Evening star., 1933-07-07
PRESIDENT SMILES
At PARLEY VICTORY
Roosevelt Pleased, but Makes
No Comment at Continu.
ance of Conference.
By the Associated Press.

BY the Associated Press.
President Roosevelt expressed his
satisfaction with a pleased smile when
word came to him of the victory'of the
American delegation In continuing the
London Economic Conference. and
turned today with redoubled effort 70
the mobilization of the domestic re-
covery campaign.
As word was brought to him Of the
decision at London to go ahead. but
with monetary and tariff matters on
the agenda, the Chief Executive al'-
peared pleased, but made no public
comment. He was the recipient OF
congratulations at the White House.
Their bluff was called" said Senator
Wheeler of Montana after a conference
with the President. He said he praised
Mr.. Roosevelt upon the strength of his
stand against immediate monetary
stabilization.
Depends on Newspapers.
During much of yesterday the Presi-
dent depended upon newspaper reports
on the developments at London. al
though he was said to have communi-
American delegation. Pending offciai
word of the most recent activities Mr.
Roosevelt decided to withhold COM
ment.
So long as the conference is alive the
President is represented in high quar-
tiers as determined to achieve progress
toward bettering economic conditions
throughout the world.
Nevertheless, he was engaged most
busily yesterday in improving conditions
at home, and series of White House
conferences during the day were focused
on the domestic situation.
OF principal interest was q lengthy
conference on credit policies and Fed
eral fins.ce, attended by Eugene Black
governor Of the Federal Reserve Board
and Dean Acheson, Acting Secretary OF
the Treasury.
Mr.. Roosevelt Is commanding the
drive to boost prices and wage levels to
approximately the 1924-25 average.
Whether any new steps toward more
imitation or for curbing of the present
imitation were decided upon at the White
House conference was not revealed.
Sees Perfect Harmony"
6ov Black would say only that
GllC POllClCo lldQ bCCIl uloCuooCu dllu tlldt
perfect harmony" existed between the
President and the Federal Reserve
Board on past and contemplated future
policies.
He disclosed that the Federal Reserve
System had bought up approximately
$125 100000 of Government securities
in the open market during the last five
weeks. This move was the first anC
only one taken thus far by the admin.
tstration under the imitation powers
granted to it by Congress
Until the true domestic purchasing
power of this and other nations has
been determined Mr. Roosevelt was rep
resented as believing it futile to at
tempt to stabilize national currencies
in the international exchange. No par
ticular concern was apparent here last
night, therefore, because monetary
stabilization had been removed from the
immediate agenda of the London Con-
ference.
AS for the exclusion Of the subject
of tariff from the conference agenda
there was no comment. Mr.. Roosevelt
had advocated and wants reciprocal
tariff agreements with the other ma
tions. He can obtain these bilateral
treaties with the other powers without
the necessity of any joint action by the
London parley.
Mr.. Roosevelt did not even ask Con-
gress for authority to raise or lower
tariff duties, although he had contem-
plated taking this step. He feels he can
act independently and separately with
the other nations on treaties subject
to congressional ratification.