Evening star., 1933-07-22
STOCK PRICE SWING
|CAUSESNOCONCERN'
Roosevelt Represented as
More interested in Speed
ing Recovery Program.
sy the Associated Press.

Dy the Associated Press.
The price swings In the stock market
are causing President Roosevelt no par
ticular concern.
The administration approves the tenn
porary closing Of commodity exchanges,
because speculation there affects tang
ibles. But 1t was. made very clear Ut
the White House that there VIII Be.
under present plans, no interference
with the Stock Exchange.
It was made equally clear that the
administration does not especially want
drop In stock prices. nor do Mr..
Roosevelt and his assistants desire an
other speculative boom that might be
followed BY : slump.
The theory expressed was that specu-
lators and investors who ct the present
or any time bought stocks when they
started up. and thus stimulated prices
until they were above real value. could
expect to take losses when the drop
came. There was NO DEFINITE indica-
ton, however. Of belief that prices had
been too high.
At best, 1t was said, stock market
prices now are subject to many in1lu-
ences other than true worth Of the Sc
curities bought and sold. Pools may
raise them; pools may lower them.
Interested IN Pushing Recovery.
Instead of being especially concerned
about the market, President Roosevelt
was represented as interested IN pushing
ahead his general recovery program
That, 1t was reported, would bring .
more lasting benefit to the great mass
Of people who depend upon earned In
come for living. II that recovery pro-
gram Is completed. 1t was added, much
Of the significance now attached to
stock market activity will become COM
paratively inAgnifcant.
In the commodities exchange field,
however, farm administrators sum-
moned organized groups in the grain
trade for q conference here Monday to
see what steps can be taken under the
farm adjustment act to maintain fair
and stable grain prices for farmers" "
George N. Peek, chief administrator
OF the farm act. issued the call for the
meeting after . conference with Secre-
tary Wallace, who yesterday said licens-
ing of grain markets was q possibility
unless speculative activity. which he be-
rise and .all in grain prices, Is curbed.
Grain Interests Invited.
Peek said invitations were being issued
to all the principal organised interests
engaged In the marketing and handling
of grain from the time 1t leaves the
hands Of the farmer until 1t reached
the consumer, as well as spokesmen for
those engaged in grain futures opera
tions."
Peek said in announcing the grain
conference that "a thorough discussion
of steps that can be taken under the
act with particular referep /, p~oh-
lens of prices and marketing Of grain
and grain products Is pianne..
Representatives Of the trades are to
be given an opportunity to outline plans
that the different groups or industries
already have undertaken" he said.
They are invited to offer constructive
! may be taken under the act to meet the
i grain price situation" N1t
There was q report that consideration
/ might be given to formulation OF code
by the grain industry under the indus
, trial recovery act President Roosevelt
recently delegated authority to secre-
! tary Wallace to deal with food indus
| tries with the exception of powers bear
i ing on wages and hours Of labor.
As Q result, 1t was said, the procedure
which might be considered. q market
! ing agreement under the farm act or
a code Of competition under the indus
trial act, was immaterial since admins
tration of provisions bearing on the
grain trade would be under the admin
istration Of Wallace in any event.