I have a question from the press as to conferences held with officials of the New York Stock Exchange.

I and the other administration officials again expressed our views to the managers of the exchange that they should take adequate measures to protect investors from artificial depression of the price of securities for speculative profit.

But during the latter part of January, despite these steps, there was a large increase in the short account which unquestionably affected the price of securities and brought discouragement to the country as a whole.

Individuals who use the facilities of the exchange for such purposes are not contributing to recovery of the United States.

I and other administration officials again expressed our views to the managers of the exchange that they should take adequate measures to protect investors from artificial depression of the price of securities for speculative profit.

Stock exchange officials have, during the past 8 months, from time to time taken steps to restrain bear raiding with a degree of success.

Individuals who use the facilities of the exchange for such purposes are not contributing to the recovery of the United States.

PLEASE EXTEND my cordial greetings to the members of the fifth annual conference of committees of the World Narcotic Defense Association and my earnest hope that it may be inspired to yet more effective measures to destroy this fearful…

I wish to add my congratulations to the many others you will receive on that day and I wish you many more such anniversaries.

In conclusion, I can not recommend too strongly that the Congress give the subject of effective organization of the executive branch of the Government its early and serious attention.

The occasion reflects the gratitude which all citizens will feel for all time for their unselfish service to the country.

We may frankly admit the practical difficulties of such reorganization.