BIG SAVINGS

Dominion, Volume 26, Issue 147, 17 March 1933, Page 11

BIG SAVINGS

Half a Billion Dollars U.S. ECONOMY BILL Powers for President (By Telegraph.—Press Assn.— Copyright.) (Received March 16, 7 p.m.) Washington, March 15. The Senate to-night passed the Administration’s half-billion dollar Economy Bill after shunting aside all major amendments. The Bill goes back to the House of Representatives for approval of the Senate’s minor alterations. The measure empowers the President to slash payments to veterans and Federal salaries. President Roosevelt asked Congress last week for authority to reduce veterans’ compensation and Government salaries, to take effect immediately. Pointing to the prospective Treasury deficit this fiscal year of 1200 million dollars, the President demanded emergency action for balancing the Budget. ‘‘The very stability of our Government itself is concerned,” he told Congress, “and when that is concerned the benefits of some must be subordinated to the needs of all.”

The cut in the veterans’ costs will amount to between 330 million and 400 million dollars from the present annual billion dollars. Senators and representatives havq been deluged with telegrams of protest from veterans’ organisations.

BUOYANT TONE . Rally on New York Stock Exchange (Received March 16, 5.5 p.m.) New York, March 15. Scores of leading shares swept up from two to more than eleven dollars higher in a spectacular rally that greeted the resumption of trading on the Stock Exchange. The tone at a late hour was buoyant. Transfers approximated three million shares. PHILADELPHIA BANKS Conservators Appointed (Received March 16, 5.5 p.m.)' Philadelphia, March 15. Conservators were appointed to-day by the Comptroller of Currency at Washington for eight national banks in Philadelphia and one in Bangor, Pennsylvania.