Evening star., 1933-06-15
COX ELECTED HEAD
OF MONEY GROUP
US. Believed to Have Agreed
to Temporary Sterilization
of Dollar.
Continued From First Page

brought special ovation.
A second vice president was chosen
for each of the committees-Monetary
and Economic Victor Kienbock OF
Austria was named vice president OF
the Monetary Committee along with
Sipnor Jung. On the Economic Com
mittee. beside Prime Minister Collin as
chairman. Delegates Krogmann OF Ger.
MANY and Thomas A. LIE Breton OF
Argentina were chosen vice presidents
This committee was left to select It's
own reporter.
Compromise Reached.
a comnromise between America and
France whereby the United states gets
the chairmanship in exchange lor
temporary de facto sterilization OF the
dollar was understood to have peen
reached.
This was an outgrowth Of confer.
ence between Secretary Hull and
Ronnett. in an effort to break dead
lock over the leadership OF the lmpor-
tant monetary group.
n was understood that M. Bonnet
previously had conferred with James
p Warburg a member of the Ameri-
can delegation.
Coming from the conference with the
French minister, Mr.. Hull said that
the parley was marked by spirit OF
team work.
The French hitherto had insisted
that a representative of gold stand
ard country be named to the position.
M. Bonnet also conferred with Mr..
Cox and afterward the Frenchman de-
clared, I'VE have met Gov. Cox and we
love him."
American quarters said that de facto
stabiliZation within 48 hours was likely
The French appeared mollifled by the
prospects for stabilization of the dol
lar, and there was less evidence OF ten
sion in the French delegation.
Many Delegates Absent.
The pressing Importance of affairs
outside the main assembly hall, where
the speeches were proceeding, was eyi-
denced on resumption Of the afternoon
session.
Prime Minister Macdonald had
barely made his bow as president when
he handed over the gavel to Foreign
Minister Paul Hymans of Belgium and
disappeared Mr.. Cox, who was Il his
delegates seat promptly deserted the
assembly hall, leaving Senator Key
Pittman of Nevada as the sole Amer
ican delegate present.
Private discussions had proceeded
during the luncheon recess. Wellin-
formed conference quarters said they
understood the Americans had agreed
to stabilize the dollar and the pound
only ON condition that the principal
central banks would pursue monetary
and credit program designed to con-
tinue the advance in commodity prices.
1t was believed the French had agreed
to go at least part of the way in such
measures. The British already had an
nounced substantial agreement with the
American easy money and credit ex-
pansion policies.
Russian Story Denied.
William c. Bullitt, special assistant
to Secretary Hull denied this afternoon
reports circulated in Russian quarters
that he had been instructed to make
overtures toward American recognition
of Soviet Russia,
Mr.. Hull characterized the reports as
absurd"
Within the assembly room speakers
from the four corners of the earth
continued their addresses in which they
outlined their governments viewpoints
OH economic rehabilitation.
The principal delegations, however,
were beginning to chafe under the de-
luge of oratory, and wanted action.
For this reason many leaders were
absent from the session proper and were
getting set for real business.
The conference assembled in a more
cheerful mood this morning. There
seemed to be much less tension, and
many expressed the happy view that
the British war debts arrangement, an
nounced last night, had cleared the air.
Portugal Accepts Truce.
Caeiro da Malta, representing Portu-
gal, as the first speaker today an
nounced his country had accepted the
proposal for tariff truce suggested
some weeks ago by President Roosevelt
for the duration of the conference.
Twenty nations thus far have an
nounced their adherence to the armi-
stice plan.
The speaker congratulated President
Roosevelt and Prime Minister Mac
Donald on their debt arrangement, and
echoed the view already expressed by
many delegates outside the assembly
when he said he considered 1t "a most
fortunate omen"
He said Portugal was preparing a
way to return to the gold standard,
reserving for itself the determination
of how to achieve parity.
Portugal is not able to accept the BIZ
ui6bdlllSI SySItIll, Id IHdltd
During his address, Cox, Senator
Couzens and others Of the American
group took their places in the con-
ference hall.
Americas silver program, which pre-
viouSly had found few expressions Of
approval, received the unqualified sup
port of China.
T. V. Soong. the Chinese spokesman,
said in his address before the plenary
session that he hoped the conference
would seek to raise and stabilize silver
prices, thus increasing the purchasing
power of vast populations in China and
India.
Bennett Backs Chamberlain.
Premier R. 3. Bennett of Canada, the
next speaker, said he agreed to an easy
money policy. a suggestion advanced
by several speakers Tuesday and We'd
nesday
Discussing the monetary problem,
the p minister said Canada sub
scribeG Fundamentally to what Cham
berlain said yesterday.
This means, he added, that his gov
eminent would endeavor to maintain
the value of its dollar on the London
and New York markets when those two