Show HOOVER CUTS LOOSE FROM ROM 5 5 DA Drops Plan Ian as I Method to Stimulate Employment Immediately IS S HELD NOT APPLICABLE J Conference to Consider Way to M Make ke New J Jobs bs Dr fly United Unitt Tress WASHINGTON Aug 24 U 24 President dent H Hoover over has ab abandoned the live five day week as as an Immediate employment employ employ- ment stimulant and will seek other methods when representatives f federal federal fed ted eral reserve districts meet here this week to consider der means of improving business Mr Hoover feels the two day con conference ference best can aid by creating more work rt rather er than by endeavoring to tod d divide v de present jobs Reports to the White House have hav indIca indicated ed that the five five day day week would not be satisfactorily applicable to industry i in gen general al Ma Many y plants arc on a five-day five schedule b but t some arc are operating fewer than five days LIMITS LIl INVITATIONS Invitations to th the tiie conf conference rence FrIday Fri Friday Friday day and Saturday were limit limited d d de deliberately de- de by Mr Hoover to members of ot the newly formed Industrial arid and business tees of otel ote- t the l al reserve districts The inc committee chairmen will Twill meet here tomorrow to arrange for the two day two session Mr Hoover intends that the entire field of federal credit and other Assistance As gs to agriculture business and Industry be laid before the conferees Orga Organized labor today challenged Mr Hoovers Hoover's conference program for credit expansion and creation creation of of jobs The president feels feel th that t the conference must be limited to those objectives and that only the reserve committee members should attend These organizations through which the president is working the American Federation ration of Labor said include bank bankers rs and business men but not representatives of labor and other producing workers Can r real al progress be m made de f for r better business balance with labor other producing groups and consumers left out Mr Hoover feels that the limited personnel of the conference is best fitted to deal with the limited objectives objectives ob oh assigned ed STRAIN DECREASING He will tell tel the conferees Friday that the credit strain is decreasing White House research places the heaviest strain on credit in June Junn The pre president feels however that some credit blind spots remain and that private initiative must cooperate with federal effort in correcting those con conS By expanding credit it is hoped to improve e markets generally for Industry and agriculture The American Federation of Labor says Accomplishments thus far In ex ex- extending tending credit have not been great greal The power congress granted the federa federal fed fed- eral era resen reserve to loan direct to business business busi busl ness was was intended to unlock credit resources Business needs Business needs long term loans for or modernizing equipment work which would create employment employ employ- ment meat and buying power without requiring requiring re re- re quiring immediate payment Private te banks are not giving this kind of credit because use they want to keep liquid Government credit could start the wheels wheel moving but the reserve banks have interpreted their new power so that long term l loans ns' ns are ruled out The federation n set the total of the unemployed In tn June at I and asserted the thc Jobless army increased In July by bv several hundred thou tho thousand sand The federal department of labor on Monday reported ed that em em- took an upward trend in July |