The midland journal. (Rising Sun, Md.) 1885-1947, 1932-09-02

- -''''''' along the whole eco
Franklin nomlc front.
Fort continuing the Fres-
j.. ident said: 1.-THE con-
ference will, deal with specific prof.
ects where definite accomplishments
In business. agriculture, and employ
ment can be attained and will co-or-
dinate the mobilization of private and
governmental instrumentalities to that
end"a n ~ 4.AS-1 r
Committee chairmen and officials
who were to hold the preliminary or
ganization meeting were:. dL- s-@
Carl z. bennett, Boston; Owen D..
Young, New York; George H. Houston,
Philadelphia L. B. Williams, .Cleve-
land; Edwin G, Graham, Richmond !;
George S. Harris, Atlanta; Sewell l..
Avery, Chicago; J. W. Harris, St.
Louis; George D. Dayton, Minneap-
oils; Joseph +. Porter, Kansas City |;
Frank Kell, Dallas; K. r. Kingsbury.
San Francisco; Secretary of the
Treasury Mills; Secretary of Agricul-
ture Hyde; Secretary of Commerce
Chaplin; Secretary of Labor Doak !;
Eugene Meyer. governor of the fed
eral reserve board; Atlee Pomerene,
chairman Of the Reconstruction Fl.
mace corporation; Paul Bestor, chair
man farm loan board; Franklin Fort
chairman federal home loan board,
and James c. Stone, chairman Of the
federal farm board.
Much is expected to be accom-
plished by the home loan banking sys-
tenn created by congress, Of which
Franklin Fort of New Jersey has been
made chairman. In a radio address
Mr.. Fort explained that the home loan
banks will have the power to make
direct loans on first mortgages up to
the same percentage of the value of
the property that they may loan to
institutions.
''We, shall all be greatly disappoint-
ed" he continued, eff the home loan
bank system does not put under the
real estate and mortgage structure of
America the type Of underpinning
which not only will prevent it's col
lapse in these troubled times, but will
form foundation for the continued
expansion and growth of home own
ership."
The machinery of the new organiza.
ton. which will be set up as soon as
the board decides upon the sites for
the establishment of the eight to
twelve home loan banks provided by
the law, is designed primarily to ad-
vance loans to building and loan as
sociations, savings banks and insur.
ance companies in the mortgage field.
CENATOR SMOOT, chairman of the
Y senate finance committee. realiz-
ing there are many inequalities in the
new revenue law. expresses the opin.
ion that congress, when it reconvenes,
will find necessary a revision of that
measure to fit business conditions as
they will then exist. And he believes
the plan of general manufacturers
sales tax will be revived. Personal
ly" said the Utah senator. 81 think
that the bottom of the business de-
preston has been reached and that
conditions are getting better every
where in the country"
The Chamber of Commerce of the
United States has announced forma.
tion Of a special committee on taxa
ton to examine 1.-The manufacturers
sales tax and other possible sources
Of federal revenue" as a means "of
curing inequities in the taxation sys.
tenn as set up in the last session Of
congress-
NICE PRESIDENT CURTIS was
' formally notified of his renomina-
tion by the Republican party at his
home in Topeka. KAN. The cere-
mony was notable for it's simplicity,
for "Charlie" had said he did not wish
his friends and neighbors to go to a
lot of expense. There were no pa
rades, but the Topeka Post band of
the American Legion played and the
same post provided color guard.
Senator Dickinson, chairman of the
notification committee, spoke for about
ten minutes. and Mr.. Curtis then de-
livered his address of acceptance, an
effort that received high praise from
his fellow Republicans as-
COUTH TRIMBLE. clerk of the
- house of representatives decided
that Speaker Garner and Represent.
alive Rainey were right and that IL
was mandatory on him to make pub.
lie the details of loans made by the
Reconstruction Finance corporation
since July l. In this he disagreed
with President Hoover, who sought to