AMERICAN CRISIS.

Press, Volume LXIX, Issue 20807, 17 March 1933, Page 11

AMERICAN CRISIS.

ECONOMY BILL PASSED. NO MAJOR AMENDMENTS. CUTS IN BONUSES AND SALARIES (UNITED VRKSS ASSOCIATION'—BY KI.ECIRIC TELEGRAPH—COPYRIGHT.) (Received March la, 7 p.m.) WASHINGTON, March 15. The Senate to-night passed the Administration's 000,000,000 dollar Economy Bill after pushing aside all major amendments. The bill will now go back to the House of Representatives, which has already passed the bill, for the approval of minor alterations made in the Senate. The measure empowers the President to slash [inyments to veterans and Federal salaries. When the Economy Bill passed the House* of Representatives it was said that its prospects in the Senate were poor. The Democrats, in a caucus, had refused to bind themselves to support the bill. In the House of Representatives support from Republicans more than made up for Democratic defections, but veterans' organisations and associations of those who would be affected by the wage cuts grew suddenly, and it was feared that this might result in the failure of the bill in the Senate. According to earlier announcements the next step in Mr Roosevelt's programme will be to provide for tho organisation of afforestation work to keep 500,000 unemployed men busy. REOPENING OF STOCK EXCHANGE. SHARP RISE IN VALUES. NEW YORK, March 15. Scores of leading shares swopt up from two dollars to more than 11 dollars higher to-day in a- fpcctacular rally that greeted the resumption of trading on the Stock Exchange. Call money closed at 5 per cent.