The Alamance Gleaner I # VOL. LVIII. _ GRAHAM, IS, C., THURSDAY AUGUST 25, 1932. NO. 29. | News Review of Current Events the World Over Business and Industrial Conference Called bv President Hoover?Smoot Predicts Revision of Revenue v Law?Walker Case Developments. By EDWARD W. PICKARD IN THE nature of a culmination of his program for economic recovery will be the conference which Presi dent Hoover has called to open Au gust _o in w ashing ton. Those summoned are the members of the business and in dustrial committees recently set up in the twelve federal re serve districts, and the purpose an nounced by Mr. Hoo ver is to start a "con centrated campaign along the whole eco Franklin nomic front.' Fort Continuing the Pres ident said: "The con ference will deal with specific proj ects where definite accomplishments !n business, agriculture, and employ ment can be attained, and will co-or dinate the mobilization of private and governmental instrumentalities to that end." Committee chairmen and officials who were to hold the preliminary or ganization meeting were: Carl P. Dennett, Boston; Owen D. Young, New York; George 11. Houston, Philadelphia; L. B. Williams. Cleve land : Edwin C. Graham, Richmond; George S. Harris, Atlanta; Sewell L. Avery. Chicago; J. W. Harris, St. l^>uis; George D. Dayton, Minneap olis; Joseph F. Porter, Kansas City; Frank Kell, Dallas; K. R. Kingsbury. San Francisco; Secretary of the Treasury Mills; Secretary of Agricul ture Hyde; Secretary of Commerce Chapin; Secretary of Labor Donk: Eugene Meyer, governor of the fed eral reserve board; Atlee Pomerene, chairman of the Reconstruction Fi nace corporation; Paul Bestor, chair man farm loan board; Franklin Fort, chairman federal home loan board. ' and James C. Stone, chairman of the federa I farra board. Much is expected to he accom plished by the home loan banking sys tem created by congress, of which Franklin Fort of New Jersey has been made chairman. In a radio address Mr. Fort explained that the home loan banks will have the power to make direct loans on first mortgages up to the same percentage of the value of the property that they may loan to institutions. "We shall all he greatly disappoint ed," he continued, "if the home loan bank system does not put under the real estate and mortgage structure of America the type of underpinning which not only will prevent its col lapse In those troubled times, hut will form a foundation for the continued expansion and growth of home own ership." SENATOR SMOOT, chairman of tlie senate finance committee, realiz ing there are many inequalities in the now revenue law, expresses the opin ion that congress, when it reconvenes, will find necessary a revision, of that n:easiire to fit business conditions as tl'.oy will thou oxist. And ho believes the plan of a general manufacturers' sales tax will bo revived. "Personal ly" s:fid the Utah senator. "I think that the bottom of the business de prossion has been ireached and that conditions are getting better every where in the country." The Chaml>er of Commerce of the United States has announced forma tion of a special committee on taxa tion to examine "the manufacturers' sales tax and other possible ^sources of federal revenue" as a moans "of curing inequities in the taxation sys tem as set up in the last session of congress." VICE PRESIDENT CURTIS was formally notified of his renomina tion by the Republican party at his home in Topeka, Kan., The cere mony was notable for its simplicity, for "Charlie" had said he did not wish his friends and neighbors to go to a lot of expense. There were no pa rades. hut the Topeka Post band of the American Legion played and the Siiiue post provided a color guard. Senator Dickinson, chairman of the nntifieation committee, spoke for about ten minutes, and Mr. Curtis then de livered his address of acceptance, an effort that received high praise from his fellow Republicans. SOUTH TRIMBLE, clerk of the house of representatives, decided that Speaker Garner and Represent ative Ralney were right and that it was mandatory en him to make pub lie the details of loans made by the Ileconstruction Finance corporation since July 1. In this he disagreed with President Hoover, who sought to avoid this publicity and who thought further congressional action was nec essary if the transactions were not to be held as confidential by the clerks of the senate and house, FIVE distinguished engineers will pass on all applications for loans for self-liquidating projects as pro vided for in the relief act carrying a f 11 rvH nf 9* 1 rnnnAA J C?,