The midland journal. (Rising Sun, Md.) 1885-1947, 1932-11-11

Mr.. Eble heard the
r. X. Eble testimony of repre-
sentatives of various
Industries and examined the foreign
goods they took to Washington. He
was urged to correct the evil by or
dering higher import duties.
Then President Hoover. fulfilling
promises made in several speeches,
directed the federal tariff commission
to open at once an investigation into
the foreign competition that is dis
tressing the manufacturers and caus-
ing increased unemployment in many
American communities. Mr.. Hoover's
letter was directed to Chairman Rob
ert L. O'Brien of the commission and
appended to it was a list Of sixteen
industries that are being adversely af-
,fccted, together with the names of
the cities and towns that are injured
by the influx of foreign goods The
letter said:
"You recognize that currencies in
thirty countries have now deprecated
from to So per cent, which has re-
duced the standards of living in those
countries and greatly widened the diff
ference in cost of production between
the United States and those localities.
II would therefore be. obliged if the
tariff commission would expedite this
matter in order to afford all posi-
BILE relief to unemployment in these
communities. urge this expedition
because of this possible retardation Of
increasing employment of our people.
If 1t shall prove that the differences
in cost of production between here and
abroad in these industries have al
tered the basis of the tariff duties, /
wish to receive recommendations Of.
the tariff commission at the earliest
possible moment"
Included in the injured industries
are rag and grass rugs, brushes, leath-'
er gloves, silverware. jewelry, chem,
ical products. electric light bulbs, cut
lery. pottery, rubber boots and shoes,
iron and steel products, lumber prod
ucts, canned vegetables and fish and
dried beans. The list was compiled
by the Commerce department 3
RECTORS of the United States
~ Steel corporation came to the
front boldly with action that indicated
they could see real improvement In
the business condition of the country.
They voted to declare the quarterly
dividend on the preferred stock. al
though 1t was not earned during the
previous three months, and no margin
of profit had been shown for the issue
since September of last year. Pay
ment of the dividend requires the out
lay Of $6,304,919, and the net loss
for the quarter ending September 80
was announced as $20,871,709. But
special supplementary report was
made showing gains In production
since last July and still better gains
in the shipments of finished steel.
Three months ago the directors had
warned the holders of preferred stock
that continuance of the dividend pay
ments would depend on improvement
in business conditions.
Wall Street had been tense with
excitement in advance Of the divi-
dend announcement. Probably no
group of men could be assembled in
Wall Street whose combined opinion
would be more highly respected by
the financial community than the
Steel directors, representing, as they
do, the strongest banking interests in
the country.
~ ovERNOR ROOSEVELT returned
NJ to Albany from his campaign
tour of the Middle West and the
South with the assurances of Demo-
cratic leaders that the southern states
which voted for Mr.. Hoover in 1928
had definitely returned to the Demo
cratic fold. His speaking program
from this on was somewhat uncertain
but probably was to include talks in
Boston, New York and other eastern
cities.
President Hoover made quick trip
to indianapolis where he spoke Fri
day night and then hurried back to
Washington to put the finishing
touches on addresses to be delivered
In Newark, N. j., and New York city.
The latter he was said to consider
one of the most important of his cam
paign. Some of Mr.. Hoover's advis-
ers were urging him to make another
tour Of the Middle West. the real bat
tie ground; others thought he should
make big transcontinental swing
that would land him at his home at
Palo Alto. Calf. for election day.
AL Smiths speech in Newark, which
was broadcast by radio. was listened
to with intense interest He devoted
a great deal of II to the liquor issue.