WALL STREET REASURRED

Hokitika Guardian, 5 December 1929, Page 5

WALL STREET REASURRED

BY HOOVER'S MESSAGE. (United Press Association—By Electric Telegraph—Copyright). NEW YORK, December 3. Wall Street appeared to be well pleased with President Hoover’s sage to Congress, paying particular attention to sections in the message concerning the revision of the banning laws, the consolidation ot the railroads, and the supervision ot publicutilities. Stocks were firm all the morning. They started forward briskly as the message was read, and continued an upswing until the close, when prices were up as far as 153-154. Money continued easy, and kerb sales also were generally higher. Sterling rose to the last New Year’s level of 4.88 dollars 3.32 cents for cables. In Lis message, Mr Hoover, in discussing the tariff, asked for an effective tariff on agricultural products, and some limited changes on industrial schedules. He reiterated that lie desired the broad principle of a flexible provision of the pending Bill be retained. Mr Hoover’s views in this connection were recently disregarded by the Senate. Touching on prohibition, Mr Hoover stated the enforcement off laws enacted to give effect to the Eighteenth Amendment was far from satisfactory. Mr Hoover, referring to naval expenditure, said: “If we shall be compelled to. undertake'construction ns implied in the Washington Arms Treaty as. well ns other constructions which would appear to be necessary, if an international agreement is not completed, we shall be committed during the next six years to a construction expenditure approximating one billion two hundred million dollars, besides necessary further increase in costs of annual upkeep.’’ The President contended the country could well be deeply concerned at the growing expense of national defence. While its forces were comparatively, small, its' expenditures were in excess df the 1 most highly militarised nations of the world.