HOOVER SPEECH

Evening Post, Volume CXIV, Issue 85, 7 October 1932, Page 7

HOOVER SPEECH

WALL STREET REACTS

HEAVY" SELLING WAVE

SHARPEST SLUMP OF YEAR

"BAD FOR BUSINESS"

United Press Association—By Electric Tele- , graph—Copyright. NEW YORK, sth October. Perhaps not since the World War has there been such a sharp reaction to a Presidential address as there was to President Hoover's speech at Dcs Moines yesterday. ' His revelations of the nearness of the United States to the brink of financial disaster had an astringent effect on all markets, despite other important news of a most favourable kind. ■ A heavy selling wave in Wall Street» caused stocks to drop two to eight points, the slump being the sharpest in the year. The soiling pressure drove the total transactions to 3,000,000 shares. Bonds followed suit the losses were "widespread. Wheat, cotton, and # other leading commodities sold of£ and showed wide losses. Wall Street said, "It I was a good speech, but awfully bad for business." Politically, moreover, there was an immediate backfire. The Democratic nominee for the Vice-Presidency, Mr. John Garner, issued a long rebuttal tonight on agricultural policy and charged the President with "lack of administrative ability and leadership' and blind adherence to obsolete policies." ' Leading Democratic Senators at Washington to-night also issued counter-statements, and it is expected that Mr. P. D. Roosevelt, Democratic nominee for tho Presidency, will make a reply. Mr. Hoover to-day charged the Democrats with spreading falsehoods- about the Administration. Mr. Hoover's nrention of war debts yesterday is considered to be a feeler and Press reports indicate that European diplomats at Washington have seized upon the President's proposals with enthusiasm.. Further developments are expected. ~