Show news review of current events the world over Busi neM men bankers and others assail presidents 9 blone monetary tary policy russia recognized envoys named welles to leave cuba soon by EDWARD W PICKARD MERICAN business as represented aed AMERICAN by the chamber of 0 commerce of the th united states la is now out oot in open opposition to president roose belts monetary policy the board of 0 directors of that nationwide organ I 1 z a t 11 I 1 0 n which Is headed by henry L harriman of boston adopted a resolution declaring that the Prest presidents dents course was wag gravely bravely retarding business recovery and re em employment loy ment undermining the govern president eident Pr ments credit prevent roosevelt ipg ing the he expansion ot of normal credit and prolonging the demoralization of foreign trade in other words worda doing just the opposite of what mr roosevelt Hoo sevelt hopes it will do the directors demanded of the administration complete avoidance of monetary experimentation and flat money until this time the chamber has been supporting the president and mr harriman has teen been active in promoting the alms of the administration ile he attended the meeting of the board as did P W litchfield president of the goodyear tire and rubber company redfield proctor president of the vermont marble company paul shoup vice president of the southern pacific railroad chester 1 I barnard president of the new jersey nell bell telephone jorn company pany and nearly all the rest of the za directors besides attacking the presidents monetary policy the board adopted three other resolutions of similar tenor one protested against the expenditure pend iture of large sums by the public ivores administration tor for financing projects in competition with private business enterprises which are now rendering adequate service at reasonable cost another protested against the public works administrations plan to engage in the building of federal housing projects and insisted that such financing should be through private housing corporations in a resolution on the NIA t the chamber urged that industrial codes should be administered through the trade associations of each industry A AS S HAD been expected prof 0 al W sprague special ad advisor iser to the treasury resigned and in doing so he told the president once his pupil at harva harvard rd that the rl roosevelt Hoo sevelt dollar depreciation pre clation policy not only will fall to raise prices substantially in the absence of trade P alvr recovery but will ruin ruia the credit of the government and precipitate an inflation panic 1 I believe sprague said in his letter you are faced with the al prof 0 M W ter natIve e either I 1 t h e r of giving up the present sprague policy or of the meeting of gocan go eminent expenditures with additional money having haring finally lost all hope that the president might be persuaded to aban change e his course before it Is too late professor sprague said he was resigning to take the field against the roosevelt policy believing that the last chance of averting a currency inflation debacle lies in arousing public opinion another of the presidents financial advisers though unofficial james 11 I 1 warburg War burgi new york ba banker riker joins with sprague in protest against the present monetary policies like the protestor protessor he will undertake to arouse public opinion against them this he announced at a meeting of the american academy of political science in philadelphia at the same meeting prof irving fisher yale economist said the presidents president monetary policy was substantially ly right and senator thomas of oklahoma asserted that he was opposed to inflation which will cause general surprise members of the advisory council of the federal reserve board composed of prominent bankers in each federal reserve district met in washington and adopted a resolution favoring the me re establishment of the currency on a gold basis together with safeguards to be agreed upon by international action the resolution was circulated privately among all the member banks fr in the federal reserve system ACTING secretary of the treasury replied to criticism by saying baying that the credit of uie the united states Is as good as the rock of gibraltar ral tar but at the same game time ho he let it be known that in order to bolster up the prices of government securities which have been dropping the treasury department itself would buy fed eral bonds with some of its surplus f u unda n ds ato PRESIDENT RESIDENT ROOSEVEL TS answer to these protests against his pol ides as obtained by washington bials who communicated with him at al warm springs was to direct that tin the grogram of depreciating the dollar toi for the purpose of raising commodity prices be continued the action of the chamber was wag coincident with the delivery of an ad dress bresg by mr roosevelt at savannah ga in which he denounced the critics critic a of his recovery program as tor tories ll and doubting and warmly defended the experiments he Is in making ka ue ile promised that the principles les and objectives of american self gov gov will remain the same washington correspondents said that an ambitious second stage reconstruction st program was wag being formulated there for the president in his absence important features of this plan are sound money on a devalued gold standard it a balanced budget to come from proceeds of a devaluation liquor monopoly and other painless revenues a revived foreign trade on parity currency and real progress in resumption of foreign debt collect collections ions seizing upon the appellation used by the president critics of his course have organized the association of american tories and it Is gathering many members the originators of the association decided they should have a king tor for their president so they selected for that post rutus rufus king a well known author SECRETARY S or of the interior ickes as public works administrator announced that he had turned over to the new federal housing corporation that Is undertaking slum clearance work in cities through out the country the undertaking he said would be started in detroit with a model housing project D of diplomatic rela rations lv alons with russia and the recognition of the soviet government came as a was expected on the eve of the presidents departure vi for warm springs ue ile and commissar litvinov issued a joint announcement of the happy ending of their negotiations and sir air roosevelt immediately I 1 designate i william C bullit as american ambassador to moscow which greatly pleased the russians A A troyan within a day y or so dovsky the g soviet government announced that its ambassador to washington would be alexander antonovich to formerly diplomatic representative at tokyo and now vice chairman of the russian state planning commission this gentleman was born in russia in issa studied in the university of kiev was exiled to siberia in 1900 1009 escaped and lived in france until 1917 and served in the russian revolutionary army with recognition by our government russia agrees not to allow its agents to propagandize against the government of the united states guarantees religious freedom and legal protection for american nationals in russia and waives all claims against the united states growing out of the american expedition into siberia in 21 no promise whatever Ahat ever was made by mr air litvinov concerning the attitude of his government toward the payment of in debts owed by russia to the united states government and to private american citizens his conference with F FOLLOWING ambassador welles in warm springs president roosevelt issued a formal statement concerning the cuban situation which was designed to let president grau know that the united states Is not ready to recognize his government and will not do so go unless he be can persuade the 4 island factions to tease cease their warring and agree among themselves the statement reiterated sumner welles the adminis orations trat lons ions policy of recognizing any government ern ment regardless of its partisan or factional color which proved itself representative of its people find and able to secure their support but it was made clear that the present cuban government assailed as it has been by one revolutionary attempt after another n did not at present meet these conditions mr roosevelt supplemented his statement by the announcement that though ambassador welles would return to his post in havana after visiting washington he be would soon be replaced by jefferson caffery and would resume his als former position as assistant secretary ot of state for latin american affairs this Is in full accord with mr air welles desires though he has been unwilling to retire from havana under the heavy fire directed against him by the supporters of the grau government the latter had been organizing gant gan izing zing a great protest demonstration designed to keep the ambassador from landing at the havana docks and serious trouble was feared mr roose belts announcement it was hoped would case this tense situation P PREMIER ALBERT government was wa upset by the french chamber ot of deputies by a vote of to 0 due to 0 lt insistence on retention t of the gold standard it and balancing 1 n g the h e budget et its s defeat was really brought about by the determination of the unions of civil servants not to submit to any financial sacrifices in the interests of the state there was a belief in paris that edouard herriot might again be called on to form a new ministry SECRETARY OF STATE HULL who seem been to cut much of a figure in the administration Is to have a new assistant secretary president roosevelt appointed to this post francis B sayre son bon in law of the late president wilson and he be will succeed u c c e d narry harry F payer who has been transferred to the position of special foreign trade adviser to the mr air sayre Is a professor L in the harvard law F c B n sayre sy e school and will re move from cambridge to washington as soon as ag arrante arrangements ments ca can n be made with the university As adviser on foreign affairs to the government of slam mr sayre has had wide experience in the negotiation of political and commercial treaties since 1925 1025 he has negotiated treaties between the siamese government and the governments of france great britain the netherlands Ne tharland spain portugal denmark sweden norway and ital italy ne ile holds decorations from all of the principal nations of europe I 1 lieutenant COMMANDER SETTLE AJ A J of the navy and major ford ney of the marines finally found a day of favorable atmospheric conditions and made their long delayed night flight into the stratosphere their bis big balloon ascended from akron ohio and reached an altitude of feet this beat the existing record by about feet though dussias Rus sias stratosphere explorers clat damned pied to have ris en above feet settles balloon and aluminum ball came down in a southern new jersey swamp and the two daring explorers explorer extricated themselves safely and were taken by airplane to washington where they were received by the see sec rotary of the navy and other officials newfoundland Is about to lose aits nits in its status as a british dominion and be demoted to that of a crown col ony this course coune has been becom mended by a royal commission that has hag been investigating the domin dominions tons tangled financial affairs the report of this body charges that newfound lands debt which has reached the point where the interest consumes co 50 per cent of the states income Is I 1 largely due to reckless waste and ex trava gance and to the absence of constructive tive and efficient administration newfoundland was the first of great britaina Brit ains overseas colonies labrador Is included in its government and one of the suggested solutions for the islands lands s difficulties has been to sell lab rador to canada paying the public debt with the proceeds all over the world seismographs showed the other day what busts declared was the greatest earth quake ever recorded but fortu fortunate natel it occurred way up toward the north pole between greenland and baffin island where there was nothing to destroy except land formation and no lives to be taken rnest W GIBSON who formerly ewas ERNEST was a congressman from vermont will go back to washington to represent that state in the senate ne he was appointed by governor wilson to fill the vacancy caused by the death of senator porter II 11 dale INS farm strike fizzled wout out so it was called off by the heads of the farm holiday association and the milk pool the pickets were all withdrawn and shipments of milk an and other farm produce to the markets were resumed the milk pool leader said another holiday probably bould be ordered in february C LIINA seems to be headed for another civil of war major proportions the faia famous ous nineteenth route army which defended shanghai against the japanese early last year has revolted against the government and issued a declaration of independence of fullen province it if la rumored the army has reached tin an understanding der standing with the communists in province the fact that Fu klent kiens chief political principle Is continued opposition to japan has caused apprehension that it t Is likely to provoke japanese intervention vent ven tion IOD the province con contains tans extensive japanese interests and la Is regarded as a japanese sphere due to its location opposite the japanese island colony on formosa N DECEMBER 6 5 the fascist grand 0 ON council will be convoked to discuss the question of italis membership in the league of nations and informed opinion in rome la Is that italy will withdraw from the league unless france consents to the holding of a disarmament conference in rome under the four power pact that was engineered gine ered by Musso mussolini lint so far the french haie hae refused to participate in any such conference outside of geneva and the auspices of the league three italian newspapers al ready have hinted ot at tile the of the withdrawal awal of anly ow one a 0 them la is the pr or i 1 biolo jolo ili timit 45 10 |