Show news review of current events the world over president starts on his plan for managed 0 currency and commodity price pike raising in farmers strike under way move alove for recognition of russia by EDWARD W PICKARD between the sound S dollar demanded by the banker and the inflated currency urged by senator elmer thomas and many others president roosevelt takes his stand f for a managed currency and a dollar of ludlw fixed died value in a radio address to the nation 41 he declared lie would undertake to raise commodity prices to a satisfactory level and then would lessen the J gold content of the dollar and peg prices president and d dollars so they roosevelt would y remain in a constantly balanced equation government credit will be maintained and a sound currency will accompany a rise in the american commodity price level he said but he insisted the price level must first be restored before anything like inflation Is established for the present mr roosevelt said it was important to tighten control over tile the dollar lie he added As a further effective means to this end I 1 am going to establish a government market for gold in the united states therefore under the clearly defined authority of existing law I 1 am authorizing the reconstruction finance corporation to buy gold newly mined la in the united states at prices to be determined from time to time after consultation with the secretary of the treasury and the president whenever necessary to the end in view we shall also buy or sell gold in the world market 0 lly alm aim in taking this step Is to establish and maintain continuous control tills this Is a policy and not an expedient it is not to be used merely to offset a temporary fall in prices we are ilius continuing to move toward a managed currency our bur dollar is now altogether too greatly influenced by the decide accidents ants of international trade by the internal policies of other nations and by political disturbance in other continents therefore the united states must take firmly in its oun on hands the control of the gold value of our dollar this Is necessary in order to prevent dollar disturbances from swinging us away from our ultimate goal namely the continued recovery of our commodity prices jesse junes jones chairman undersecretary dean acheson of the treasury and henry jr representing mr roosevelt were ed with the job of filid fixing I 1 the he price tit ot which the would buy newly mined gold and the first day they fixed the price at an ounce agricultural staples and securities immediately began to move to higher levels as had been hoped for the second day the price of gold was put at and thereupon securities and commodities dropped to the dismay of the washington theorists the pays for the gold with its own debentures the presidents monetary program Is based on the plan of john maynard keynes the he british economist orthodox bankers in wall street were rather disconcerted by it some were skeptical as to the practicability of controlling the internal price level by changes in the gold value of the currency others thought the plan would give the government a powerful lever with which to lift prices if carried to its logical conclusion the program means the ultimate fixation of the value ot of the dollar with a diminished gold content the resumption of free trade in gold and of gold redemptions ons doubtless on a bullion basis N HIS radio address the president IN told of the relief that is being given to those who are in danger of losing their farms or their homes and later said 1 I have been amazed by the extraordinary de gree of operation cooperation co given to the govern ment by bv the cotton farmers in the south the wheat farmers of tile west the tobacco at farmers of the southeast and I 1 am conil coall L dent that the corn hog farmers of the reno middle west will come through in the same magnificent fashion there was ho however never nothing in the speech that reassured the farmers who have embarked on a national agricultural strike milo allin reno president of the national farmers hollday holiday association declared the strike would continue despite mr roose belts assurances of higher farm prices tile the president failed to even mention cost of production he pointed out were not dot going guang to stop tills this battle until xe we get what we want and have dern demanded cost of production mr M reno reported that the continental congress of workers anti and farmers and the technocratic federation of the world fur for industrial democracy had proffered their cooper co oper ution in he strike slid and said that he was confident the farmers themselves would join the elline movements lo in great numbers at that time the farm leaders in six states iowa north dakota minnesota wisconsin oklahoma and nebraska had bad officially proclaimed the strike and picketing of the highways had begun in some localities here Is what renos association called tor for from the farmers I 1 refusal to sell any grain produce live stock milk butter eggs etc except for prices equal to the cost of production but willingness on the other hand to exchange such products for whatever labor and the unemployed may have to tender 2 refusal to purchase groceries merchandise etc except as necessary to sustenance and unobtainable otherwise 3 refusal to leave their homes a tantamount defiance of mortgage tore fore closures and eviction orders 4 refusal to meet capital payments on debts until prices reach production cost levels G refusal to pay taxes or interest on debts out of money needed for food clothing and other necessities meanwhile the embargo on wheat shipments out of the state of north dakota proclaimed by gov GOT william langer went into effect HAT code for retailers so ion long in THAT the making was finally compit completed ed and signed by the president it see seeks ks to insure fair practice and to protect the small tradesman the consumer and the farmer with his low commodity prices retail employers with fewer than live five persons on the payroll are exempt from the code those in communities of less than 2500 population are exempt from any markup requirements local tribunals are to be established to hear complaints of retail pronte profiteering ering child labor Is forbidden with certain exceptions and the same applies to sales at a loss loss loaders leaders widely used by eh chain ain stores to attract customers are absolutely prohibited in order to prevent unfair competition against local merchants under a comprehensive plan tor for working hours and wages stores may choose to operate in one of three groups having a choice of remaining open for from 52 to 50 hours a week from 56 to 03 63 hours a week or for more than ga 03 hours a week employees in the first group will work not more than 40 hours a week in the second group 44 houssa week in the third group 48 hours a week I 1 minimum ir wages range ranee from 15 for a 48 hour week in cities of more than fiO OOOO population down to a requirement for a 20 per cent raise and minimum wage of 10 a week in places with less than 2500 population M MAXIM LITVINOV foreign commissar of R russia probably already Is on his way to washington in response to lo the invitation extended to president malinin by president roosevelt to open ne got lations looking to q the recognition of the soviet government by the united states and to the adjustment of other matters tit at issue between the two na eions administration officials in washing L ton believe the con will wil I 1 tale tahe NI litvinov about two weeks and that before the end of the year the president and litvinov will announce the resumption of normal relations between the two countries and the establishment lish ment of a large credit for the soviet republic to make purchases in this country though in ahing out the correspondence president roosevelt said he was not committed to recognition of the soviet government it Is said that preliminary Il soundings had satisfied win him that dussias Rus sias desire for american recognition tion Is a concomitant to its desire do alre to lo obtain credits for the purchase of american goods the administration Is prepared to join in the development of reasonable reason alile credit facilities for the quick disposition of accumulated surpluses in cotton meat products copper and other raw materials there there are other problems that must first be so foiled e suc such as the czarist debts and the communist propaganda but the administration believes these can be speedily cleared up the brig lish press hailed the move toward a russo american accord as a great force for world peace and said london could not do hotter better than copy washington in japan offiel officials als expressed pleasure over the news though this in may ay not have alcen entirely sincere C communists were blamed for wild disorders that prevailed in havana nd ind in tile cuban provinces of oriente and Mn lanzas bakers Bil kers butchers and truck drivers carried on their strike in fit the capital and the condition was so serious that president graus cabinet was leady to resign an attempt was made to assassinate carlos mendieta Mend leta nationalist leader A bomb was exploded at liis his residence shattering the front part of the building but mendieta his wife and his daughter escaped injury F nAll merchants hotel hold imen IF men kind find others vitally interested give sufficient evidence of support in the way of A century of progress the big worlds fair in chi cago cage may be reopened opened re next spring there has been much talk of such a step anil and now it Is urged by president roosevelt in n letter aletter to the management telling of his enjoyment to in bis big brief visit to the exposition ue he writes there seems to be a very considerable demand that you reopen next spring anti and since there Is every reason to believe that there are many many thousands who were unable to afford the trip to chicago this year but hope holke to be in a better position next summer I 1 am inclined to agree with you that it would be a very fine thing to ro keep open in the event that you and your board decide it Is advisable to reopen next year I 1 shall a assure you that I 1 will recommend to congress that an appropriation be made sufficient lelent to maintain the government building and there EDOUARD 1 government lif in france was overthrown by the chamber of deputies and lie he and his ministers resigned at once opp opposition position to the premiers economy program that included cutting the sal arles aries of government workers and reducing y wa war pensions caused his defeat which came on a motion for a vote of confidence on the budget the vote was to really dala edouard diers downfall was deladier Da ladier brought about by an outbreak of political and personal enmities that had been hold in abeyance tor for a ions time in his final speech before the vote was taken deladier Da ladier ladler spoke frankly of the danger the franc Is already facing from bear raids which have drained many millions of dollars worth of gold from the coffers of the bank of france albert sarraut sarratt Sar raut who was naval minister in Dal adlers cabinet was given the task of forming a new government by president lebrun and succeeded in gathering together a ministry that may or may not survive for a time he b came premier and retained the marine por portfolio deladier Da ladier taking that of war other holdovers were paul boncoeur chautemps ch and cot SI 11 sarraut sarratt announced that france would not enter separate disarmament negotiations with germany ENATE investigators learned a lot S SENATE about cuban 1 loans 0 ans in the inquiry that Is being managed by ferdinand pecora the operations of the chase national bank being the chief feature the banking subcommittees counsel disclosed that I 1 in 1030 1930 when be cubas finances began to crumble the chase bank and associates which held 40 of cuban obligations sold of bonds to the public to pay off their own boldan holdings s ile he developed also that the prospectus offering the bonds to the public did not show a deficit in the cuban treasury the year before but chase officials said the best available figures at that time did not disclose any shortage albert wiggin former head of the bank had bad previously told of the huge sums he received as salary and bonus and of the a year life pension voted him by the banks board when he retired there was so much criticism of 0 this pension that mr wiggin gln told the senators he be had renounced it ALTER JOHNSON chief post WALTER boffice office inspector in chicago announced that the federal operatives had broken up tip a nationwide nation wide ring 0 of f mail robbers who used chicago for the dumping ground of stolen securities and that sawood of the loot had been recovered out of taken in three robberies the recovery includes in italian government bonds of the stolen from the steamer leviathan than several months ago about 0 taken in the mall robbery in chicago december C 1932 1032 and part of the loot taken in a sacramento robbery in connection with the last named affair gloomy gus schaeffer a member of the touhy pang gang under arrest in st SL paul for and george W red kerr arrested in chicago have been identified propaganda in the united estates NAZI states Is to be investigated by a subcommittee of the house committee on immigration according to representative senta tive dickstein of new york chairman of the committee it if we did in germany one twentieth of what they are doing here we would be shot said dickstein german societies in new york were refused a permit to hold a celebration meeting by mayor john P obrien on the ground that it was arranged to spread nazi propaganda R HUGO ECKENER piloted the degraf DR graf Zep zeppelin pella on another visit to the united states the big airship came up from brazil stopping briefly at miami akron chicago and again at akron and then started on its return trip to germany was made by athe announcement the war department that henry fort ford would not he be permitted to bid on the army motorization and airplane building lobs jobs unless he signed the automobile code this notwithstanding the claim of f his company comi I 1 that it is more than implying 1 alth tile the terms of the code Q 1933 western New newspaper union |