We have just had an experience in building $3,500,000,000 worth of ships on which we lost over $3,000,000,000.

What I desire especially to do is to get our merchant fleet into private operation, with sufficient guarantees to have it kept in operation.

I should presume that the United States Steel Corporation would need an executive head during the next year and a half, which would probably prevent their waiting for my services, even though they thought that was desirable.

I think I remarked the other day that undoubtedly I shall have plenty of opportunities to work, some real and a good many fanciful.

My college has just chosen a President, a young man as college presidents go, very promising, and I doubt very much if they are contemplating making any change.

Labor conditions are extremely satisfactory.

There is some unemployment in certain lines, not anything more than what is usual.

That is always the case, that there are some lines lagging behind.

Wages are on a very liberal basis.

The business of the country is in very fair condition.

Military and Naval attaches take place and precedence next in succession after the Counselor.

Assistant Military and Naval attaches take place and precedence next after second secretaries.

It is but natural that such a design should begin with George Washington, for with him begins that which is truly characteristic of America.

Commercial attaches rank with but after Military and Naval attaches.

In him was likewise embodied the spirit of expansion.

Counselors take place and precedence next in succession after the Chief of Mission.

In the absence of the Foreign Service Officer in charge of a consular district, the Foreign Service Officer acting shall enjoy the precedence regularly accorded the former.

It will be decidedly American in conception, in its magnitude, in its meaning and altogether worthy of our Country.