Show —i hhtti I J THE SALT LAKE TRIBUNI3 THURSDAY MORNING RFC Relieves PWA of S' § W ' ' V ' Assess of SEC Drafts Study Units’ Cooperation Expands Lending Of Huge Sum’s Spending Program Effect on Capital WASHINGTON July 27 P) — Mention the sum of thirty billions of dollars to the man in the street WASHINGTON July 2T UFV Jesse Jones threw huge resources of his Reconstruction Finance corporation behind the public works program Wednesdlay night This made possible a large expansion of the pump-primin- and what happens He may mumble something about the war debt He may visualize a dollar sign followed by a three a cipher and then nine more ciphers or he may merely laugh and walk away Mention the sum of thirty billions of dollars to any of a small group of securities commission analysts and chances are he will tell you this figure represents the approximate total assets of the insurance industry Due for Some Study He may tell you of his preparations for the S E C’s monopoly study of the insurance industry and its relation to the capital market Here are some of the round figures the commissiorj's star experts will attack in order to find out how the insurance industry pounds hundreds of milions of dollars annually Into the nation's capital markets and how it also takes out large sums each year At the end of 1937 forty-nin- e United States companies according to the Association of Life Insurance Presidents had total admitted assets of $26350000000 or 92 per cent of the total assets of all life operations through g which the Roosevelt administration hopes to hasten economic recovery Jones and PWA Administrator Harold L likes two "big money” men of President Roosevelt’s program agreed that wherever possible RFC would make Joans for public construction and PWA would lonserve its money exclusively for outright grants Hitherto PWA has been making both loans and grants spend-lng-lendi- More rrojerts Under the hew system it will be possible officials said to undertake more big projects such as roads and bridjtes than if PWA had to furnish all the money itself The last congress gave Jones’ agency power to lend $1500 OOCUMO to states cities and business men "Jones and Ickcs have been exploring the possibility of RFC making loans on projects requiring dollars by the millions and their minds have met” high officials said "They have decided that it is feasible In law and in practice for municipalities to get grants from PWA and loans from RFC on contracts set up by the former” Later Jones himself confirmed this saying that at the request of Ickes "the Reconstruction Finance corporation npw is considering some loans” Units in Accord He did hot indicate just what applications were being considered but said bs agency and Ickcs’ were "m accord” on the proposition of RFC aiding the PWA 'program Other officials explained that g RFC would be limited to projects such as roads bridges subways and others designed to pay off theloan from toll revenue-producin- charges "They represented Jones as willing to lend on revenue bonds if they were ' bolstered government by grants of 45 per cent of a project's success of a "He cost felt that the revenue project was made doubly secure if it started out with a grant This too they continued might influence RFC to reduce interest where applied to P W A loans Willing to Assist Observers pointed out that Jones consistently has said he had "no fixed rate" and always invited applicants for a business loan "to com and see me” when interest charges were at issue scheme to For the new loan-grabe widely adaptable informants said RFC necessarily would have to reduce Its usual rates They have ranged above the 4 per cent charged by PWA and currently most municipalities can obtain local financing at less than4pcr cent This usually applies however to local purchase of city corporate bonds for PWA projects The RFC-PWcombination authorities explained was aimed principally at the purchase of revenue bonds which rested on the success of a PWA project and frequently wgre less attractive to private money nt FIIA Announces Insurance Gain WASHINGTON July 27 (A’l-- The federal housing administration announced Wednesday that July applications for mortgage insurance are about 100 per cent ahead of last pear The F H A said 19255 requests for $87120 504 had been received through July-2compared with 9926 applications for $42 521966 during July 1937 Small home mortgages selected for appraisal the first six months of this year totaled $454 218 000 36 per cent higher than m the first half of 1937 3 ’A ' Making her last hospital visit to her new grandson Roosevelt is met by the proud father Franklin D Jr Mrs see US Forms Net v Bureau To Promote Good Will Denver Man Will Head Cultural Relations’ Aims to Combat Foreign’ Propaganda lly Strengthening Ties With Latin America (AP)— The state department set up Wednesday to promote amity between the United States and other nations particulaily those of Latin America Department officials told congress several months ago the division was essential to a strengthening of this country’s ties with its southern 27 a division of cultural relations Crop Surety Dates Reset WASHINGTON 27 July (INS)-T- he Federal Crop Insurance corporation Wednesday announced that it had extended the closing dates for farmer applications for insurance from 24 hours to as nJdcb" as two months in some cases yhe closing dates follow: August 31— Ohio Indiana Illinois Iowa MisWisconsin Michigan souri South Dakota Nebraska North Dakota Kansas (previous closing date August 15) Colorado New Mexico Utah Wyoming Alabama Arkansas Florida Georgia Louisiana Oklahoma Mississippi South Carolina and Texas (previous date August 30) November 30 — California and Arizona (previous date October 30) Nevada Oregon Washington and Idaho (previous date August for all other states August 31 30) Crop Insurer Quits WASHINGTON July 27 UP)— The Federal Crop Insurance corporation’s board of directors announced Wednesday the resignation of Roy M Green as manager of the corporation to become general agent for the farm credit administration’s ninth district neighbors They spoke of propaganda activities in Latin America by European totalitarian states such as Germany and Italy andto a lesser degree by Japan Secretary Hull signed a departmental order naming Dr Ben M Cherrington of the University of Denver to head the new division Dr Cherrington 52 for 12 years director of a program of public education in world affairs at the University of Denver has traveled abroad frequently to study social and cultural developments and to bring foreign leaders to talk at the university The personnel the division will include five officers and three clerks Congress appropriated 0 for its work this current fiscal of $28-00- year Undersecretary of State Sumner Welles said m a radio speech later "It is obvious that this is not a propaganda agency We have no reason to undertake anv form of propaganda with our friends and neighbors on the western hemisphere” ICC Rejects Rate Plan ' EuropeSells Future Commentator Says WALM-O- D VEITS fnJ 498 PAIRS stop-ov- Women's Fine Shoes Go on Sale at right? on grain shipments for milling or storage purposes without application of a combination tariff which in some instances is than the considerably higher through charge The stop-ovprivilege had been granted some other milling points but the I C C canceled it Wednesday effective December 1 er ‘LOBB’S the JOB’ Late Spring and Summer Models Evening Slippers Sport Styles Slashingly Reduced Because Sites and Lots Are Broken! Mo Returns! Mo C fa -- O D’s! Mo Exchanges! All Sales Final! Sale Starts Promptly at 9:30 a m Be here early for first choice WALK-OVER'- S 214 So Main STOP! LOOK! LISTEM! & SAVE AT SUMMER STORAGE PRICES SUGARHQUSE GOAL CO Kinc Jltah' Ibtrdeta Or an d liv III 9C9A WAS 671 By WALTER PARIS— For the time being the tightening of the Anglo-Frenc- h alliance may be sufficient to an outbreak of violence in the affair of the Czechs and the sudeten Germans ' Jt may be enough to enable the French and the- British to enjoy therr vacations during the month of August But bepeath the maneuvers and the accommodations on the surface of events the tension has not been relieved It grows worse from mqnth to month It grows worse because given the perpetual threat of war and the character of ttie revolutionary regimes of central Europe every government is driven to take a course which makes the ordinary life of the people more difficult and more stocks prevent About $5000000000 of the gold underground vaults at Fort Ky and the remainder in various treasury mints and assay Knox offices Since January 31 1934 when the dollar was devalued the government has been paying $35 a fine ounce for gold - Earle Effort t To Harness Jury Advances A New Deal Laws Draw Fire at Attorneys’ Parley UPPMANN (Continued from Page One) poorer clothes poorer houses less comfort less educational opportunity add less travel It is being paid for out of the accumu-iiUionsths past and out of a lowering of (he standard of life in the present For it is as certain as anything can be that the powers 'preparing for war are suffering not only from - unbalanced government budgets but from unbalanced national budgets That is to say that they are not producing enough wealth to pay their way: They are ' sacrificing the future of their industrial capital and of their standard of life in the current expen- ditures of their 'governments Like Crowded Room This is the primary cause I believe of the revolutionary tension which grips the peoples and their rulers Europe is like a crowded room in which the windows and ent form in order to meet tutional objections” constir “Since these have now been removed” the repor continued "a reconsideration of the act seems deThe most important sirable respect in which it should be amended is by the elimination of the prese reserve acent a of substitution count the policy and the requirement that sums collected under the act be earmarked and set aside solely for the purpose of the act” old-ag- Railroad Laws In a symposium on railroads R B Fletcher of Washington general counsel of the Association pf American Railroads said he would "repeal everything put in the railroad rs - Q Official Hints Farley Duped 17910 e ' sub-pen- TVA Counsel Raps For Power Trial Conduct f50 ’ AUERBACH’S Wolf-enden- WASHINGTON July 27 I2P— Grain millers and dealers in such strategic eehters as Minneapolis Duluth Sioux City Oniha and Kansas City lost a long fight Wednesday for more favorable freight rates? The interstate commerce commission rejected their plea that railroads be compelled to grant them Money foe War Preparations Drained From People by Cutting Standards Of Living Thus Augmenting Unrest WASHINGTON July 27 (Tt— The treasury disclosed Wednesday that its gold holdings had passed the $13000000000 mark A purchase of $2822000 in gold on July 25 increased the stocks to $13000339409 The treasury now has 371438-’26- 8 ounces of the metal or approximately 55 per cent of the world's estimated monetary gold is in ’ Bar Conclave Hits Labor Security Acts dangerous Fp nearly ten years now that is during the great depression - law since 1906” Democrats Squelch which for Germany began in 1928 ’The law" he said "was develthe net effect of the whole action doors are being closed and the oped on the theory ‘that railroads Opposition in of the governments has been to The last major supply of oxygen drawn off It is were monopolies decrease of wealth harder and harder to breathe change was in 1920 when railroads Pennsylvania House and thustheto production lower the general harder and harder to move about still hkd a natural monopoly Since standard of life In the first stages In this atmosphere some grow-fain- t then the picture has changed of the depression say until about and give up and sit quietly vastly” (Continued from Page One) 1933 the production of wealth was and others grow frantic and make Henry W Anderson of Richmond of for The this to diminished all Va receiver for Seaboard Air Lines efforts contempt escape by imprisonment progressively desperate cruelties which men practice toadvocated the consolidation of own- nature until the 1939 regular session manner of tariffs quotas monecontrols and government inward other men in Europe are ership of all transportation systems tary Previousthe discharged prisoner duced monopolies Since 1933 like those which occur yhen with railroads operating bus lines the imprisonment would have there has been superimposed upon ly crowds are in a panic and men and said: "The railroad business is this system of economic constricbeen merely "until discharged" trample each other under foot in gone Bondholders are ” just going companies tion the feverish preparation for Governor Earle's chief objective effort to escape to have to take a loss Will Be Bulk ot Quiz is to force District Attorney Carl war And the preparation for war The heads of states do not really Roosevelt the has aggravated the constriction control and therefore they do Lauda For practical purposes the in- B Shelley who is conducting Atformer and The lead their C not C peoples really Burlingham New York atvestments held by these companies giand jury inquiry Demand More More best they can do is to give them torney presented a resolution askwill be the bulk of the grist for torney General Charles J Margiotti The total result has been exwho first fired the charges to ditemporary relief by spending some ing the association to approve the the SEC's monopoly study mill it cept perhaps to some degree in more of their capital or by disaction of President Roosevelt in Insurance companies drg no mines vulge their material and make to cause the governEngland tracting Jhem with insubstantial calling a conference to consider the public no steel grow no crops produce ments of each of the great powers Often during the dav the protriumphs and by deflecting their problem of refugees and express its in short they create no wealth of criticism to take over not only all the new discontent into hatred against sympathy "with the men women Instead they redistribute wealth gram incited blasts desomeone else For with each turn and children who have been and from the Republican minority dele- savings of the people but to placed in their hands by mand more and more of the inof the screw the preparation for are now being persecuted or proTheir main ideal is to get' gations more- difficult scribed by the German governa conservative return And to do One of the spokesmen Represen-an come which wasnotused forinordinary war makes it still living Today only Russja to find a satisfactory solution of ment” this they attempt to put as many tative E Kent Kane proposed attorbut in Germany in Italy and even the popular discontent of their eggs in as many different amendment to prohibit the in France the governments have from superseding general ney baskets as possible Here is the People Grow Poorer involve which preempted the capital and an inrecord presented by the annual investigations tlie of incurrent him At each turn of the screw as creasing part convention of the Association of Life governor who appointed K come of the nation and are spendand income are diverted Bard General Guy capital Attorney Why Shovel Coal ? Insurance Presidents last Decemto supersede ing this money on armaments on the production of wealth to from an failed attempt in ber war industries and on public the production of military and poAt the end of 1937 these compa- Shelley in the grand jury 8inquiry works litical power the people are poorBuy a to begin August nies had put more of their funds scheduled Thus in Italy for example there er the opportunities open to young amendment precipitated Kane's in U S government bonds than men are fewer At each turn of test on the inquiry are magnificent express highways MASTER STOKER in any other type of investment the first vote 132 to But there are for automobiles the screw more oppression is necThe total estimated at $4400000-00- 0 program It was defeated few Italians who have automo47 a straight party vote essary because only greater and represented 18 2 per cent of biles or can afford to run them at AUERBACH’S tyranny can cope with greater their aggregate assets G O P Appeal The governments are spending and greater discontent greater Other investment channels inare be to the and the people being impovpossible by amendment A Democratic Though it may cluded in the order of their imto avert war erished The governments are not variousriexpedients were mortgages (other superseding measure readily adoptportance the in or at least to postpone it the great genleaving enough money than farm mortgages) 18 per cent ed provided for the attorney crisis of Europe has not yet from a proceeding hands of the people to renew and railroad bonds and stocks 129" per eral's removal reached its climax It might last improve the tools and the equipcent policy loans and premium if after a hearing the preaidingto ment with which wealth is pro"unable for some years It will last and it notes 12 4: public utility bonds and judge decided he were duced in fact they are not leavwill grow more and more danstocks 117 real estate 8J and perform his duty impartially” a Repubing them eriough income to maingerous as long as the great powers action Kane’s preceded state county and municipal bonds tain the relatively low standard of of Europe are compelled by the Democratic to "the lican appeal 59 per cent life to which they were accusambitions of their rulers and the lawyers in the house” that they not Gov- tomed character of their policies to go and the people “represent Travelers often ask how It is further and further into military ernor Earle and Senator Guffey” socialism and to impoverish their The legislature did not act on that these governments are able to spend such enormous sums on people in order to magnify the U S Senator Joseph F Guffey's on showy public power of the state Short of war call for impeachment of unnamed armaments anworks and on spectacles The there is no visible end to this crisis Pennsylvania judges The chairman swer is very simple They are until it is overwhelmingly clear of the house judiciary general comSaves Up to 50o national capital and that the war which is being premittee said no action would be spending the LOUISVILLE are lowering the standard Ky July 27 pared cannot be successful and taken unless charges were brought they Even Temperature of life The military socialism of that the cost of preparing for it Finance Commissioner Dan before the house formally The sensome not for is borne be no can by paid longer Saves Labor Talbott in a statement Wednesday ator made his attack Tuesday night Europe new kind of financial magic but in a statement handed newspaper Tribune 1938 The foi food Postmaster General less Copyright night charged by giving the people Safe and Clean men James A Farley was "double Guffey in New York to sail fora No Smoke crossed” In his efforts to prevent Europe said he would ignore a Ex-Chi- ef Governor A B Chandler from opthe in to testify projected Minneapolis Hon-eyive- ll posing Senator Alben Barkley in grand jury investigation He said his race for renomination Controls he would pay a $100 penalty and Talbott said Farley proposed giv- sail for the International ParliamenInstallation Cost Extra ing a judicial appointment to Sen- union meeting at The Hague ator M M Logan so that Chandler tary BUY ON F H A PLAN (Continued from Page One) could go to the senate in Logan’s Doubt Legality Ellwood Leader place and Barkley would be unopFloor NO DOWN PAYMENT! Republican had been put "under pressure” bytquestion of whether he had called posed Turner urged Pennsylvanians to tornpv 'a young T V A file clerk a liar Chandler- - said in a speech from bombard their legislators with mesThe clerk Frank T Dafferner his bed Tuesday that Logan had sages of opposition My opinion is Bock said some teRtfl(d he had been made physj federal a for of the "begged” judgeship of the engineers were under some rally M when he Was In the senate the question repeatedly Per Month Talbott reiterated the charge Wed- constitutionality of the program eased by Fly and another attorney nesday night was raised last questioning b’ng during not were Witnesses said who ilecrical they Appliances— Logan characterized the goverSenator Gilbert Wolfenden Respring about the missing minutes nor's statement "a damned lie" Downstairs said "There is no ques- "embarrassed” by the attorney’s of a 1938 T V A board meeting publican Talbott said he went to Wash- tion that it is bad legislation sacrior subjected to pressure The minutes came in for considington in 1937 at the request of ficing principle to save individuals were Robert A Monroe water con- erable discussion earlier in the hearSenator Logan and learned there It is my personal opinion that the trol engineer and George W Fos- ing was a federal vacancy He said he measures are unconstitutional” Dafferner said he told the attorter and Dana Wood hydraulic enwent to New York the next day Democratic Senator Anthony J Tha Gat Inrarmountain Store neys he saw one of four orginal gineers to see Farley in the office safe and that Cavalcante who has bolted from copies During Wednesday’s testimony Foundad 1864 “The following day Farley called the party organization echoed Fly engaged in a sharp exchange Fly replied “it’s a lie you gave that me over the phone and said he sentiments remarking that with committee members over the one to A E Morgan” had taken the matter up with the the bills were "clearly unconstitupresident 1 think' he called him the tional” ’chief’ He said he (the chief) is The Earle supporters ignoring ‘very anxious to work out the mat- the critical statements quit for the ter to hold $he line and don’t let day and expressed confidence that ’Happy’ (Chandler) announce for the grand jury bills would be ready the chief has three for the goverfior's signature by Satthe senate places that he can give Logan" urday morning Farley was unmistably given the impression that a place was to be made for Logan said Talbott "In U S Gets Biography the light of what has since taken Is he said "it my opinion place” Of Milk Bottle that James Farley was double crossed" WASHINGTON July 27 tT)-T- he Pepsodent alone of all Tooth Powders Ms government discovered Wednesday contains remarkable Irium! that the average life expectancy of a milk bottle is 35 trips from wagon to door Nowadays remarkable Irium puts more pep into Pejv - C E Clement specialist of the Powder Yes it is the wonderful cleanser Irium sodent bureau of dairy industry also rehas that helped Pepsodent Powder to sweep the nation ! m a survey: ported were That" 305837712 bottles For it is this thrilling new cleansing agent Irium that manufactured in 1937 and that most helps Pepsodent to make teeth shine and sparkle with all of them were replacements for those their glorious natural brilliance! broken and lost WASHINGTON July 27 UP)—' That a quart bottle is easier to Although Irium puts more pep into' Employes of the United States break than a pint Pepsodent containing Irium mint assay offices and deposibe' Pepsodent That the price of milk might tories will go on A weep reduced in some communities if is SAFE in its action on teeth! Contains NO September 1 They work 44 hours housewives returned more bottles to BLEACH NO GRIT! Buy it today! now dairymen policy-holde- WASHINGTON July 1938 Stores Top 13 Billions Thirty Billion Works "Loans ' 28 Insurers Hold Nation’s Gold First Lady Sees Grandson ' JULY ’s in r poii m ewsobeeit tooth Mint Slashes Hours for All Workers Mrs Nellie Tayloe Ross announcing the change Wednesday said that 'between 1200 and 1700 persons are employed at the institutions depending on ffie seasonal demand for money The mints are at Philadelphia San Francisco and Denver the assay Offices at New York Seattle and New Orleans and the depositories at Fort Knox Ky and Wtit Point” N”Y Ppwdont ’ trad mark for Purifiod Alkyl Sulfsto NEURITIS PAIN IILIIVI To relievo the IN MW MINUTKt o( Neuritis torturing Rheumatism Nturalna orpain Lumbago tn a frw minute get tha Doctors formula NURITO Dependable— no opiates no nar-fotDoe tbs nork oipckly—-mu- st relief wort pain to vonr satisfaction in a few minutes or hHc at Drugaista Don t suffer Urs NURUfo on this guarafiWca tbdar jnee (Advertisement I r jr- i- |