Pledge

In his April 14th message to Congress the President asked for teamwork between Government and Business. Ambitious SECommissioner John W. Hanes, who last fortnight got RFC interested in carrying industrial inventories, took the idea literally, began rounding up tycoons by long-distance telephone. On the President's desk last week he laid a carefully phrased message from 16 of them.* Excerpt:

"It seems to us most important that we should all resolve to encourage the President in every effort he shall make to restore confidence and normal business conditions, and to support Congress in the position that its legislative program should be directed for national recovery for employer and employe alike rather than toward the enactment of legislation based upon untried social and economic theories. . . . We pledge ourselves to aid. . . .''

Replied Franklin Roosevelt in a letter to Commissioner Hanes: "I wish you would thank each of the 16 signers for me personally and tell them if they have any specific suggestions ... I will be glad to receive them. . . ."

*The 16: President Alfred L. Aiken, New York Life Insurance Co.; Chairman Winthrop Aldrich, Chase National Bank; President Robert H. Cabell, Armour & Co.; President Charles A. Cannon, Cannon Mills Co.; Chairman Walter J. Cummings, Continental Illinois National Bank & Trust Co.; President Edward D. Duffield, Prudential Insurance Co. of America; Chairman Frederick H. Ecker, Metropolitan Life Insurance Co.; President John M. Franklin, International Mercantile Marine Co.; President Robert M. Hanes, Wachovia Bank & Trust Co.; President Robert Wood Johnson, Johnson & Johnson; President Sydney G. McAllister,International Harvester Co.; President Thomas I. Parkinson, Equitable Life Assurance Society; Chairman William C. Potter, Guaranty Trust Co.; Chairman S. Clay Williams, R. J. Reynolds Tobacco Co.; Chairman Clarence M. Woolley, American Radiator and Standard Sanitary Corp.; Chairman Owen D. Young, General Electric Co.

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