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.

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

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

There have been discussions, as is reported, between myself and other officials of the administration with officials of the New York Stock Exchange on the question of bear raids.

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

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.

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.

Please convey to the Grand Street Boys and their guests, the Disabled Veterans of the World War of the metropolitan area of New York, my cordial greetings in connection with the annual dinner.

We may frankly admit the practical difficulties of such reorganization.

There is little hope for success in this task unless it is placed in the hands of some one responsible for it, with authority and direction to act.