(Friday, August 10, 1917, early afternoon; during World War I) — Herbert Hoover was named formally as the first director of the U.S. Food Administration today by President Woodrow Wilson, under authority invested in him by Congress, and immediately served notice on speculators and profiteers that the time of reckoning had come for those who would not cooperate in the efforts of the government to obtain lower prices for the consumer and help the allies of America in the war against Germany.