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Show NEWS REVIEW OF CURRENTEVENTS Industry and Finance Give Assurance That Nation's Business Is Sound. By EDWARD W. PICKARD UNLESS President Hoover and the leaders of finance, industry and labor are all wrong, the country's business structure Is on a firm basis and there is no reason why prosperity pros-perity should decrease, despite the stock market collapse which in sli weeks reduced stock prices by about 87 per cent. What the leaders mentioned think about the situation was brought out In the conferences called in Washington Washing-ton by the President First to gather were the presidents of a number of railways, together with William But-terworth, But-terworth, president of the Chamber of Commerce of the United States; Julius Barnes, chairman of the chamber's cham-ber's board ; Secretaries Mellon and Lamont and Ernest L. Lewis, chairman chair-man of the Interstate Commerce commission. com-mission. President Hoover thus told of the results of this meeting: "The railway presidents were unanimous unan-imous In their determination to cooperate co-operate in the maintenance of employment employ-ment and business progress. It was stated that the railways which they represented would proceed with full programs of construction and betterments better-ments without any reference to recent stock exchange fluctuations; that they would canvass the possibilities of further fur-ther expansion, and that amongst these particular railways it appeared that the total volume of such construction con-struction work already indicated an Increase during the next six months over the similar period of last year." Later In the week, at the annual meeting of the Railway Business association as-sociation in Chicago, the rail officials of the country gave out more definite information of their plans for expansion ex-pansion and betterment which will call for the expenditure of a billion dollars. The second group to assemble In the White House included the twelve mem bers of the advisory council of the federal reserve system and the members mem-bers of the federal reserve board, together to-gether with government officials. They gave assurance of the soundness of the business structure and the prob ability of cheaper money. Each member mem-ber of the council reported that business busi-ness and banking throughout bis district dis-trict were in a sound condition. On Thursday morning the nation's Industrial leaders assembled, with Julius Rosenwald, Henry Ford and Owen D. Young of the General Electric Elec-tric company at their head. Included In th conferees were the chiefs of nearly all the great corporations an Impressive gathering Indeed. The President asked these men to cooperate co-operate In maintaining their business activities on the same plane as In past months and to make expansions wherever possible. What the President Presi-dent particularly desires to avoid Is a curtailment of Industrial activity In anticipation of a possible business slump due to the stock market collapse. col-lapse. He received the assurance that the constructive activities of the various vari-ous lndustres would be continued, and even expanled to take up the slack In employment. That afternoon William Oreen, pres ldent of the American Federation of Labor, and other prominent labor leaders, together wllh Secretary of Labor Davis, conferred with Mr. Hoover. And It waB announced that on Monday there would be meetings of the leading public utility magnates and of farm leaders. Thursday evening Mr. Hoover announced an-nounced that a truce between capital end Ijitmr had been made; that the big Industries of the country would not reduce wji'm and thai orgiinl'.od labor would miike no dimmnds for Increased pnv. I'.olh groups, he said, had pledged themselves to asslsl the President In )is 1 1 I 1 1 v r to itwi inl ulti business stability sta-bility and progress. Soon a f i cr this Henry Ford an-n"uii''-l Hint a general wagi! advance wf o take effect Immediately In all his automobile plants, benefiting about 135,000 men. He gave his views on the Industrial situation, maintaining that prices of commodities are too high and must come down, while wages are too low and must be raised. As a result of the series of conferences confer-ences It is planned to set up some sort of an organization to act as a clearing house for the activities of the different groups. Mr. Barnes and Mr. Butterworth, In co-operation with Secretaries Sec-retaries Mellon and Lamont, will figure fig-ure prominently In this work, JAMES W. GOOD, secretary of war, died in a Washington hospital following fol-lowing an operation for acute appendicitis. ap-pendicitis. The news of his demise was heard with deep regret throughout through-out the country for Mr. Good was regarded re-garded as a most efficient servant of the nation and was popular with a host of friends. President Hoover was especially grieved by the death of a man who had been his close associate as-sociate for years and who held his high regard. The war secretary was given all military honors at the funeral services which were held in the east room of the White House and were attended by the President and Mrs. Hoover, the members of the cabinet and as many others high In the government gov-ernment as could be accommodated. Then the body, on an artillery caisson drawn by six bay horses, was escorted to the railway station and taken on a special train to Cedar Rapids, Iowa, Mr. Good's boyhood home, for burial. It was accompanied by committees representing the- administration and the senate and house and by Acting Secretary of War Hurley and General Gen-eral Summerall, army chief of staff. PRESIDENT HOOVER has completed com-pleted the delegation to the naval conference in London by naming as additional members Secretary of the Navy Charles Francis Adams and Ambassadors Am-bassadors Charles G. Dawes, Dwight W. Morrow and Hugh S. Gibson. The others, previously selected, are Secretary Secre-tary of State Henry L. Stlmson, Senator David A. Reed of Pennsylvania Pennsyl-vania and Senator Joseph T. Robinson Robin-son of Arkansas. Admiral William V. Pratt, commander of the United States fleet, and Rear Admiral Hilary P. Jones, retired, will accompany the delegation as naval advisers. The addition of Secretary Adams and the three ambassadors to the delegation was a measure taken to pacify Admiral Jones, who had threatened threat-ened to refuse to go along because he thought the administration was not giving proper consideration to the navy and the naval authorities who have been opposing what they considered consid-ered too great concessions to Great Britain. It was said the admiral 1b now satisfied. FINDING It was Impossible to complete com-plete Its version of the tariff bill this month, the senate voted, 49 to 33, to adjourn the special session of congress con-gress sine die on Friday night, and the house concurred. This gives the lawmakers an Intermission of ten days before the regular session convenes on December 2. The adjournment was proposed by the Democrats and the old guard Republicans voted for It because they are disgusted with the tariff measure as It now stands. The new grouping of younger Republicans, headed by Senator Allen of Kansas Kan-sas and called "Young Turks" by Senator Pat Hnrrlson, tried to keep the session alive, believing much more progress with the schedules sched-ules could be made. The tariff bill retains Its place on the senate calendar as nnflnlshed business, and though the Vare case comes up for disposal during the first week of the regular session, the senate leaders hope the tariff measure can be passed before the Christmas recess. Doings of lobbyists In behalf of high and low tariff on sugar were Investigated Investi-gated by the senate committee on lobbying lob-bying during the week, and the Information In-formation elicited was Interesting though not especially Incriminating. Most Important of the wilncsses was President Itentschler of the National City bunk of New York, which Institution Insti-tution Is deeply Interested In Cuban sugar plantations and refineries. SENATOR George H. Moses remains chairman of the Republican nena. lorlal campaign committee, despite the animosity he aroused among tho weal- era radical senators recently. The committee met last week and apparently appar-ently all was harmonious. Consequently Consequent-ly the New Hampshire senator will be In charge of the arrangements for the re-election of those solons whom he stigmatized during the tariff debates as "sons of the wild ass." HARRY F. SINCLAIR, oil magnate, completed his term of Imprisonment Imprison-ment for contempt of the senate and the District of Columbia Supreme court and was given his freedom after 198 days of confinement He seemed happy and healthy and posed obligingly oblig-ingly for news photographers, declared he was guilty of no moral turpitude and asserted his imprisonment was "In violation of common sense and common com-mon decency" to make him the scapegoat scape-goat for corrupt politicians. CONGRESSMAN Edward E. Denlson Marion, 111., a bone dry, Is added to the victims of the prohibition laws. He and John I.ayne, his former secretary, sec-retary, were Indicted by a grand Jury In Washington on a charge of Illegal possession of liquor. The Indictment Is based on the fact that, eleven months ago, a trunk and suit case containing liquor were delivered to Mr. Denlson In the house ofllce building, being addressed ad-dressed to Layne In Denison's care. Federal agents opened the trunk In his presence. The congressman says he explained at the time that the baggage bag-gage was not his and had been checked to him by mistake In New York after his return from a trip to Panama. The agents, he asserts, expressed themselves them-selves as satisfied and said there would be nothing more to It In Washington Wash-ington It was said Denison's receipt for the track was laid before the grand Jury. Layne, who Is now connected with the Internal revenue bureau, has flatly denied any connection with the liquor. TWO of our new ambassadors presented pre-sented their credentials last week at the courts to which they are accredited. ac-credited. John W. Garrett was received re-ceived with all due ceremony by King Victor Emmanuel of Italy after being conveyed with his staff to the Quirlnal palace In three gala coaches, in the royal palace In The Hague Ambassador Ambassa-dor Gerrlt J. Dlekema was received by Queen Wllhelmlna of The Netherlands, MOST of New York, New England and the maritime provinces of Canada were startled by a series of violent earthquake shocks early In the week. At first It was believed no material ma-terial damage had resulted, but In a few hours the cable companies found that nine of their twenty-four Atlantic cables had been broken. The center of the disturbance was at sea between be-tween Nova Scotia and New York, and several liners that were In that region were brought up standing as If they had run against a reef. Toward the end of the week came the belated news that the quake had caused an Immense tidal wave which hit the Burin peninsula on the south coast of Newfoundland. Several villages vil-lages were swamped by the water and at least thirty-six persons were killed. GEN. PASCUAL ORTIZ RUBIO was elected president of Mexico, defeating Jose Vasconcelos by a large majority. Rnhlo may he relied on to carry on the policies of President Gil. He Is of an old Mexican Indian family, fam-ily, tracing his ancestry to the last of the Tiirascan kings of Mlchoncan. lie bus had an adventurous life, taking part In all the revolutionary activities Blnce his youth. SOVIET RUSSIAN forces, Invading Mnnchniia, captured Dalai Nor, the key position of the Chinese front line defenses In the "Three Rivers" district, after nineteen hours of bloody lighting. The Russians thus cut off the Chinese position In Manchoull and opened the way for a drive on llnllar, bcHlocs gaining possession of vaWahle coal mines. TP. O'CONNOR, called tho father of the British house of commons and familiarly known to the world a "Tay Pay," died In London at the ago of eighty-one years of septic poisoning. Famous as an Irish Nationalist and as o Journalist, he had served as a member of parliament for forty-nine consecutive years. (fix 1929, WuatvrQ Niwipt UnloB. |