The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1914-1938, 1933-10-05

the reopening OF closed Danks' Ineie
NV freeing several billions OF dol
lars represented by the frozen as
acts of those institutions. Secretary
of the Treasury Woodin, not yet re-
covered wholly from his late illness,
was one of the conferees; the others
were Secretary Of Agriculture Wal
lace. Attorney General Cummings,
Gov. Eugene Black Of the federal
reserve board, Lewis w. Douglas,
director Of the budget; Jesse 81.
Jones, chairman Of the Reconstruct
tion Finance corporation; Walter J.
Cummings, CONSERVATION Of closed
banks, and ]. E. T. O'Connor, con-
troller Of the currency.
Following the conference the
President took train for his Hyde
Park home, and on the train he
had long talk with Prof. James
a. Rogers, Yale economist. Rogers
then returned to washington and
discussed financial matters with
Douglas and others. This led to the
report that some change involving
the purchasing power Of the dollar
was imminent, but dispatches from
hyde Park said no announcement
on monetary, policy was forthcom-
Ing yet.
Senator Thomas of Oklahoma an
nounced that several groups work
ing with him for imitation had de-
eided to suspend their campaign
for the moment to permit trial Of
the credit expansion program pro-
posed BY President Roosevelt.
1t was stated with authority that
the President hopes to get a large
proportion Of the 5000 closed banks
reopened before January 1, when
the deposit insurance system goes
Into effect. In order to qualify for
deposit insurance, banks must be
liquid. Thousands Of the closed
banks, the President Is advised, are
solvent but not sufficiently liquid to
meet the requirements for reopen
Ing. To make them liquid, addi-
donal capital must be provided. To
the extent such additional capital
Is not furnished by the commune
ties In which the banks are situated
II Will be supplied by the r. F. c.,
through purchase Of preferred stock
IN the Institutions, according to the
plan approved at the White House
conference.
iEEL manufacturers, under the
urging of President Roosevelt
and Joseph B. Eastman, co-ordina-
tor OF transportation, have agreed
70 competitive bidding for the sale of
lalls to the railways, and Mr.. East
man announced that 100000 tons of
iaiis will be bought as soon as
financial arrangements can be made.
y tne bids Of the steel companies
snow that reductions in the price
nave been made, the money will be
loaned to the railroads direct from
public works funds.
Competitive bidding and bottom
prices, It was hoped by Mr.. Roose-
.els and Mr.. Eastman, also would
result In the purchase by the rail-
.osos OF quantities of rolling stock
auu equipment, which deals. too.
would be financed by the govern
. usne Loans for buying rails, it was
r may run to some S25, 200, 600.
amount. "'" 'noI
ports OF railroad business are
sueouraging. The first 81 railroads
reporting August business had a to-
oo nm net operating income of s51,O5
~ approximately double that Of
,he e preceding August. A year ago
e nsure for the same number of
. sassiefs was S25,S1O,OOO, the in
u Ts amounting to 97.s per cent,
.. -ae net operating income of these
s a'f,ers In July totaled s5s,sO4. GOO.
~ increase Of 341 per cent over
uis, 1882. Gross revenues Of the
coz, carriers in August amounted to
s soa c ,oSs 900, compared with se4s,.
AnU,,, In July and s21o, 132,OoO in
M ANY OF our large cities are IN
b,r desperate financial straits and
So. s oeen looking to the public
Tba As administration for salvation.
tha se has been much criticism Of
OOoo slO"ness with which the SLIGO
for ~, Oh federal money allocated
bs,, municipal and state projects is
the 1D1 handed out by Secretary of
tor interior Ickes, the administra.
ors out Mr.. Ickes met the NAV.
Wo,, OF IS cities at the Chicago
n %Urid's fair and let them know
'nat the cities themselves