| Show news review of current events the world over credit expansion reopening of banks and rehabilitation of railways planned ocean mail and ship deals under investigation by EDWARD W PICKARD PRESIDENT ROOSEVELT like all other persons knows that the recovery program has been slumping somewhat ome what of late because the rising prices ot of commodities have not been met by increased pur purchasing chasi ng power and by re em ein still averse to currency inflation and devaluation ot of the dollar the chief ex called into conference a several e v e r a I 1 high officials of his administration to plan for further expansion secretary ary ot of credit ao and for the w wood n reopening of closed banks thereby freeing treeing beveral several billions of dollars represented by the frozen assets of those institutions secre tary of the treasury wood n not yet recovered wholly from his late illness was one of the conferees the others were secretary of agriculture wal lace attorney general cummings gov eugene black of the federal reserve board lewis W douglas d rector drector of the budget jesse il jones chairman of the reconstruction finance corpora tion walter J cummings conse conserva tor of closed banks and J F P T 0 connor controller of the currency following the conference the prest flent dent took train tor for his hyde paris park home and on the train he bad had a long talk with piot prof james H rogers yale economist rogers then returned to 1 washington and discussed financial matters with douglas and others this led to the report that some change involving the purchasing power of the dollar was imminent but dis patches from hyde park said no an no lio on monetary policy was forthcoming yet senator thomas of oklahoma an bounced that several groups working with him for inflation had decided to suspend their campaign lor for the mo merit to permit trial of the credit ex pan paus slon lork program proposed by dent roosevelt it was stated with authority that the president hopes to get a large proportion of the 5 closed banks reopened before january 1 when the deposit insurance system goes into effect in order to qualify for deposit insurance banks must be I 1 quid thou sands of the closed banks the flent dent Is advised are solvent but not sufficiently liquid to meet the require merits for reopening to make them liquid additional capital must be pro tided vided to the extent such additional capital is not furnished by the corn com in which the banks are situ abed it will be supplied by the R F C through purchase of preferred stock in the institutions according to the plan approved at the white house conference TEEL manufacturers under the s urging of president roosevelt and joseph B eastman coordinator of A 0 transportation have agreed to compete elve bidding for the sale of rails to the railways and mr eastman announced that tons of rails will be bought as soon as financial arrangements can be made if the bids of the steel companies show that eions in the price have been made the money will be loaned to the railroads direct from public works funds competitive bidding and bottom prices it was hoped by mr roosevelt and mr eastman also would result in the pur purchase chae by the railroads of quan titles of rolling stock and equipment which deals too would be financed by the government loans loans for buying rails it was said may run to some 25 equipment loans may sur pass that amount reports of railroad business are en cou raging the first 57 railroads reporting august business had a total net operating income of approximately double that of the pre ceding august A year ago the figure tor for the same number of carriers was the increase amounting to 97 8 per cent the net operating income of these carriers in july totaled 53 an increase of per cent over july 1932 gross revenues of the 57 ear car biers in august amounted to compared with in july and in august last year ANY of our large cities are in M MANY desperate financial straits and have been looking to the public works administration tor for salvation there has been much criticism of the slow ness with which the 1 of federal money allocated for municipal and state projects is being handed out ba secretary of the interior ickes the administrator but mr ickes met the mayors of 55 cities at the chicago worlds fair and let them know plainly that the cities themselves were at fault it is now largely in the hands of the mayors of our cities to determine whether the public works pro program gram will fully serve its purpose in aiding in the economic recovery of the coun try said secretary ickes in his ad dress our nat onal treasury 1 Is i waiting rafting to be drawn upon for hun deeds of millions of dollars tor lor useful public works J the administration in washington can approve your projects and ad vance f ands ne necessary cestary to complete them we have moved and are amov ing expeditiously if circumspectly but there Is a point beyond wh ch eb we re cannot go ve ive can give you money we re can help you to decide what project to undertake we re can aid you in super your wort but we cannot decide for you whether you want public works vie IN e cannot force you to move any faster than you are willing to move CEAN mail and ship construct on OCEAN 0 contracts let during the hoover administration are under investigation by a senate committee headed bv sen ator hugo black of alabama and inter esting deals are being revealed on the first day black charged that henry herber man of new york pret president ident of the fx port steam steamship hip cor po horation por atlon ration had d erected or 01 e of his employ employees ees hilaa to pay a 1 10 tailor bill of T V 0 connor S senator e nato black then en chairman of the united states ab aping board this herberman flatly denied but he and other witnesses were not able to aas ly of testimony concern ng al lebed favors to various former officials it was disclosed that ocean mall mail sub idles tidies paid p to the export steamship corporation annually amounted amour cited to more s than the organization paid the ship ping board for eighteen vessels A formal statement that C bascom slemp of virg n a who once was sec see detary to pres dent coolidge had helped to engineer the ship purchasing deal at a price lower than originally asked by the shipping board vms placed before the committee by her berman in a letter to senator black chair man of the committee herberman Her bermar that slemp had b lied him for tor for legal fees in connection with tho the sale of the ships at 7 50 a ton instead of 8 50 as asked by ad miral palmer of the sh aping board the ahe sale price herberman wrote was a compromise and the question involved was the per ton to be paid for shipping board vessels add n ng that mr slemp acted in connection with this matter and felt that his ices were worth as I 1 recall I 1 actually paid him 15 on july 1 1925 and 12 on july 19 1925 slemp resigned as secretary to mr coolidge in january of 1925 mrs mina G irvine who was secre tary to 0 connor for many years at the shipping board testified stifled te she ne got several florida deals for her berman she said that after a justice department agent had sought to in files at her shipping board office with regard to the transactions she had destroyed the records miss clara mcquown of washington told of her work as a lecturer em aloyed at a month by the ameri amerl can steamship owners association to put merchants marine propaganda be fore women s clubs ROOSEVELT always a P PRESIDENT friend of the navy ha haz turned down a british suggestion that the american naval construction program be cut down the state department issued this statement in reply to suggestions from the british government that the lay ng down of any six inch gun cruisers larger than those now in existence might be deferred during the life of the disarmament conference or at least pend ng further discussion of the qualitative limitations of future ships the american government has replied that it did not see its way clear to al at ter its delayed naval construction pro gram or to suspend the laying down of any projected ships the ships in question are four 10 ton six inch gun cruisers the savannah the nashville the brooklyn and the philadelphia EN convicts made a sensational T TEN escape from the ind ana penitent biary at michigan city stole automobiles a sheriff and scattered followed a great man hunt by hun deeds of police of indiana and jill nois which was still going on at this writing the entire population of pennsyl vania s eastern penitentiary at palla delphia comprising 1492 long term felons f staged a wild revolt because they had lost their special privileges for a previous not riot they beat the warden severely and set fire to their mattresses but finally were subdued george kelly relly a notorious desperado known as machine gun wanted for participation in the kidnap ng of C r urschel of oklahoma city was cap aured in memphis tenn after a long hunt his ills wife also was arrested and both were taken back to oklahoma for trial kelly relly Is also charged with hav ing a part in killings Lil lings and robberies in kansas city and chicago GENERAL jim 1 far pley postmaster ley practical and hard headed Is going after some hundreds of fourth class postmasters nho have been racketeering at the expense of the gov ills inslee tors already have conducted an alon of the facts and it Is likely many of the sinners will lose their positions a and n d some of 0 them may go to prison fourth class post masters most of postmaster whom are in small gen ge fae farley villages receive per cent on the first 75 of post age they cancel 85 per cent on the nest and 75 per cent on all in excess of 1 5 to this compensation are added the rental of post ofik boxes and an allow ance of 15 per cent for rent light fuel and equipment ament they also receive a commission of d cents each on all the money orders this method of compensating these rural postmasters it appears prompts some of them to use various devices to increase cancellations the more stamps they cancel the more they make fhe inspectors have reported many schemes adopted by postmasters to swell the cancellation fees some of them have mailed bricis briel s gravel and other bulky and worthless articles others who conduct stores sell gro cerles to their relatives and friends in other localities and by affixing sum chent postage on the bags and boxes insured their delivery by the rural car rier riet in the neighborhood they not only received profit on the sales sale but also received from the government the amount of stamps placed on the packages plus the usual per cent representative J J cod coel ran insel gated the investigation and it Is ex pecked that in the next session of con gress he will lead a movement to have the present system of compensation of fourth class postmasters rad cally changed and thousands of the offices abolished coubles roubles between organized la TROUBLES bor and employers predicted some time ago are coming fast coal mm min ers of nv estern pennsylvania to the num her of nearly a hundred thousand were en strike call ng it a hoi hol day in west virginia also there was labor d at weirton 5 employees were forced into idleness in a d between company union and an inde pendent union tl TI e second attempt in two days to picket the clairton worl s of the car negie steel company was frustrated and deputy sheriffs hurried to the plant on a tip that another invasion was planned employees of the ford plant at chester pa struck and the ford company promptly closed down the plant for an indefinite period A federal mediator was sent there but was told there was nothing to mediate the chester workers planned to go to edgewater N J and ask the ford employees there to join in the demand for more pay it was expected that general john son recovery administrator would soon announce carefully drafted plans for a general reorganization of the from an emergency temporary setup into a cohesive body ready to function through the two year life of the recovery act drawn by thomas S hammond of chicago with the aid of the policy board the plan calls for greater ac cent upon self regulation by industries operating under codes with the gov to step in only when feces sary N outstanding figure among athe AN the statesmen gathered at geneva for the coming disarmament confer ence is dr paul joseph goebbels propaganda minister omm of the hitler govern ment of germany he may not be so imbor tant as foreign mm min ister von non oN neurath eurath a but for the present he is more voluble and it is he who is putting forth G e r many s deminds demands for arms equality a and n d who is ostensibly do paul joseph mg ing the horse trad goebbels ing for his country in the discussions that center about the french proposal for strict super vision of arms during a four year test period the german delegates it was said in geneva had been given full pow er by hitler to conclude a d ament accord and an indication that some agreement might be reached was seen in the fact that the french and ger man statesmen were brought together at a carefully careful Iv arranged private din ner attended also by sir john simon of england and some italians italy has been favorable to germany germanys s de mands to a certain extent and has put forward a plan allowing partial rearmament of the reich the germans were willing to accept the supervision plan but only if the commission were authorized to supervise not armaments but merely effectives in other words it would see that germany carried out its obligations to transform the retells wehr into a short term militia and disband semi mil tary organizations ING L R one of america s R RING best known humorists died at h s home in east hampton long island after a long illness at the age of forty eigl t in england mrs A na M williamson an american who ho wrote many popular novels in collaboration with her english hushi husband And C N WU wil liabson ll arnson passed away at bath 0 1933 western newspaper Newe paper union |
