TIED TO DESK.

Auckland Star, Volume LXIV, Issue 237, 7 October 1933, Page 9

TIED TO DESK.

U.S. PRESIDENT.

Many Industrial And Political Conferences. ONLY MAN TO RESTORE PEACE. (United P.A.—Electric Telegraph—Copyright) (Received 2.30 p.m.) WASHINGTON, October 6. The arrangement of his plan for credit expansion, the programme of negotiations regarding Britain's war debts to U.S.A. and arrangements for a meeting at the White House which he has called for to-morrow between representatives of the steel industry and the coalmine operators and workers, all held President Roosevelt closely to his desk to-day in a series of almost continuous conferences.

Personal items in the credit problem considered to-day were the creation of a separate corporation financed by the Reconstruction Finance Corporation for making loans for cotton held on farms; and an announcement by tlie Controller of Currency, Mr. O'Connor, that the reorganisation of 376 national banks, holding 398,000,000 dollars in frozen assets, has been approved.

It ie estimated that when the banks reopen, depositors will receive about 50 per cent of their deposits, in some cases more.

The coal mine situation has been unchanged since yesterday,'with the exception that a considerable number of steel mills were compelled to shut down. The situation is now so disturbed that it is believed that only the President can restore peace. AMERICAN FINANCE. Plan To Put Exchanges Under Federal Control. RAILWAY STOCKS QUESTION. ('Received 2 p.m.) NEW YORK, October 6. It is intimated that President Roosevelt will shortly appoint a committee to make investigation into the security of exchanges throughout the country with a view to drafting legislation to place them under Federal control. One of the members of the proposed committee said that its activities would in no way conflict with those of Mr. Ferdinand Pecora's investigation, but would instead be supplementary, though functioning separately.

Senator Couzens incidentally made a charge before the Pecora commission of inquiry to-day to the effect that "some 'wise guys'* unloaded" 11,300,000 dollars' worth of railway stocks during the boom of 1929 on the investment trusts organised by the Dillon, Read Company.