Evening star., 1933-09-26
Steel Executives Promise to
Compete for 100000
Ton Rail Order.
PLEA MADE FOR 1926
MONEY AND PRICE LEVEL
Bulletin Calling Closed Shop Agree
ment Invalid Stirs Labor
. Employer Controversy.


ward today to develop in the quiet Of
his Hyde Park residence new invigora-
tion for the Governments manifold
recovery efforts.
Ways to expand credit and lift farm
prices topped the chores scheduled
for even more intensive study by Mr..
Roosevelt after three crowded weeks
spent canvassing every phase of the
Federal push toward economic better
ment.
These tasks have received the Pres
identS earnest attention from the hour
of his return to the White House after
Labor Day from brief yachting holi-
day. New orders seeking to boost farm
incomes and aid N r. A. industries
have been issued rapidly. and demands
for currency imitation apparently re-
Jected for the present.
Newest development in an intensive
credlt-eXpanSion program was a prom
ise given the President by steel execu-
tives to submit competitive bids on a
100000 tonnage order for steel rails
Mr.. Roosevelt planned to advance the
$25 100000 or more needed by the car
riers to buy the rails-provided the
prices are low enough.
Cheaper Dollar Discussed.
The steel purchase was the subject
of one White House conference yes
terday. A cheaper dollar was the sub
ject Of another in a plea for 1926
money and price levels presented by a
farm group headed by Edward A.
ONeal, president of the Farm Bureau
Federation.
Already the President has initiated
numerous Federal moves aimed at
higher farm prices and easier credit
Prominent in the new steps of recent
weeks were:
program for spending $75 000, 900
or more on surplus farm and staple
products for distribution to the needy
A concerted effort to expand credit,
joined in by the Federal Reserve Board,
the Reconstruction Finance Corpora
ton, the Farm Credit Administration
the Home Owners Loan Corporation
and the Public Works Administration
The drive included offers to advance
millions to banks for industrial loans,
to relieve banks of slow farm and city
mortgages, to open and strengthen
closed and restricted banks, to spend
faster the sl,600,CO0,000 of allocated
Organization of the Deposit Guaranty
Corporation to guarantee new deposits
An offer to lend 10 cents pound on
cotton held on farms.
Yesterdays offer to use public works
money to buy steel rails.
Plans in Operation.
These new stimulants to recovery
were in operation, though some were
not yet beyond organization stages.
While the President was reported to
be considering adding coal to the farm
commodities for relief distribution, the
Agricultural Adjustment Administra-
ton was studying the relation between
farm surpluSes and prices, seeking to
determine the most effective method
of expending r. F. c. money in buying
supplies for the destitute.
PRONUNCIATION of the soft coal indus
trial code after months of dispute was
hailed as a new level of N. R. A.
achievement, but the President leaves
behind a still raging employer labor
controversy The National Association
of Manufacturers last night distributed
to thousands of members copyrighted
bulletin advising employers there is no
difference whatever under the law be-
tween company union, on the one
hand, and an affiliate of the American
Federation of Labor on the other" II
added:
Either a closed shop agreement is
invalid whether made with one or the
other type of labor organizations or
are valid, and by bona fide agreement
with the employees through company
union the employer may outlaw other
unions in his plant"
The bulletin was prepared by John
G. Gall. associate counsel Of the asso-
citation, who expressed the view that
either type of closed shop was invalid.
This conflicted with the expressed at
titude of William Green, president of
the American Federation of Labor, who
has announced his organizations inten-
tion Of drawing all labor within its folds.
Roosevelt to Study Report.
Despite the temporary absence Of
Administrator Hugh S. johnson, be-
cause of an infection, the N. r. A.
Hearings on codes for 81 industries were
on this weeks program with Is more
next week.
President Roosevelt had before him
for study in connection with the credit
drive, report from Walter Cummings
conservator of closed banks. that in
the last six weeks 129 institutions had
reopened, and $398,134, 900 been made
available to depositors of 265 banks
This report showed 14,080 banks oper-
ating on an unrestricted basis with de-
posits of $31, ,930, PTS 900, and 2,575 in
stitutions holding deposits of $1,765,-
669, 900 still unlicensed. Release of these
frozen deposits is one of Mr.. Roose
velt's immediate objectives.
Backs Special inducements.
In the copyrighted bulletin prepared
by Gall for the National Association of
Manufacturers the association in
formed employers that under the law
they could advise workers against
joining a labor union or, within limits,
offer special inducements, such as
group insurance, to employees who will
join and bargain through a company
union.
The bulletin was interpreted BY
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