Word: tariff
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...Adopted (44 to 42) the conference report on the Hawley-Smoot Tariff Bill...
...this highly complicated and intricately organized and rapidly shifting economic world, the time has come when a more scientific and businesslike method of tariff revision must be devised. Toward this the new flexible provision takes a long step. ... If, however, by any chance the flexible provisions should prove insufficient for effective action, I shall ask [Congress] for further authority for the [tariff] com-mission...
...Observers were puzzled by the President's emphasis on "the new flexible provision ... a long step." The new flexible provision is less flexible than the old. Previously the President could, upon being advised by the tariff commission that a rate needed altering, make any change he saw fit up to 50% of the standing rate. Now he can alter rates only to the degree the commission recommends...
Thus was the record preserved inviolate: in 140 years of tariff-making, no U. S. President has dared veto a tariff bill...
First big result of President Hoover's statement: stocks on the New York exchange, having coasted downward for a week as the tariff's passage grew more certain, definitely plunged in the year's blackest trading day thus far. ¶ President Hoover greeted at the White House Senhor Julio Prestes, President-elect of Brazil. At a state dinner in the Pan-American Union President Hoover accorded for the first time full social honors to Mrs. Edward Everett Gann, sister and hostess of Vice President Curtis, by escorting her to the table, seating her at his right...