticker again ran behind. However, its extreme tardiness was only about 12 minutes compared with its| lapse of & half hour during the peak of P hether the “corrective reaction” | er from bullish excesses had passed ts | climax in yesterday's air-pocketed ses- sion, Wall Street was hardly Wepl!!d‘\ to say. After so sharp a smash as this week’s, it was pointed out, considerable tine is usually required to clean up the | debris, and markets are rrequemlyi nervous after the actual crest of liqul-’ dation has been passed. Many members of the financial community expressed hope that quieter times were ahead. Opening Very Active. ‘ Today's opening was very active, blocks of 1,000 to 10,000 shares changing | hands at mostly higher prices; many | gains were $1 to $3. This improvement faded rapidly when fresh selling ap- peared and most leaders sold under Priday's close, but the late rally closed | or reduced the gaps. { United States Steel common, which | held above $50 against yesterday’s low of $49, finished at $52.25, off 25 cents. American Telephone was rather slug- gish, down 50 oents net at $119.50, although its minimum was $115.75. Al- lied Chemical, also a bit heavy, lost $2 net to $113. More prominent gainers included | Union Carl which closed at $42, up $3; Youngsto . up $2.50; Du Pont $67.50, up $1.50; General Motors $25.62, up $1; National Biscuit $53.50, up $4; ' International Harvester $32, up $1.12; Texas Co? $21, up $1.50; Baltimore & Ohio $25.75. up $1.87; Pennsylvania Railroad $33.50, $4.50; United States Steel preferred 3’5 up $1; Canadian Pacific $15.87, up $1.75; United States Smelting $68, up $3; $2.75 Owens-Iilinois Glass $70.75, up ; National Distillers $68, up $1; Commercial Solvents $29, up $2.50; Southern Railway $23.75, up $4; Stand- ard Brands $23.87, up $1; Celanese $26.50, up $2.62; Illinois Central, $39.50, up $3.50; Johns-Manville $43, up $3. Commodities Irregular. Homestake Mining, thinly traded, flopped $30 to $200. Case lost $5.50, closing at $72.50. Several less active issues lost $2 to $5. as are open on Saturdays during Summer were frregular. Bar silver weakened 2 cehts an ounce to 351 cents while futures, after a strong opening, ’ | farm administrators Such New York commodity markets COTTON FARMERS TAKE PAPER LOSSES ments Suffered $15,000,000 Setback in Past Week. By the Associated Press. Cotton farmers who signed option contracts to plow up portions of their averaged more than $7 s bale, while estimated that farmers of 16 States obtained options on about 2,200,000 bales during the cotton l():f:"t reduction campaign just com- pleted. The options were offered the farmers at 6 eents a pound, with farmers to pocket as part payment for reducing their crop the difference between 6 cents and the pri was finally sold. During Thursday and Priday cotton prices fell off sharply and the margin which the farmer could realize tially on the options was red 4 But it is purely a “paper loss,” as farmers so far haven't given the options, 30 they could not have taki them up before the slump. Administrators said the first formal acceptances of contract offers went for- ward yesterday to farmers, who will find about 15,000 in the first packets. Others will move into the hands of farmers at the rate of from 40,000 to 50,000 a day next week. When farmers receive these they will know that Secretary Wallace has ap- proved their offers to take from 25 to 50 per cent of their growing crop out of production and that they can plow up that portion of their flelds. Meanwhile, they can obtain plewin permits from county agents in evenf they are anxious to sow feed crops their land for home consumption. ‘When proof of the pléwing has been presented to the Department of Agri- culture, checks representing cash pay- ments for destro; the crop and op- tions will be mailed the farmers. Pain and Pleasure. OKLAHOMA CITY P).—What's a Y, | landing the fish, fell and broke his in two places, but clung to his rod ai landed the catch before going to tl hospital. “Sleeping on Switch, PORTLAND, 51, decided he needed a nap, %0 parked sleep in jail. He had parked on a main line railroad. | closed with gains of | Copper was firm and rubber mixed. Business news maintained its cheer- loadings last week ful tenor. & measure of | 4, legis- | imports later—he ican Those Who Signed Agree- ?,?.E growing crop took a “paper loss” of more B | than $15,000,000 during the past week. | Cotton The Bureau of Agricultural Economics m:bm sald yesterday the decline in cotton| country showed a favorable surplus of prices from July 15 up to Friday night | $272.5! increased Oreg. (#).—Ray Ol'lh'.- | have been soared to & new high for the year, | T0 AFFECT TRADE General lusine_u and Indus- Jrial Indices Record Gains In Past Week. Despite the crash taken by speculative groups in the stock and commodity markets, Government and private do- mestic business reporting agencies yes- terday declared that during the last week general trade and productive op- erations throughout the country con- tinued on an improved basis. Thrum::&;mmmum eond'iyuan of the dices despite the shaky e e T t's in- Te- w, was only “one step in 9 President Is Flooded With ployment Aid. included in the present industrial pro- ing to get codes decided on in cloak and suit and electrical lines. Instant applica! of code terms on lumbermen Was pr by one of their leaders and studied by the administration, Manufacturing Increases. noted, meanwhile, the mounting increase in manufacturing production, which Johnson wants wages to catch. It was reflected again in the rallroad carloading figures for the week ended July 15, which showed the high- est total this year, 648,206 cars, more than 100,000 above the preceding week and even farther above figures for & year ago. Among the telegrams received at the com- | White House was one from George W. ported to the Commerce rtment that the rise in its index was great- est for one week since the general “f;: turn in commodity prices started March. Both agricultural and non-agricul- tural prices shared the rise in flfl"l combined index, agricultural jumping in one week from 50.8 to 52.2, and non- agricultural from 71.6 to 73.2. Leveling Off Is Seen. However, the Commerce D:Putment in an analysis of business conditions for the last week sald indications polnted to an immediate leveling off of industrial operations, although output in most m’nfluuh’e lines was now higher than gle_ n"l: ‘week of Jun&. 4 . ough _yesterday, lepartment the relatively high rate of in industrial centers reached criticized by his Republican opponents | the to whirl machinery at a fast clip late in May and at top speed during June. Its de- mand for foreign raw materials to con- tinue this expansion, together with the depreciation of the dollar in foreign markets resulted in the United States striking an unfavorable international 5nfle balance of only $2,100,000 for une. , Imports of raw materials, the depart- ment sald, caused the value of the to- tal imports for June to climb to $122.- 000,000, the highest since April, 1932. Exports for the month amounted to $119,900,000, the highest since Janu- ary last, and approximately $5,000,000 over the same period last year. The depreciated value of the dollar abroad, it was explained, necessitated the American manufacturer paying more for raw materials in terms of dollar than what was actually im- . The result was an unfavorable ce for the second time since Au- gust, 1931. Credit Not Depressed. Ordinarily, an unfavorable trade bal- ance would have a depressed bearing on this country’s credit in foreign mar- kets, but Commerce Department offi- ing the figures yesterday took a very optimistic view. They pointed out the depreciation of e dollar and the increase value of will tend to raise the purchas- ing power in foreign markets and may thus result in the stimulation of the nited States’ export trade. The direct cause of the unfavorable balance was cited in a supplementary compiled by the 'nt showing imports of hides and skins for June over May was up 33 per cent in qQuantity and 54 per cent in value, which in ufl:)l.;o of the dollar is an increase of staple cotton, which the Amer- abric manufacturer must import from Egypt, was up 62 per cent in quantity, and 82 per cent value in a period of 30 days, causing importers to p-{ $300,000 more than the May market u Table Shows Changes. h':?:e 1?uowh|:. Ilb‘lie lho':yl other changes in imports during June, as compared with May: Millions & tenths of ‘millions Value of dollars + 385+ 3 8 Article Quantity C + 2% —1 imber . '00d mirs Pulp wood Wood pulp. Newsprint Diels Melperiemiade s Ay, w » 1 ++ i urlaps. ...+ 13 cloth: — 204 — 19% r the fiscal year, ending June M0, ternational trade balance of this 60,000. Exports for the fiscal ear amounted to $1,440,479,000, and ports were valued at $1,167,919,000. Domestically, th lepartment sald during last week \mmogue production increased, but was not as high as in the final week in June. Steel ingot production was higher, with the rate of operations estimated at 56 per cent of capacity. Food Industry Slackens. lce at which the cotton | scuuity in the textile, shoe axid to- bacco industries was maintained, the department sald, but a slackening was noted l‘:‘ n‘on;e branches of the food processing industry. Government sources also learned terday that there was a feeling in yes. the en | T8I trade that the break of 15 to 24 cents last week, together with the most drastic liquidation that the trade has known, has gone far enough. Both and small traders were reported out of the market, and not disposed to re-enter until the situation was th hly clarified. Economists here took view that with a crop below consumpti United States, and a prospect of a re- duction in acreage in the lea ex- porting countries next year, wheat at $1 a bushel is not regarded as high. “The technical resction in commodif lxnd security mukzg,;"mm & 3 ., Tej yester in its weekl; review, “is viewed as a y which merely “has. Daused 1o sather merel] pal [ strength for & fresh revival.” Retall Sales Gaining. “In some districts,” the review con- tinued, “retail sales are making the best comparative showing in three years. Unsold merchandise held by manufac- turers and distributers has thus far not burdensome and its early depletion is the aim of the ad- ministral tion in hastening the applica- | 2 tion of codes and expanding -purchas- ing power ‘under the national recov- ery act. “It now rs that the antici| ucmhlil&'mwo( inventories mplwm distri channels even may prove inadequate as soon as the full force of tural will 0 aecompan rapid widening of of ade to u.pllnym 13 dnm‘:m m; em] ent an ant thul-rnm.mn(hudzvep“ to indi. cate & ull in mainder of the to 3 cents. |stated. * | Chamber of Commerce, Omaha, Neb Hill, president of the American Tobacco Co., giving h indorsement to the wage and hour 3 Any number of individual concerns, an selves in on the ready Mu% blue eagle -Operators. | ! display the disti poster which will be given co- TELEGRAMS RECEIVED. Co-eperation Is Pledged From Many Industrial Leaders. Following are excerpts from telegrams pledging co-operation in the re-em- loyment agreement campaign received y the President from business and in- dustrial leaders and made through the National Recovery in- istration: George W. Hill president, American ‘Tobacco Co., New York—The American Tobacco Oo. heartily supports your plans for the restoration of buying power through wage increases &nd reduction of hours of labor. * * * We have now placed our plants and offices on & 40- hour average basis for substantially all employes, and in view of your desires as expressed in this morning's news- papers, will undertake to effect a further reduction of hours if such be practicable. We have increased wi 80 that our employes will receive same wages for reduced hours of labor which they formerly received for a greater number of hours. We are put.nn, into effect general minimum wage of $15 for cleri- cal employes in specified cities and of $14 per week for all but utterly unskilled labor, which in our compeny we term second-grade unskilled common labor, of which we have very few in number. For such unskilled labor operating in a few departments in the South s mini- mum wage of $12 per week. A. P. Giannini, chairman of the Board Bank of Ameruca Nt and 8a, San Prancisco—Being wholeheartedly in accord with your re-employment program, my associates and I have al- ready begun arrangements by which the letter and spirit of the pr em- ployment agreement * * * will be com- plied with by our institution. On July 57 per cent of our personnel on & normal basis. Gustav Mann, Chicago—I am the owner of two restaurants empioying close to 100 people. I am an ardent admirer of you and will co-operate with your policies 100 per cent. God must love this country and its people else He would not have given you to us. Urge Strike Warning. Associated Retailers of Omaha, Omaha, Nebr—Think new code for working hours at minimum pay splendid. Believe workers should be warned in your address Monday night to avoid strikes. Paul L. Martun, president Omaha r.— ‘When the President appeals to the pub- lic to support industrial recovery meas- ures we would urge that he appeal to labor to patiently co-operate in work- ing out recovery program without re- sort to strikes and other methods of vioience or disorder. Norman Sprowl, president Redondo Chamber of Commerce, Redondo Beach, Calif.—Anticipat| your public re- quest, John Leitch, chairman of our Industrial Recovery Committee, has prepered blanket code for Redondo which will undoubtedly be indorsed at ‘Tuesday. our regular meeting From Railway Clerks. George M. Harrison, president Broth- erhood of Railway Clerks, Cincinnati— We understand your emergency Te- employment plan includes workers in all industries employing two or more employes. There are now 700,000 rafl- way employes out of work. We hope they are included in your program. Robert A. Roos, lent Roos Bros., New York—We will put into effe 40-hour work week Jn all our stores commencing this Monday, July 24. Howard A. Loeb, chairman Trades- men National Bank & Trust Co. Phil- adelphia—We believe the plan that you have so intelligently and courageously developed is hsl and will stand out vement of your admin- J. David Stern, publisher, Courler Poit Co., Camden, N. J—The Courier Post newspapers of Camden, N. J., will sign the agreement and give your great N. R. A. plan full and immediate co- operation. Emil Horwite, president Diamond Brothers Apparel ~Col tion, New York—Our Board of Directors unani- mously adopted every one of your poli- cies outlined in your blanket code, and we wholel ly join in your most promising program. The Heekin E:T Cincinnati—Our company is_very with your blanket code and will begin Monday, July 24, in both factory and office. increase are arranging to sign agreements with you. Ross Beason, president, New York— ‘The officers and directors of Adminis- trative and Research ition con- sider it an honor and vilege to co- operate in -this movement. orwarding to you today air mall the re-employment agreement signed by this corporation. assure you of our co-operation. Harmon C. Rice, publishdr, Gillette, ‘Wyo.—Consistent with your policy Above: The home of Mr. and Mrs. (lower right). George B. Bwiler, in Burlington, Towa, Googins where Elliott Roosevelt (lower left) was married yesterday to Miss Ruth A | Towa—Send us our N. R. A. agreement. | | We are glad to co-operate. | Joseph Karr, Philadelphia—Superior Shirt Co. will sign the agreement and | give your N. R. A. program full and | immediate co-operation. Promise to Sign. Lessing J. Rosenwald and Robert E. | Wood, chairman of the board and presi- dent, respectively, of Sears, Roebuck & Co., Philadelphia—Believing as we do that you are adapting a wise and rapid support of its members in securing the | signatures of 6,000 independent tele- phone companies of the country to the employment agreement. | Join in “Spirk.” ‘ Richard Jacob, president, Passaic Bobbin Co., Patterson, N. J—Until adoption of code by Bobbin Manufactur- ing Association we intend to adhere i:g:tly to the spirit of your blanket — | Peek & Velsot, Inc., Crude 5, 100 Gold street, New York—Heartily 1 we increased salaries of more than 20 | to 200 employes, placing the income of | program for bringing about national re- | covery, our company will cheerfully sign the President’s re-employment | agreement at the earliest opportunity. in favor new blanket code. Please send | necessary form to sign. | Rbckymount Merchants Association, ' Inc, Rockymount, N. C.—We pledge John A. Hartford, president Great At- | oyr"mll co-operation . . . would appre- |lantic & Pacific Tea Co., New York— cigte full instruction st earliest possi- | Wish assure your administration of our | bje time in order that we may begin | | full co-operation. | plans for " compliance with ~provision code. Lincoln Filene, chairman of the board, | o gk e | Hyannis, Mass.—The management of | A. H._ Burchfield, president, Pl".s-‘ | William Pilenes Sons Co. * * * hope to | burgh. Pa.—Joseph Horne Co. pledges be among the first to carry out both its full support to the President’s uni- | | the letter and spirit of whatever regu- i lations may be agreed upon for our | industry, together'with such other ad- | justments in" wages, hours or working | | conditions as may seem advisable. | Chester M. Wright, editor Interna- tional Labor News Service, Washington. D. C.—Glad to sign blanket code and use our facilities in campaign of educa- tion. We serve approximately 100 labor : publications. Milton 8. Florsheim, chairman, the Plorsheim Shoe Co., Chicago—The | Florsheim Shoe Co. pledges immediate | | conformity * * * effective August 1, 11933, or sooner if adjustments can be ! made. Wages of all factory workers will be increased 10 per cent with hours reduced to 40 per week and salaries of form blanket code and has made public announcement to that effect. A. Obicl, president Planters Nut & Chocolate Co., Suffolk, Va.—On May 17| | this company, employing about 1,500, | mostly colored, answering the Presi- dent’s call for higher wages and shorter hours, reduced its working hours and increased wages 20 per cent to its low- | est-paid colored employes. It also re- , duced hours for its office force to 40 per week without reduction in pay. On your new order we stand ready to co- operate in every way. T. Austin Pinch, Thomasville Chair | Co., Thomasville, N. C—Enlist our| company under President’s re-employ- ;“1:% program. Please mail necessary WEDS TEXAS GIRL Crowd of 500 Gathers Qutside Home as Ceremony is Performed. By the Associated Press. - BURLINGTON, Iows, July 22.—Atop & towering bluff, swept by breezes from the broad Mississippi, Elliott Roosevelt, son of the President of the United States, was married tonight to Ruth Josephine Googins of Fort Worth, Tex. The double ring ceremony was read in the flower bordered rock garden, on the river bank estate of Mr. and Mrs. George C. Swiler, uncle and aunt of the bride, by Rev. Naboth Osborne, re- tired Congregational minister. Young Roosevelt's marriage followed by only five days his divorce from Elizabeth Browning Donner at Minden, Nev. It was Miss Googins’ first mar- riage. - Couple Unattended. The bride wore a long, simply fash- loned dress of white georgette, cut full in the skirt, and carried a large bou- quet of liles of the valley. The bride- groom wore white flannel trousers and & camel’s hair coat. Neither was at- tended. Guests at the wedding included Mr. and Mrs. Albert G. Miller of Chicago, Mr. and Mrs. Fred Moore of Chicago, Mrs. Park Sowden and her son, George, of Palatine Bridge, N. Y.; Mrs. Anna Roosevelt Dall, Mr. and Mrs. George C. Swiler of Burlington and their sons, V{tgey] and Hlmld. Mrs. J. W. Swiler of Burlington, and e = Googins Mary Immediately following the ceremony @ supper for 25 persons was served on the lawn. Mr. and Mrs. Roosevelt were to de- part later tonight for the West. Crowd of 500 Looks On. During the ceremony a crowd of 500 watched from the street at the rear of the house. Police guarded the estate, allowing only guests and newspapér men inside the grounds. A part of the street was roped off six hours before the wed- ding, and no automobiles were allowed within a block of the house. Long famous in this part of the State for its-rustic simplicity, the terraced garden, riotous with colorful flowers formed a natural setting for the event. The formal garden lies between the residences of the late J. W. Swiler and that of his son George. Both estates are more than 25 vears oid. Immediately after the wedding. Mirs. Dall informed newspaper men that the bridegroom had talked with his father, President Roosevelt, by telephone this afternoon. The President gave his approval of the wedding and wished the couple hap- piness, Mrs. Dall said. The newlyweds will drive by auto- mobile to Fort Madison to take a Banta Pe train there for Fort Worth, Mrs. Dall said. Business Pick-Up 50 Per Cent Pay Roll In- crease Announced by Com- pany—Other Gains Noted. By the Associated Press. CHICAGO, July 22—A 50 per cenl increase in pay rolls and employment by the E. L. Bruce Co., makers of hard- wood flooring, has been noted in the last 60 days, sald C. Arthur Bruce, vice president. The tenth of 11 plants will begin operating within a fortight. It was not stated whether this was a restoration of previous cuts. ‘WASHINGTON, July 22 (#).—Rep- resentative Larrabee of Indiana, return- to the Capital from his home State, sald business conditions in Indiana had xmp{‘nved strikingly in the last few weel ct the | We are | other groups, including clerical help, | will be adjusted in accordance wif | your suggestions. Support Pledged. M.mnu S Afix‘;‘:fl' o;‘msédem Abram F. yers, chal n the rd, Allied xgmehi Association of Motion Picture | t0 Co-operste. | Exhibitots, Washington, D. C.—Allied | Tuscaloosa Chaml mime! States Association of Motion Plctuzjrumb‘l,.. Af._s";.',‘ih.“r'n c:nnuf:cc!-' ‘Exmblwu pledges its support to the|turers and producers are gravely ap- | President in the emergency re-employ- | prehensive of their ability to com ment drive and will aid, first, by en- | with other sections unless the presen deavoring to bring all motion picture | ratio of wage standards between sec- theaters voluntarily into line regardless | tions can be maintained . . . We note of technical ques _of jurisdiction | with alarm that this provision has under recovery act and, second, by been dropped from program of emer- urging theatess to make their screens | gency code. available for dissemination of author- | —_—— ized information concerning the drive. | Poiats to Dangers. Nathan Eckstein, president, Schwa bacher Bros. & Co., Inc, Seattle, | Nation’s, the recovery administration act ‘Wash.—We shall sign President's re- is so full of material complexes that it employment agreement published in is fraught with greatest dangers and daily press immediately upon receipt of ahwnldu%e given the fullest measure of :bllnk form. most careful thought. It intrenches | labor so firmly and arrogantly that E. Stein, Stein's Grocery, Pueblo, capital will be forced to capitulate. The | Colo.—Pledge support blanket code. Will small merchant and manufacturer will work eommittee to help if appointed. ibe driven-out of existence. Oukdale Manufacturing Co., Haines-| South Monterey County Homeowned port, N. J—We will operate under the Business Assoclation, King City, Calif. — } Cotton Textile Institute code, effective ' Realizing that many protests from cer- July 24. Will this meet your approval? | tain interests will oppose the plan * * ¢ Anf cinnati Association of Credit Men, Cin- ciation goes on eight-hour cay, five days (a week, minimum wage $15, and are employing ne persons under age. Glad this organization, numbering over 40 independent merchants in this city and affiliated with over 2,000 in the State of California, does by action of our board of directors today give full ap- J. Schob, president, Honorbilt | Products, Inc., Philadelphia—Will co- operate and adopt blanket code at once. However, this will work hardships on us | due to peculiarities of bedding business. A proval and support to your program. We ho&ed that our bedding code to be| 1 o B o Racine, ‘Wis.—Approve Spprovea prompuyfmlln?e xb‘ovel;'weodrk‘;dl‘” your entire ‘plan of reconstruction on 40-hour week aince July 1 and raised and iplkogs. $o700 W11 Bumaniy pomere wages 10 per cent on that date. to help earry out your program. l Cras i Retall Merchants’ Association of ey, B Steer Bampment Com Aunors, | Houston, Lo S | I.—The management is heartily in| Terchants in DLy mppEave Schee !accord with the blanket code and is gency code and agree to operate immediate steps to 1 cordance therewith and have set Others Join Program. chinery in motion to put same into e Bear, president, Bear Purni- fect. Akron, Ohio—We wish to be first to accept whole- ture Co., Philadelphia —The Hill in enthusi- wm ent A. Pelton, Pocatello Central bl et Pt Coe | tull co-operation re-employment cam- tional John L. Richey, secretary of the Cin- | cinnati—Effective August 1 this asso- | pete | it | Joseph Mesmer, Santa Monica, Calif. | —For your own success as well as the | MORRIS P. Under Supervision U. S. Treasury 1408 H Street N. W., Washington, D. C. “Character and Earning Power Are the Basis of NEW YORK. July 22 (4#).—Motor fuel demand in the last half of the year will be 2.9 per cent higher than in 1932, the Committee on Refinery Statistics and Economics of the American Pe- troleum Institute estimated today. CHICAGO, July 22 (#).—The State Department of Labor reported today that employment gained 5.2 per cent and pay rolls gained 7 per cent in Ili- };A‘uu during June, as compared with ay. NEW YORK, July 22 (#).—Raflroad freight traffic reached a new peak for | 1933 last week. The 648206 carload- ings showed a gain of 108983 cars over the previous week and 144,445 cars better than a year ago. WEST FRANKFORT, Il. July 22 (#).—The Old Ben Coal Corporation will operate three mines, starting Mon- day. For months the company had | operated but one mine at a time. | HAZELTON, July 22 (P).—Wage ’lnc;:outs were Eunted 4,400 ':;ctory employes today a dzfiee Dr. tz, atbitrator. Henry Maoskowil ‘TOLEDO, Ohio, July 22 () .—Idle for more than a year, one of the two blast furnaces of the Interlake Iron Co. will be blown in Tuesday. ‘YOUNGSTOWN, Ohio, July 32 (P).— Steel production in this district will continue next week at about 67 per cent of capacity, bringing the July average around 65 per cent, highest since May, 1930, and the highest July since 1929. The mills will distribute the largest pay roll in three years at ‘Youngstown next week. Balbo Starts Beard Fad. CHICAGO (#)—When Gen. Italo Balbo came to town from across the seas with his Italian fiyers he started something. Loop barbers reported Chi- | cago residents were trying to grow i beards like the one the general wears. The BANK for the INDIVIDUAL Loans are pase ed within a day or two after filing application— with few excep- tions. 5 LAN BANK Credit” e