LOWELL THOMAS - SUNOCO - TUESDAY - 6/S7/5?;. Good Evening, Everybody. Here comes some good news. There is joy on many an American farm tonight, for the glad news has just come through that^Dollar Wheat is with us again for the first h time in nearly three years. To be exact, the Wall Street Journal informs me that today May wheat went up on the Chicago Board of Trade to a dollar-and-two-and-a-half cents. And that just about amounts to a real sensation when we stop to recall that not so long ago wheat was down to forty-six cents a bushel. Coupled with this good news comes a report that yesterday’s buying orders in the wheat pit exceeded two hundred million bushels and today that figure was topped. Yes, and today all other commodx uies 'went up. including suger, cocoa, rubber, silk, and hides 11 mi iih ■ ■i—i Wii Hiiiwii jifiimi, TAXES The Treasury Department made an unusual announcement in Washington today. Uncle Sam collected twenty-four million dollars more taxes in the year ending June SSrd, 1953, than in the same period a year ago. The Treasury Department also stated that as a result of this increase, and as a result of economies effected by President Roosevelt, the Treasury Deficit is one billion dollars less than a year ago. I imagine the President is smil/ing about this, even if he isn’t smiling about the weather. Mr. Roosevelt is still fog-bound on the coast of Maine, at Lakeman Bay. He now expects to reach his mother’s summer home at Campobeilo, Novia Scotia, sometime on Thursday. The President has decided to extend his vacation until about July 5th, This news comes direct from the White House, from Mr. Roosevelt’s secretary Steve Early. The President is doing this in order to get in some sailing in the Bay of Fundy. Colonel Steve Early is just back from a week’s cruise with the President. SENATE The financial fireworks will soon be on again In Waf'Vnihgtan for the Conuiii't'tee on Banking and. Currency resumed its investigation today. And the principal actor before the Senate Committee was none other than Mr. Otto H. Kahn, head of the great private banking house of Kuhn—Loeb, art connoisseur, patron of the theatre, first-nighter, and until recently Chairman of the Board of the Metropolitan Opera Company. Mr. Otto Kahn speaks in a low smooth, but distinct voice, with a marked German accent. Harold Brayman, of the New York Evening Post, states that before taking the stand, Mr. Kahn told newspaper men that he had come to Washington to speak with complete frankness. One of his most dramatic statements was, that for several years cut­ throat competition for the marketing of both domestic and foreign securities had been going on among international banks. But he added that his own firm had never joined in what he called this undignified scramble. He told the Senate Committee prou#dly:- "We do not chase after clients. They cometons. Our reputation is our show SENATE - £ window.'1 He also told the S.enate Committee that the cut-throat competition had been injurious to the public. Then he added "that in 1968 some bankers thought they had the bull by the tail, l?ut it turned out to be a bear." He also declared that at one time "In those mad years from 1926 to 1928, there were to my own personal knowledge no less than fifteen American bankers in one small European city bidding for a bond Issue." (rfiAUD RAPIDS I have been jumping all over the place lately. This time I have landed ±u (irand Rapids, the place where your dining room tables and chairs probably came from. Along with Postmaster Jim Farley, and many others, I came out to attend the 29th Annual Convention of the Advertising Federation of America. The Postmaster General did his speech-making last night, and tonight is my turn. At noon today, I attended a luncheon of newspaper executives and the principal speaker was Stuart Peabody, President of the Association of National Advertisers, and one of the chief executives of the Borden Company. In addition to speaking about things that were of special interest to the fellows at the luncheon he got off a couple of good lines that I thought might interest you. Speaking about the Senate banking inquiry in Washington and the investigation of Kuhn-Loeb & Company that is to commence shortly, he said some of the members of that firm had taken Mr. Otto Kahn to a Broadway clothing store and bought him a $14 suit a of clothes and a $1 hat to wear at the hearing. And when Mr. Otto Kahn was asked if he had made any special plans in connection with the Senate Inquiry he re­ plied: tT0h, yes, we are going to bi’ing our own midget. COTTON Another important hearing took place in Washington today - the first to be held by the Administration of the National Recovery Act. The principal witness was the President of the Cotton Textile Institute, who submitted a code upon which the textile industry has agreed, the first code to be presented by any American industry. General Hugh Johnson said it was expected to be used as a pattern by other industries. He described it as a method suggested by a great Industry whereby labor and employers can join hands nto pull us out of the depression Insofar as this industry is concerned.Tf Then he added, nthe function of the Government is to see that these agreements attain the end for which they are designed and to see to it that they do not work injustice 6n any one.tt One feature of the Cotton Textile Industry,s will be the eliminat-Lon of child labor. code of fair competition PROHIBITION Ah, here is a surprise for some. California and West; Virginia are voting today on whether or not to repeal the Eighteenth Amendment* And both are providing unexpected drama* The Wets thought they were going to win each state in a walk. But the latest word is that the race Is exceedingly close. No figures are available, but both Wets and Drys are claiming victory. In New York State they are holding the repeal convention at Albany. When former Governor A1 Smith took over the gavel there was w^ld cheering. Postmaster General Jim Farley hurried there from Grand Rapids. The principal speech of the day in Albany was delivered by 86-year-old Elihu Root, advocating the adoption of a repeal measure. In Washington, D.C., Attorney General Cummings gave out the information that more than thirteen hundred agents of the Prohibition Bureau will be let go. They can hunt other jcbs Moley Well, the head of the Brain Trust is now on European soil. Professor Raymond Moley, Assistant Secretary of State, landed at Plymouth, England, today, and will he in London around midnight. Before Professor Moley reached England, when his steamer touched at Queenstown, Ireland, or Cobh, as they call it now, he issued a statement urging that the London Conference be given scope for bold experiments. AMERICA IN LCmPOK Vmat looks like ^ signal victory for American ideas is reported from the London Conference. The foreign service of the New York Evening Post reports that a full acceptance of Uncle Sam's monetary policy Is now in sight. In face, it is expected that Senator Key Pittman's resolution will be adopted in a formal session of the Monetary Committee tomorrow. The agreement, as I understand it, is that only gold will be used in the settlement of international balances, France has agreed to withdraw all gold coins from circulation, but not large gold bars. The word is that all members of the Monetary Committee of the London Conference have accepted Senator Pittman's suggestion that 50^ of the precious metal reserves, henceforth may be In silver. This arrangement will be subject to the final decision of each country's Central Bank. They have also consented in . London to the proposal of Uncle Sam's delegates that the precious metal coverage for currency may be reduced to 25%. Well, it looks as though Uncle Sam's delegates are getting on with their Job, after all. In fact, a wireless report direct from the London Conference informs me that our delegates greeted the victory of AMERICA IN LONDON -2 II Uncle Sam's proposal as the first real big decision of the Conference. And here's an interesting sidelight on what happened over there:- One of the delegates. Representative McReynolds of Tennessee, astonished the Conference by making an opportunity to attack the Republican Party. He accused the G.O.P., and the Smoot-Hawley Tariff Bill of being the real cause of the decline of the World's trade. Here's another thing that happened over there:- Prime Minister Ramsay MacDonaold held a meeting with Representatives of the wheat—producing countries of the world. The idea Doing to try and come to an agreement on the problem of restricting wheat production. The belief is in London that they are going to succeed, although three states out in Australia, are still , i holding out. LONDON Gola, glittering, shining gold, occupied the center of the stage in London today. It seems that the nations that are still trying to stay on the gold standard s.re worried — all up in the air. Correspondent Swing cables the New York Evening Post that the Dutch gold florin has taken a tumble which has brought about a crisis. On account of this crisis a conference - a hurried conference - was held In London today by representatives of the central banks of France, Holland, Belgium, Switzerland and Germany. In fact this gold meeting for the moment just about put an eclipse over the World Economic Conference. One result of the discussion between these international bankers was d decision to urge John Bull to hurry up and say jusu where he stands on this whole monetary question. They want the British Treasury to hurry up and state whether it Intends to stabilize the Pound Sterling, and if so, when, and if so, at what rate. Meanwhile the central banks of these five countries placed their foreign exchanges at each other's disposal, thus relieving the crisis in Holland. After they had done^ this, and KgmMnm mem LONDON - 2 it becajne known, then the Dutch Florin started going up again. However, representatives of The Netherlands are making light of the situation. They say the crisis today is not nearly as serious as some they have successfully overcome in the past. : I NBC . — disarmament And now herets a story that*s going to drop out of the news for a few months:- I have just heard direct % from Geneva, Switzerland, that the V/orld Disarmament Conference has adjourned until October. Presumably they want to wait until the boys have talked things out in London, NBC FLYING It v/as rather hot in parts of the world today. But flying* at the rate of 150 miles an hour, up above a sea of tumbling fluffy clouds, up at an altitude of 8,000 fe6t, it was as cool as on top of PikeTs Peak. So itfs no wonder that people are taking to the air, and that nearly all the planes running back and forth across the country now are flying in two and three sections to accommodate the passengers. L.T. > PRINCESS KROPOTKIN Princess Alexandria Kropotkin, a descendant of* the first Czar of Russia, and now one of the editors of Liberty Magazine, told the advertising gentlemen here in Grand Rapids that their job now is to create a world-wide demand for the things that, to Americans, are necessities — silk stockings, to toothpaste and straw hats. Said the Princess: nI believe that the best thing that could happen for Russia would be to have a five-and—ten-cent store in every town,” And that from a Princess. GOLF If you are Interested in golf here*s a yarn for you. England has the Ryder cup once more. John Bull’s crack golfers finally put it over on us. Walter Hagen managed to beat his man, and so did Craig Wood, Gene Sarazeh and Horton Smith. But that wann’t good enought. Olin Dutra, Paul Runyan, Dinsmore Shute, and Leo Deigel, lost their matches and the whole business ended with England having the cup in the bag. NBC KTCJG GEORGE HereTs a sporting item that concerns his Majesty King George of Merry England. Two of his Brittanic Majesty's horses won their races, at the famouse race track at Newmarket. A third Eoyal horse lost his event by only a head. So it was a big day for the King. WORLD'S FAIR One of the big events at the World's Fair in Chicago is going to be for fans of the good old game of barnyard golf, otherwise known as pitching horseshoes. As a matter of fact, it will start July 27th and KBKfcfcfcK continue till July 51st. Champs and near-champs from every section of the U.S.A. will compete for the title of Champion Horseshoe Pitcher of the World. Boy, what a title I And, to make it all the more impressive, the tournamenlyi s to be under the auspices of the National Horseshoe Pitchers Association. AT WORLD TS FAIR Oh, yes, and I*ve almost forgotten to tell you what I thought of the World’s Fair. I went last night. How did I lihe it? Well, I went there expecting to be disappointed. Here’s my tip:- If you go, get your first view of it by night. When the lights came on I was sitting on the iaiam balcony of the Century Club overlooking one of the Lagoons. Suddenly there was a boom. That indicated that the light from the far-off star Arcturus was turning on the lights of the Fair. Then, one by one, the fountains with their many-colored lights began to play, the weird modernistic buildings turned into towers and columns of red and purple and green light. Beams of many-colored lights went shooting criss-cross h throught the sky. Gondoliers, singing and strumming, glided by on the Lagoon. Music came out of the air. It was Fairyland, a modernistic fairland, such as I had never seen. And if you go, try and save up a couple of dollars extra so you can afford to rent a Rickshaw or a rolling chair. That's the way to see tht atefftsts without getting weary. I was particularly lucky because a friena- of mine exnert on science. Maurice Holland, head of the National AT WORLD'S FAIR -g Research Council, took me around. Science, the great changes of the past century of Progress, that’s the central motif, as you know. The scientific exhibits are bewildering, particularly to a non-scientific bird like me. I could talk all night about it, but I’ll leave that to Floyd Gibbons, Burton Holmes, and some of my other friends who are telling you about It ± on the air almost every night. Anyhow, I went expecting to be disappointed. But I wasn’t. It’s a knockout. But,see it first by night If you can.