SHARPLY DIVIDED

Evening Star, Issue 21581, 29 November 1933, Page 9

SHARPLY DIVIDED

ROOSEVELT SUPPORTERS AND OPPONENTS ACTIVE PROPAGANDA Press Association—By Telegraph- Copyright. NEW YORK, November 27. Roosevelt supporters and the antiinflationists held rival rallies hero night. The principal speaker at the former was the Rev. Charles Coughlin, a Roman Catholic priest whose socialistically inclined radio broadcasts during the past few years have gained him a wide following. This meeting attracted about 25,000 persons, while the gold standard adherents, who were addressed by representatives of the American Federation of Labour and the American Legion, drew less than one-sixth as many. Father Coughlin’s audience was highly appreciative, and loudly applauded the speeches, but roundly hissed and booed the name of Mr Alfred Smith in connection with his attack on President Roosevelt. Father Coughlin attacked the “ barons of Wall street,” and said that the Union Jack should be flying over the door-sills of Mr Pierpont Morgan, Mr Dean Acheson (former Under-Secretary for the Treasury), and others. He made a charge that Mr Sprague was the tool of Mr Morgan, and in association with the Bank of England and the American Treasury had attempted to further his master’s interests. He praised the results so far of President Roosevelt’s recovery programme, and demanded that it be allowed to continue. Before the meeting adjourned a resolution urging the continuance of the gold-buying policy until the 1926 level of commodities, salaries, and wages was restored was adopted by acclaim. GRAIN EXCHANGES TRADING IN FUTURES ISSUE. NEW YORK, November 27. Discussion to-day of the proposed N.R.A. code for fair dealing in the nation’s grain exchanges found operators pitted against representatives of the agricultural administration on many important points. The code, as prepared by grain men, makes no provision for Government control of speculation through fixing the margin of requirements, regulating fluctuations, etc., to which the administration men objected. Although the matter was not brought to a definite head observers profess to see a trend towards the widespread contention that the Government should perfect the marketing agreement between producers and processors, which would in effect eliminate futures trading. Some time ago it was understood that President Roosevelt was studying such a plan, but apparently he abandoned it, and now it is being asked, Will the administration reconsider the proposition? TWO MORE CODES CINEMA AND LIQUOR. NEW YORK, November 27, A message from Warm Springs says that President Roosevelt to-day signed the motion picture N.R.A. code and invoked a temporary liquor code in anticipation of Prohibition repeal on December 5. The provisions of the picture code were not published. General Johnson said they rectified unfair trade practices and provided for a study oi the censorship problem. Mr Lawrence Lowell, a former president of Harvard University, will observe, the industry’s self-censorship for a stated period and then make recommendations for more stringent control if necessary. The liquor document is to bridge the gap between repeal and permanent legislation by Congress. It provides for complete control of the sale and manufacture of intoxicants and fixing the price thereof. DOLLAR MOVES UP WASHINGTON. November 27. The gold price again remained unchanged as the Treasury officials resumed consideration of the Government’s 727,000,000 dollar maturities, due on December 15. Governor Black, of the Federal Reserve Board, will go to Warm Springs to-morrow to confer with the President. There was further firmness in the dollar abroad as the result of the apparent standstill of the Government’s gold purchases. The dollar’s position against the franc and sterling is improving considerably, and the stock market went into a rather sharp decline, while high-grade bonds moved up. The pressure in the New York Stock Exchange centres is against the recent so-called inflation. Ihe day’s losses ranged from one to six points. Commodities also reflected the bearish influences of a sharp fall in foreign exchanges in relation to the dollar. NEW YORK, November 27. Despite the late decline, the dollar closed higher in terms of the franc, being quoted at 64.56, and once touched 65.24, which is tho highest since November 1. Tho day’s low level was 63.91. Sterling closed at 5.10 J, and tho franc closed at 6.06. Government and domestic bonds were up sharply, with Stock Exchange prices weakest at the close of trading. Commodities were down, wheat i to J cents, and cotton 20 to 25 points. GOLD PRICE INCREASED WASHINGTON, November 28. (Received November 29, at 10.15 a.in.) The Administration increased the gold price by nine cents to-day to 33.85 dollars per oz. Some quarters believe that the advance is considered to serve ns a reply to tho criticisms of the President's monetary programme.