I am very much pleased that Mr. Morrow is going to make the sacrifice that is entailed by accepting an appointment of this kind.

They always seem to think that if they can tell me that the expense is for non-military purposes it doesn't cost the taxpayer anything, and that, therefore, I ought to approve it.

I do not know of any needs in the War and Navy Departments that are likely to jeopardize the reduction of taxes.

I am telling you that for your information—not for your publication.

I want to congratulate the members of the conference that were able to be with me in the Black Hills and commiserate the rest of you that were not able to be with us.

It is desirable, of course, to conserve our petroleum.

I think I have indicated to the conference a great many times that that is a board that does function and ought to function entirely apart from the Executive, acting almost entirely in the nature of a judicial position.

I find in making my decisions it is often very much simplified if I find out what the law requires and then go ahead and do it.

I don't recall any communications from representatives of the chemical industry favoring legislation to revise the Sherman Anti-Trust Law.

I haven't any information about the action of the Federal Reserve Board in lowering the re-discount rate in Chicago.

Very likely I shall observe that, as I do other days, here in the office.

I think so. Yes.

I haven't changed my views on it.

I expect to go to Yellowstone Park.

Nearly all the ships we are operating are operating at a loss.

In accordance with custom, I would rather you didn't publish the date of my going.

I am not in favor of the United States Government embarking on another program of building ships.

I have stated my position relative to our merchant marine several times in my messages to the Congress.