AMERICA'S LEAD

Evening Post, Volume CXVI, Issue 20, 24 July 1933, Page 7

AMERICA'S LEAD

NATION-WIDE DRIVE

SPECULATION CONTROL

RECOVERY OF INDUSTRY

Cnlted Press Association— By Electric Telt-

graph—Copyright.

NEW YOEK, July 22,

As the Eooscvclt Administration invoked strong measures to prevent further drops ou tho Grain Exchange, considerable buying strength developed on the New York Stock Exchange. la various commodity markets the sharp decline of the past few days was checked, and stocks prices closed fractionally to two points lower.

The average decline of fifty representative stocks was .42 dollars. The turnover on the short days' trading was 4,224,000 shares. The exchange decided that it would temporarily limit trading from noon to 3 o'clock in the afternoon to relieve the overworked clerical staffs. Tho Grain Exchange is cooperating. Administration officials decided that until further notice no transactions in wheat will bo allowed below Thursday's closing prices, .which establish a range of 92$ cents to 101 cents for September through to May deliveries.

The Administration statement strongly denounced speculation in grains, and set the daily fluctuation of wheat at five cents, with fluctuations in other grains fixed proportionally. Today a nation-wide drive was started to implement the "blanket" recovery eodo for industry and business. All employers, excepting farmers and housekeepers, hiring more than two persons will bo urged to observe shorter hours and to increase wages, with the immediate objective of securing the reemployment of 6,000,000 persons by September 1, increasing the nation's purchasing power sufficiently to maintain higher production price-levels.