Indianapolis Times, Volume 45, Number 213, Indianapolis, Marion County, 15 January 1934 — Page 1

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RESIDENCE POWER RATES EXORBITANT, MINTON CHARGES City Paying- More Than Consumers in Twelve Largest Cities of Nation, Public Counselor Declares. MINIMUM CHARGE IS ATTACKED Monthly Cost Higher Than in Any of Dozen Centers With Exception of Gotham, Is Assertion. BY BASIL GALLAGHER Times Staff Writer Indianapolis consumers are paying residential electric rates in excess of those of the twelve largest cities in the nation, it was revealed today .by Sherman Minton, public counselor. The disclosure of alleged exorbitant residence rates in this city was made during the investigation by the public counselor and The Times, preparatory to a hearing Feb. 1 for the utility to show cause why electric rates in Indiananolis should not be reduced.

The figures cited by Mr. Minton are from a tabulation of resident charges recently filed with the New York public service commission during a fight to gain lower rates in that city. No such comparative rates have been compiled by former public service commission, it was pointed out. For many'years, it was indicated, the Indiana public service commission, has functioned on figures largely supplied by the utilities themselves. Mr. Minton .said that Indianapolis is one of the most favorably located cities in the country for the establishment of low electric rates for consumers. Community Concentrated The public counselor pointed out that Indianapolis is a "comparatively concentrated community” and not straggling over a vast area as are some cities which have lower rates. This should tend to bring about 4 a reduced overhead, it was asserted. The 80-cent minimum monthly charge made by the Indianapolis Power and Light Company here is higher than that of any of the twelve large cities except New York. There, the monthly minimum charge for residences is sl. but a fight is on to gain a reduction. Even with this large minimum How to read a meter —an explanation is on Page 2. charge in New York, it was pointed out, the average bill for small consumption is less than Indianapolis, it was declared. Other cities, according to the New York tabulation have the following monthly minimum charge: Chicago, 50 cents; Philadelphia. 75 cents; Detroit, 50 cents; Los Angeles. 60 cents; Cleveland, 75 cents; St. Louis, 50 cents; Baltimore. 75 cents; Pittsburgh, 50 cents; San Francisco 40 cents; Mihvaukee, 50 cents, and Buffalo, 75 cents. Consumption Estimated Indianapolis residential rates then I are scaled as follows: First 50 kilowatt hours, 6U cents j per kwh: next 50 kwh, 6 cents; next j ICO kwh, 5 cents, and next 200 kwh.j 4 cents. Consumption for the average j home was estimated by public serv- ; ice commission engineers at from * 40 to 75 kilowatt hours monthly. Using 40 kwh. the Indianapolis | resident pays a bill of $2.60. which! is 5 cents more than in New York , and 85 cents more than in Buffalo, j In its tabulation, the New York public service commission has made the following computations on 40 kwh for other cities: New York City, $2.55; Chicago, $2.42; Philadelphia. $2.40; Detroit, $1.93; Los Angeles. $1.81; Baltimore, $2.55; St. Louis, $2.49; Pittsburgh, $2.20; San Francisco. $2.15; Milwaukee, $2.34. and Buffalo. $1.75. Fair Rate Estimated Utility experts point out that, not more than 5 cents and probably 4 1 * cents would be a fair rate in Indianapolis to insure a reasonable return to the light company and at the same time maintain efficient service. These experts declare that it is not the consumers' fault if the Indianapolis Power and Light Com-' pany has issued an alleged excessive [ amounts of securities against the/ properties. Any excessive charges on" this account, they point out. must j be taken care of by the stockholders and not the consumers. With no ray of hope for the electrie consumer of Indianapolis appearing on the economic horizon of the "new deal" beyond the rate hear- : ing scheduled for Feb. i. utilitv expert'- conducting the present investigation for the public service commission asserted today that cond’tions prior to the merger of the Merchants Heat and Light Company and the Indianapolis Light and Heat Company to form the present light company were in many cases more favorable to the consumer than under the present regime. Under the old competitive conditions before the merger, electric business in Indianapolis was procured %t the best price the companies could get. After the merger, the rate of the Indianapolis Power j and Light Company was fixed. Despite alleged promises of lower fates and more economical man- ; agement to procure them, the rate In Indianapolis is today the same, j according to utility experts. i

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VOLUME 45—NUMBER 213

DR. WYNEKOOP NEAR COLLAPSE Trial Is Recessed to Give Defendant Opportunity to Recover. By United Press CRIMINAL COURT BUILDING, CHICAGO, Jan. 15. —Dr. Alice Lindsay Wynekoop nearly colapsed today :as Defense Counsel W. W. Smith started his answer to the opening statement of the state in the woman physician's trial on murder' charges. Dr. Wynekoop. charged with the murder of her daughter-in-law Rheta, suddenly appeared to grow faint. She gasped repeatedly for breath and dabbed her face with a handkerchief which she dipped in a glass of water. Judge, Joseph B. David ordered trial recess for an’ hour and a half in order to give the defendant an opportunity to recover her strength. I A grim word picture of Rheta’s i bullet-shattered body lying almost ■ nude on Dr. Wynekoop’s operating | table was painted in the opening j statements. M’NUTT DENIES HE BACKED WERNEKE Sun-Tanned Governor Back From Florida. Sun tanned, Goveror Paul V. McNutt returned to the statehouse today after a three-week vacation in Florida. He was accompanied on the trip with his wife and daughter, who returned wdth him to the i executive mansion last night. ; They made the return trip by | automobile. Governor McNutt declared that | he had made no recommendations I at Washington regarding appointment of a state director for the Roosevelt recovery program. Ditpatches from the national capital set out that he backed j Senator Frederick Van Nuys in recommending Richard Werneke, Terre Haute, for the post. !VOTERS' REGISTRATION HALTED BY TEST SUIT Thinks Proceedings Will Be Delayed Until After Feb. 1. Permanent registration of voters, scheduled under the 1933 law to be started today, probably can not be begun in Marion county before Feb. I 1. at the earliest. County Clerk Glenn B. Ralston said today. A suit testing constitutionality of the registration law is pending' before the Indiana supreme court, but even though a decision should be handed down at once, it would be a ; physical impossibility to set up the necessary registration machinery before that date. Mr. Ralston said. ' i Welles’ Nomination Confirmed : liy United Press WASHINGTON. Jan. 15. The senate today confirmed the nomina- j tion of Sumner Welles, former am- | bassador to Cuba, as assistant secretary of state. Times Index Page Bridge 5 j Broun 7 Classified 11. 12 Comics 13 Crossword Puzzle 8 Curious World 13 Editorial 6 Financial 8 Hickman—Theaters 7 Hobby 4 Lodge News 9 Our Gang—A Series 7 Pegler 7 Radio 2 Sports 10, lli State News 5 ; Unknown Blond 13 ■ Woman's Pages 4, 5 Because of illness of Lefty Lee, his column on hunting will not ap- ; pear for several days. <

The Indianapolis Times Partly cloudy tonight and tomorrow; lowest tonight about 30; somewhat colder tomorrow.

LINCOLN HER HERO Aged Woman Recalls His Visit

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Quilts which kept her family warm on the three weeks’ trip in covered wagons, eighty-one years ago. when they migrated from Indiana to Illinois, are copied by Mi's. Margaret Dukes, 89, Champaign, 111. She is shown with a

BY HELEN LINDSAY Times Staff Writer LITTLE MARGARET CALDWELL scrambled out of the mud puddle and. tears streaming down her cheeks, pointed an accusing finger at the laughing little boy standing near her. The tears dwindled to sniffles as a horse cantered up and was reined to a stop by its tall, gaunt rider.

"What's the matter, little girl?” he asked. “He,” she pointed, "pushed me into the mud." “Well, where do you live?” he said. "Over there,” she motioned. “Ciimb up,” he said. “I'll-take you home.” Margaret Caldwell’s mother met them at the door of the house. One quick glance and Mrs. Caldwell began scolding Margaret for riding with a “strange man.” “Who are you?” she demanded, indignantly, of the tall, gaunt man. “My name is Abraham Lincoln,” he said. Abraham Lincoln, then a congressman, had dinner at the Caldwell home that day, and today Mrs. Margaret Dukes, 89, the little Margaret Caldwell of that incident eighty-one years ago, looks back fondly on that memory. She recalls that the noonday meal, prepared by her mother for the eleven children of the family, consisted of a huge crock of milk in the center of the table, and home-made bread. The milk was ladled from the crock with a dipper, and Congressman Lincoln ate as heartily of the homely food as any of the children. “My father told me what a great man Mr. Lincoln was, and what hopes there were for his further success,” she says. “I never saw him again, though his actions influenced my life in later years. a a tt “VI7HEN I was only 12 years VY old, my mother told me that it was time I learned to do the family laundry. I washed the clothing which she sorted for me, and hung it up to dry. But my mother’s inspection was a strict one. and she had me take the clothing down, soak it in buttermilk overnight, to bleach it, and rewash it. “I had just finished hanging the clothes for the third time when a vehicle stopped in front of the house. A 13-year-old boy came in and asked for, a drink of water for his mother, who was with him in the carriage. While he went to get the water, his mother looked at the clothing. “ ‘Did you do that washing, little girl?’ she asked. I was indignant 'Yes. I did, but I’m not a little girl; I'm a woman!’ I told her." Mrs. Dukes smiled in amused memory'. “I worked .in my father's tailor shop a few years later, and measured that same boy for his first tailor-made suit. On April 10. 1864. I married him, and the next day he left, to serve in the Tenth Illinois cavalry in the Civil war. I didn't see him again for two years; he returned in February, 1866.” Mrs. Dukes is visiting’ her granddaughter. Mrs. Thomas McClure, 507 South McClure street. She arrived in Indianapolis a few days ago. on her first return visit to Indiana since the day she .left Greensburg with her family, borne in two covered wagons to "a land grant near Champaign, 111. The trip to Illinois, eighty-two years ago. took three weeks for its completion. On the way, the family camped along the trail, and cooked its meals in covered skillets over open wood fires. tt n a WHEN they arrived at the new home-site in Illinois, there were only two log cabins there, and a few Indian huts. The father set up young saplings as a frame-work, and Mrs. Duke's mother covered them with handwoven linen sheets, under which shelter they lived until the log home could be completed. "Father took the tops from the covered wagons, and made playhouses of them for the children.” she says. "Our nearest neighbor, aside from the two families already at Champaign, was nine miles away.” The school Mrs. Dukes attended was a log affair, with never more than seven pupils. On the door

INDIANAPOLIS, MONDAY, JANUARY 15, 1934

double wedding ring quilt, which she presented to her granddaughter, Mrs. Thomas McClure, 507 South McClure street, recently. Mrs. Dukes made her first return trip to Indiana alone a few days ago.

was a wooden paddle. When a pupil left the room, he turned the paddle, so that the lettering "out” could be seen. Only one pupil was allowed to leave at a time. “The land on which we built our home at Mahomet, 111., about ten miles from Champaign, is just a short distance from the home in which I now live,” Mrs. Dukes explains. “It was cut up and sold later for town lots. The land was in the form of a pension to my grandfather, John Caldwell; for his service in the War of 1812. He gave it to my father. Grandfather was one of twelve prisoners captured by the Indians in the war. He was held for three years, and his family believed he had been killed. All of the other prisoners except one were tomahawked by the Indians, when they attempted to escape. "My grandfather and the other man were sent out, under the guard of an Indian squaw, to hunt for game. They finally gained the confidence of the Indians, and were allowed to hunt alone. For a number of days they returned to the Indian 'camp, their game bags filled. One day they went far from the camp during their hunting, and found a cornfield. The next day they planned their escape, and ran all that day, and the next night, till they came at daybreak to a log house. a a a “'T'HEY were dressed in Indian clothes, and their moccasins were worn out from the long trail. The farmer thought they were Indians, and was about to kill them, when they persuaded him that they were white men who had been captured. They were given money with which to return to their homes. “When my grandfather reached home, his father did not recognize him. He stood at the barn, talking to him. My grandfather’s mother came out to see what the stranger wanted- One look, and she recognized her son. “That was one of my favorite tales when I was a little girl. My grandfather would hold my sister and me on his lap and sing to us the Indian war songs that he had learned during the three years of his imprisonment with the Indians. We learned them, too, and sang them as we played.” Mrs. Dukes attended A Century of Progress exposition for two days this summer and visited with much interest the Lincoln exhibits. “Life was hard in the old days, but it held much fun,” she says. “I wonder, when I look at the ycung girls of the present day, how they would feel if they were , required to return to those old times. They wouldn’t like it. and I can't blame them. But we didn’t realize that we had a hard time. Indians, bears, wolves, privations meant nothing to us. We thought we were having a very easy life.” SLUGGERS STEAL RING Knocked Down by Hoodlums. City Men Report. As he was leaving the Budweiser buffet, 1106 Shelby street, early yesterday with his wife and two friends, Benjamin Lundy, 3371 West Tenth street, was slugged and robbed of a $250 diamond ring by three young men. Mr. Lundy told police that he and Walter Evans. 2333 Berkley road, were attacked by the hoodlums and knocked down as they stepped to the sidewalk. CITY LOANED $650,000 Temporary Act Is Approved by State Tax Board. Temporary loan of $650,000 for the city of Indianapolis was approved today by the state tax board.

ROOSEVELT MOVES TO REVALUE DOLLAR; ASKS 40 TO 50 PER CENT CUT

H STWOUD Ot COMPAIff FILM STUNS TO HOSE; SUM STMTU S BIASED Heavy Levy by State More Than Earnings, City Head of Company Claims; Many to Shut Doors Before Feb. 1, He Says. Approximately 800 of the Standard Oil Company’s filling stations in Indiana will be discontinued by Feb. 1 because the state chain store tax is more than the stations can earn, it was announced today by E. P. Galbreath, Indianapolis manager of the company. Standard service stations are leased from individual owners and operated by the company’s agents, Mr. Galbreath

explained, and these leases and employment agreements with the agents are being canceled as rapidly as possible. The chain store tax was increased at the last session of the Indiana general assembly from $25 to $l5O a unit. Standard already has closed some of its stations, Mr. Galbreath said, and would have closed more except that the company can not dispose of the property. “Even though payment of the tax would cause the stations to be conducted at a loss, the loss will be less than it would be if the stations are closed and the properties allowed to deteriorate. Commenting on the company action, Mr. Galbreath said: “We regret that practically a complete reorganization of the marketing of gasoline in Indiana is forced by the chain score tax, but there is no other way for the principal suppliers to escape confiscation of all the returns upon their marketing, and more. By making the tax exorbitant, the state has forced measures which will result in very little return at all being obtained from it from the oil companies “It was obvious from the beginning that application of the chain store tax to the oil companies was unjustified. Filling stations are not and never have been chain stores of the type which such legislation ordinarily aims to affect. Individual operators of filling stations almost unanimously have supported the contention of the larger companies against the chain store tax. “There probably will be a considerable loss of wages and employment in Indiana filling stations, which we regret to see occasioned, but it is impossible to operate upon the old basis and pay the tax.” ANNAPOLIS GRADUATE NEW CUBAN PRESIDENT Youthful Secretary of Agriculture Selected, Paper Reports. By United 't’rcss HAVANA, Cuba, Jan. 15.—Carlos Hevia, youthful secretary of agriculture and Annapolis graduate of 1920, today was designated provisional president of the revolutionary junta, the newspaper El Pais announced. ONE KILLED; SEVEN HURT IN CAR CRASH Autos Collide at Intersection Near Bluffton, Ind. By United Press BLUFFTON, Ind.. Jan. 15. Thomas Klyle, 65. Miamisburg, 0., was killed and seven others injured seriously when two automobiles collided at the intersection of highways No. 1 and 18, thirteen miles south of here. Most seriously injured were Paul Seesenguth, 40, of Adams county, Ind., and Mrs. Dora Stodgill, 50, of Bluffton. Hourly Temperatures 6a. m 28 10 a. m 34 7 a. m 28 11 a. m 40 Ba. m 30 12 (noon).. 42 9 a. m 33 1 p. m 42

City Youth Kidnaped; # Forced on Trip to Chicago

Basketball prospects were forgotten today at Cathedral high school is favor of John P. Devine, 18, of 5201 North Meridian street, and his reiterated tale of his kidnaping by two armed men and a wild drive over frozen highways to Chicago. Devine returned home from Chicago yesterday after being •‘snatched" early in the morning at Thirtieth and Meridian streets as he halted his car at a traffic light. Young Devine, son of Thomas J. Devine, manager of the Indiana ballroom, said the men jumped into his car and forced him to drive on highway No. 52. In Chicago, the men got out and

THOMAS ELLIS DIESjUDDENLY County Commissioner Falls Dead Leaving Elevator at Courthouse. (Picture on Page 3) Thomas H. Ellis, 65, of 60 North Campbell avenue, Marion county commissioner, fell dead today when he stepped from the Marion county courthouse elevator as he was on his way to his office. Death was caused by heart disease, Dr. E. R. Wilson, deputy coroner, reported. Mr. Ellis had been conversing on the elevator with Mrs. Anna W. Owen, Democratic city committee vice-chairman, and collapsed as they left the elevator on the first floor. Born in Johnson County Mr. Ellis was born in Johnson county, near Glen’s Valley, moving, when a child, to the home of an uncle in Hancock county, where he resided until, as a young man. he moved to a farm in Franklin township, Marion county. Four years later he removed to Warren township, in Irvington, where he has resided since. He has been active in Democratic politics most of his life. In 1924, after, having spent several years as a supervisor in the city street de- i partment, he became Marion county highway superintendent, serving about two years. He returned to the street commissioner’s department about a year before taking office as county commissioner on Jan. 1, 1932. President of Board His term as county commissioner would have expired Dec. 31, 1934. j Mr. Ellis was president of the commissioners’ board last year and was j re-elected again this year. He served as president of the Indiana County j Commissioners’ Association last j year. He is survived by the widow, Mrs.! Olive M. Ellis; a brother, John W’. Ellis. Martinsville; a niece, Mrs. K. L. Dickens, New Orleans; four nephews, Paul and Ross Cannady, Indianapolis; Julius Ellis, Martinsville, and Frank Litchenberg, Los j Angeles. Mr. Ellis was a member of the ! Knights of Pythias lodge. Funeral services have not been announced. FLYING DANCER SAFE Fay Baker, Fan Wielder of North, Lost Six Days With Ace. By United Press LAKE WINNIPEGOSIS. Manitoba, Jan. 15.—Captain William (Wopi May, flying hero of the i northlands, and Fay Baker, diminutive fan dancer and darling of the : mining camps, winged their way toward Winnipeg today in a patched up plane, after being lost six days. Their disappearance in a subArctic storm on Jan. 9 sent the radios humming throughout the provinces.

he was ordered to “drive on.” He did, until he found a policeman and reported the kidnaping. He was not robbed, he said. Chicago police showed rogue’s gallery pictures of members of the Dillinger gang to Devine. He was unable to identify any. “They didn’t mistreat me. They sat in the back seat and talked in low tones most of the time. I could not hear what they said," he said. Young Devine described the men as swarthy, of medium height, and wearing dark hats, trousers and overcoats. He was on his way to the ballroom to get his father when the kidnaping occurred.

Entered a* Second C'ias9 Matter nt Postoffice. Indianapolis

Urges Congress to Give Him Power to Manage Currency at a Point Between 50 and 60 Cents. SPECIFIC LEGISLATION IS URGED Wants Government Title to All AmericanOwned Monetary Gold, Approximately $3,566,000,000. The text of President Roosevelt’s message will be found on Page 3. By United Press WASHINGTON, Jan. 15.—President Roosevelt today sent to congress a message asking for legislation limiting ultimate revaluation of the dollar to a point between 50 and 60 cents. President Roosevelt did not say today that he would immediately stabilize or revalue the dollar between 50 and 60 cents, but merely sought permissive authority to do so within those limits. He asked also for specific legislation to vest in the government title to all American-owned monetary gold, approximately $3,566,000,000 of which now is owned by the federal reserve banks.

He asked, further, authority for the secretary of the treasury to deal in foreign exchange and suggested that $2,000,000,000 from the potential profit in gold seizure be utilized to establish a fund for purchases &nd sales of gold, foreign exchange and government securities. In addition, he asked for amendment of existing legislation relating to purchase and sale of gold and monetary matters in general to make the handling of those problems more convenient. Mr. Roosevelt told questioners he regarded the RFC gold purchase system, for instance, as clumsy. The latter part of his message was devoted to silver, but said in effect? the government would wait for developments under the London conference silver agreement before acting further in connection with that metal. President Roosevelt feels that some individuals—evidently mostly bankers or brokers—have undertaken bear raids on government securities. Discussed With Press This does not apply to the great majority of bankers. But the President feels that there were individuals who recommended to their clients that they sell their government bonds and that those recom-

mendations were made in most instances with ulterior motives. It is felt, also, that some dissenters from administration policies in general may have dumped government securities under such circumstances. Mr. Roosevelt discussed his message at a small press conference an hour before it was sent to congress. The President feels that in general his communication is an argument against starting the money printing presses on greenbacks, but that there is a dispute as to what a greenback actually is. It is felt that a limited amount of non-interest bearing $5 or $lO “bonds” such as was proposed in last session’s Thomas inflation bill would not be greenbacks because the issue would be limited and retirement is provided in the act.

Leaves President Free It was pointed out at the White House that the request that congress “fix the upper limit of revaluation at 60 per cent” does not stabilize the dollar at 60 cents but leaves Mr. Roosevelt free to stabilize between 50 and 60 cents, the lower limit having been fixed last session in the Thomas bill. Emphasis was placed on the point that today’s message is not a 40 per cent devaluation of the dollar. It actually is a further limitation on the President’s power, but does not require him to do anything immediately or in the future inasmuch

as it would be permissive. But when revaluation does take place. Mr. Roosevelt will have a 10cent leeway between 50 and 60 cents to find the place for the dollar. There has been some newspaper discussion regarding the possibility of more than one revaluation order under the Thomas bill, that is whether the dollar could be fixed at one place and later be altered within the 50 per cent permissive authority now existing. Mr. Roosevelt feels that he has authority to revalue as often as he may desire within the limits fixed by congress. Easier for Business The President feels the program which he expounded further today will affect the average, fixed-income individual very little. But a limitation of the devaluing power to 10 per cent as proposed by the message is expected to relieve certain anxiety in the country, and especially, to make it easier for business to en- 1 ter into contracts. A general interpretation placed by observers on the message is that , it is intended to reassure the na- j tion on the eve of the unprecedented $10,000,0000,000 (B> governmental

HOME EDITION PRICE TWO CENTS Outside Marion County. 3 Cents

GOLD PRICE RAISED: MAKES DOLLAR VALUE EXACTLY 60 CENTS I By United Press WASHINGTON. Jan. 15.—The treasury today raised the price for new-mined gold to $34.45 immediately after President Roosevelt’s gold policy recommendations had been disclosed to congress. This was an increase of 39 cents over the price which had been maintained for several weeks and had been renewed at the opening of business today. The increase in the price gave the dollar a value of exactly 60 cents in gold, the amount which the President recommended to congress at the upper limit of the value at which the dollar should be held. borrowing which is to take place in the next five and one-half months. There was no assurance at the White House today that the dollar would socn be fixed at any point between 50 and 60 cents and it seemed reasonable to believe it would be permitted to fluctuate within those limits. The President hopes the whole program will hasten stabilization discussion based on permanent and world-wide objectives. Bill Is Drafted A bill has been drafted to carry out the President’s proposals, but it is tentative and merely something for the senate and house banking and currency committees to chew on as they undertake to develop the legislative program outlined in the message. Mr. Roosevelt and his advisers are emphatic in contending there is nothing violent about the plan to take title to the federal reserve gold stocks. The nominal profit inherent in the seizure and ultimate revaluation of the dollar was estimated at the White House at oetween $3,400,000,000 and $4.200,000.000. It was explained that this profit would not represent an additional metal base for issue of new currency. AnJ neither would the number of dollars in the banks vary. The banks would have the same number of dollars as before but the dollars would call for a lesser weight of gold, assuming that revaluation ultimately is at a gold price greater than $20.67 an ounce which is the old gold standard figure.

Objective Is Revealed The objective stated today at the White House as representative of the monetary policy in general was to bring back the purchasing power of the dollar to the level where the average of outstanding debts were incurred. Mr. Roosevelt feels that the most practicable method is to cut the theoretical gold content of the dollar. And he feels it would be fair to do that only when the government possessed all the monetary gold. The President revealed, however, that there was no immediate prospect of a free or open gold market j m the United States. The money policy developments i contained in the message today j were said at the White House to have been in prospect all the time and it was pointed out that the gold purchases by the government have kept British exchange—the pound sterling—well over $5. Other advantages cited tor the gold purchase plan sponsored by Professor George L. Warren included the disposition of some very large commodity surpluses in the United States, especially cotton and copper. Mr. Roosevelt feels that both our export and import trade have increased with excellent results from the domestic viewpoint. He believes revaluation between 50 and 60 cents will enable this country to maintain a desirable exchange basis and it was explained that there appears to be no willingness among foreign nations to stabilize on international lines at this time.