L. T. SUNOCO OIL BROADCAST - 6/28/53 Good Evening, Everybody: Loi,s of exciting things happened today in the business world. In the first plsce^Uncle Sara,s dollar went to a record low point. As the Wall Street Journal points out, at noon yesterday our paper dollar was worth eighty gold cents, that is, based on the quotation for French francs. Today the dollar went down to seventy- six and a half cents in gold^ In the grain markets wheat did a fandango. After going above the dollar mark yesterday down today. But it is still higher than it has been for a long time. Of course, thatfs yfrtsfc for the farmers and we canft begrudge it to them because they haven11 had much in many a long month. At the same time the price of bread has already begun to go up. The front page of the Wall Street Journal tonight records several Interesting things. Traffic on the Ne« York Central went up thirty-one per cent in one week. The output of power wenfcBD almost LEAD - 2 eleven per cent. The shoe making industry is having a boom.if^c^ The fluctuations in the wheat market v^ere brought about by a proclamation from Washington. Professor Tugwell, Acting Secretary t of Agriculture, announced that on July 8th, the processing tax on wheat will go into effect. This is a tax to encourage farmers to restrict their production of wheat. The Department of Agriculture announces that the tax will be at the rate of alaety cents for each A bushel of sixty pounds weight. Wall Street Journal DODGE Here* s something that sounds like a symptomatic piece of news. At least we hope so. The building industries are always an inde^ of business conditions. Kx The F. V/. Dodge Corporation which reports on building contracts, has been making a survey of thirty- seven eastern states for the first three weeks of June. This survey shows that private building contracts have been awarded throughout A the states, amounting to fifty-eight million dollars. This is ten million more than xkx ± were let in the entire month of June last year. The vice-president of the Dodge Corporation makes the comment that private construction is going ahead in advance of the £ vast public works program which is to be undertaken by the government. Incidentally, Uncle Sam's War Department is making plans to spend a large chunk of the millions appropriated by Congress for public works. Officials of the Department appeared before the Public Works Advisory committee today, recommending a program for flo0d fcttita/control and for the improvement of and harbors which will mean the expenditure of three hundred fi^ty-four million. Of this one hundred and twenty-seven million will be spent on fioo control. A great share of this sum will fall into the nands labor and industry. AVIATTQM STRIDES HpT’et 5 another -Interesting indication of the rapid progress of airlines. Beginning July 1, the Eastern Air Transport, according to Thomas B. Dop^ 'l ts President, will operate an 11 Every Honr on the Hour*1 airplane schedule between Mew fork and Washington. The planes, twin-engined Curtiss Condors, will make ten round trips *iai3.y, five of them high-speed, non-stop express, which will reduce travel time from two hours ten minutes to ninety-five minutes between terminals, at no increase in fares, A short time ago the Eastern A-:r Transport nlaced into regular service the new 1935 model Condors, the planes capable of making a hundred and forty-five miles an hour with no more noise than the average Pullman car. Beginning July 1st these wixira planes will be nlaced into daily service over the NewYork— A tlanta t run I cl in e route, hr. Doe tells us that nasserger volume has grown ranidly on r.he Eastern Air Transnort this year. In August, I93S, 'i 1 the record, month at that time, 3,849 passengers were flown , AVIATION STRIDES - £ In March of this year the number Increased to 4,389, and has \- been steadily increasing, June will show a total of 7500 or more. , ^ Well, ■'-hose are big strides. And I heard the same stop;/' from aviation neonle everywhere in the Middle West this week. All the lines are runninr full up. Did you find a cool olace today? I su^e did — in an amoMbian skimming across Lake Erie, from Detroit to Cleveland. We whizzed along onlv ten feet above the water. I 1 11 I COTTON The abolishing of child labor in the cotton industry is coming nearer every day to an accomplished fact. The hearing before General Hugh Johnson, Administrator of the National Recovery Act, continued today^ >A former President of the Cotton Textile Institute % began the morning’s proceedings with the proposal to do away with employment of the young. He announced that the Textile industry Committee would like to add a provision to its 4ode of i’air Competition forbidding the employment of any vaaefegd under the age of sixteen. This announcement brought a round a: of applause from representatives of both labor and employers who Yrere present at the hearing* In other words, the mill owners seem to be definitely sold on the idea, the idea for which reformers have been agitating for more than a quarter of a century. At the same time the differences between labor and employers have not been fully ironed out. The employers propose a minimum wage of eleven dollars in the north and ten dollars in the south. The labor unions claim that this is insufficient and that a minimum wage of fifteen in the north and fourteen dollars in the south should be the standard CONFERBKCE (v.e 11, that world economic conference is at a standstill again. Tlie of Uncle Sam«s dollar arf^^esponsible. ^1.. a j^La-c. crtt-^r ***^H^y t«>at<_^r cLc^v~. ^ WPH+ ■1*!^ oday on the international exchanges to the point where four dollars and forty—four and a half cents were worth one British pound sterling, and the franc climbed to above five cents. Vi/e learn by v/ireless report that the situation is ■ considered so serious in London that representatives of the Central Banks sdbcfchx and the mer bers of the monetary committee have suspended ^ their discussions in order to wait and see what is goin£ to happen ~T$ jl dsUL-pJZ* 0-*<. dfa&rUye-d, Ac Ay S h in the money marke . Many financial experts are predicting that the dolldr- will get back to iarodyi that is, to the point where it takes four dollars and eighty-five cents to make a pound sterling. Raymond Gram Swing cables the New York Evening Post that a secret meeting .as held last night £e**ewn Prime Minister Ramsay MacDonald, Secretary of State Cordell Hull, the British Chancellor of the Exchequer, and Montague H0rman|, Governor of the Bank of England. The purpose of this conclave was to consider the currency prices. The meeting was held at the request of the governments of / mm i * CONFERENCE - £ t1ne gold countries, that is, the countries that are still on the gold standard. The Evening Post reports that the Prime Minister of Holland declared he vrould resign before he would permit Holland to go off gold. The Finance Minister of France said that for France to abandon the gold standard would precipitate political and social upheaval. /Professor Raymond Moley, head of President Roosevelt1s brain trust, is in London now, but so far his arrival there has fh‘) produced no results. Dr. Moley announced that he was authorized by /v President Roosevelt to say that the President stands squarely » behind Secretary Hull in his negotiations on affairs. Moley also declared that there was no contradiction between President Roosevelt1s domestic economic plans and Hull,s internauional economic plans. Secretary of State Hull was. present at the interview, which gave the correspondents the impression tho.t the vnole action was staged clearly to show that Hull and Moley are in full accord on the , ... t-iere is a real love feast between the American position; that tnere i CONFERENCE - 5 Secretary of State and Assistant Secretary of State4**&> U isU' ^ __ _ '^yUwf- bit of news on the subject A Bt*t Tliere of wheat. The Evening Post A id that the consent of the Australian Government has been obtained to an agreement among the wheat countries to restrict production. Raymond Gram Swing - N.Y. Evening Post N.B.C BERLIN 1S Sti11 ^ the fn°Ve ln Germany* The TeslSaation from the Cabinet of Dr. Albert Hugenl3erg> untn reoentl/^^^ ^ K Chancellor Hitler»s right bower, has produced a curious situation. H, R. HnicKerbocker cables the New York Evening Post that it leaves Germany^ Chancellor with the entire responsibility for the economic reconstruction of the Fatherland. So far no successor has been api>ointed to Dr. Hugenberg as Minister of Economics. The Evening Post adds that the Chancellor is on his way to discuss the situation with President von Hindenburg at his country house. Chancellor Hitler is having a tough time filling this job. He has always admitted frankly that he XKEiix knows nothing about economics and wants an expert^ tor-dftr:.the jobi. Unfortunately he finds, as do many other 1'ymen when they are looking for experts, that he can find no two economists that agree. The situation is all the more important because the people at large are beginnin0 to clamor for action j ^ jq this o C om - umm r\ iV BERLIN retake History is still on the ffl0ve i„ Gernany. The resignation from the^Cabinet of Dr. Albert Hugenberg, until reeently^fc^J ^ Chancellor Hitler’s right bovver, has produced a curious situation. H. R. Knickerbocker cables the New York Evening Post that it leaves Germany* s Chancellor with the entire responsibility for the economic reconstruction of the Fatherland. So far no successor has been appointed to Dr. Hugenberg as Minister of Economics. The Evening Post adds that the Chancellor is on his way to discuss the situation with President von Hindenburg at his country house. Chancellor Hitler is having a tough time filling this job. He has always admitted frankly that he xkk & b knows nothing about economics and wants an expert^ tn~ne.-th6.Unfortunately he finds. as do many other laymen when they are looking for experts, that he can find no two economists that agree. The situation is all the h more important because the people at large are beginning to clamor /7 1 I for action " "k this ma-fc'ter Usr**-*^'*- * (2^' k ^XL r-C ^ kerbocker^ N.Y^ EvapingJ^bst ^ •( -i* -&e; ^ <?r * i CANAL (^■‘hepoviet Government has just finished building what must be the longest canal in the world. It extends over a hundred and fifty-two miles, and connects the Baltic with the White Sea.^ Of course, it Is not the longest staGtErjEyaxix waterway in the world. ^That is the newly opened route between New Orleans and Chicago^ but Ifr surely must be the longest canal, ^ 1 The Russians calls it the BS^omorstroi, The official /^XA^paper of the Soviet Union points with great pride to the fact that it was completed in nineteen months, whereas the two previous greatest canals, the Suez and the Manama, took ten and eleven years. The Baltic-’.Vhlfce Sea Canal was built entirely by convict labor. To be sure a lot of the so-called convicts were political prisoners. A canal one hundred and fifty-two miles long, built in nineteen months, sounds like quite a recorn. It -.ill be Interesting to observe how well it functions. London Times. t £j ■■ . ■ i - 'i RTGAI v IIST An Interesting trial took place In England recently. The defendant, a'^^aifcBr^gentleman, was accused of p ‘ t ■ ■■ ^ _ fk four wives at the same time. His counsel, in making a plea 7A A to the courts submitted to his lordship that his client had had an^ exceedingly troubled life. Said his lordship, "I should UrnJLA- ^ think E=^fcra»±«i expect a troubled life iSerS. married four ^ Lr^e^ :h2dr women. Another interesting feature was .thsctr the much married \ A plumber got found out. He was obliged^to go to the hospital i Cjr^A>-*r3 asking her from where to wrote to one of his to visit him. Unfortunately, on the day she chose to£ hii she found at his bedside another wife. y4e-i w And then the fur began to fly. Sunday London Times. TEKNIS The fortunes of American tennis players at Wimbledon where / the English championship is being played off( were of a varied kindfei^. 0:n the one hand Helen Jacobsthe American champion, won her match, as did Mrs. Dorothy Burke of Stamford, Connecticut. In the men's singles we were not so fortunate. There was a terrific battle between the brilliant French star Henri Cochet, and mf the American Clayton Lee Burwell. This was won by Cochet after five sets. In the men's doubles Ellsworth Vines and Keith Gledhlll were beaten by a couple of Australians. Later in the afternoon Lester Stoefen and Cliff Sutter of the 0,5.A. beat the French team off Marcel Bernard and Andre Merlin, in four sets. The great tteXen Wills Moody appeared on the Wimbledon Myifarfe- D n courts this afternoon. Playing in the mixed doubles with G. . ug es of England, she defeated her opponents, an English team, in two str g sets, N, B ■ C. 1 j: ! j KAHN More revelations rich men in America who paid no income tax for three years, were made today before the Senate Committee on Banking and Currency. Ferdinand Record, Counsel ^ the Committee, announced that he would show that Otto H. Kahn, head of the firm of \\ r Kuhn Loeb and Company, paid no tax during the years 1930, 1931, and 1932. Harold Brayman wires the New York Evening Post that Mr. Pecord claims further that the taxes paid by other members of that firm during those years were, as he put it, negligible. Another interesting piece of information came out in the hearing this afternoon, ft concerned a Chilean loan which was floated by Kuhn Loeb and Company. One of the partners told the Committee that ; i the United States Government during the Hoover Regime gave its official jl approval to the Mortgage Bank of Chile, whose bonds were sold to American investors, bonds that subsequently were defaulted. Another Si point brought out was that before these loans were made Kuhn loeb and Company made no independent investigation of Chilean finance* Incidentally, those bonds were sold within twenty-four hours after t e | loan was consummated. Harold Brayman - N.Y. Evening P°s p b REPEAL All that I was able to tell you last night about those prohibition repeal elections in California and West Virginia was that both the wets and dry claimed a victory. It turns out today that the wets were right. They attribute considerable importance to the faceTthat|west Virginia, the first state below the Mason and Dixon Line to vote on this question, turned in a substantia frji majority. a And California was the first state on the hitherto dry Pacific Coast to gi to the polls about it. There the vote against prohibition was overwhelming. . Today v.e have a score of sixteen states for repeal of the eighteenth amendment, and none against^ But the crucial test will come on July 18th, On that day Alabama and Arkansas will vote. The dry leaders tell us they are absolutely certain of victory in both those states. CTERVA A ceremony took -place tn Chicago today which interested me oarticularly. The hero of the occasion was Senor Jnan de la Cierva, inventor of the aoto gyro. Before a huge crowd of World1s Fair visitors in Boldiers’ Field the Soanish inventor, was awarded the Daniel Guggenheim medal for the most notable achievement of the _______ _____ ____ ________ ■H^H 11 ceremony took jiace in Chicago today which interested me particularly. The hero of the occasion was Senor Juan de la Cierva, inventor of the autogyro. Before a huge crowd of World’s Fair visitors in Soldier's Field, the Spanish inventor, was awarded the Daniel Guggenheim medal fot the most notable achievement of the year in aviation, Senor de la Cierva floated down onto the Field in one of his ov/n roto-blade machines, the craft that some believe will revolutionise flying. SHOQTIHG i A shooting took place yesterday in Hew York night club circles, which seemed to me to have its points. The shooter is a lady with a Spanish name, whose occupation w.as described to the police as that of a hostess. The shootee Is, or was, vfell, is —- kept company for a considerable while. The waiting gentleman^ intentions were strictly honorable. In fact, that was his undoing. He kept importuning the lady to marry him. He proposed so many times that the lady went home, f’ot her pistol, came hack to the a waiter. The shootee was in love with the shooter. They had swain is in the hospital, the lady is In the coop, and ITm on ray wny home, and SO LONG UNTIL TOMORROW.