BUSINESS IN AMERICA.

New Zealand Herald, Volume LXVI, Issue 20420, 23 November 1929, Page 13

BUSINESS IN AMERICA.

FINANCIAL READJUSTMENT. INDUSTRIALISTS AND WAGES. WASHINGTON. Nov. 21. The President, Mr. Hoover, to-day conferred with leading industrialists, including Mr. Henry Ford. They agreed not to reduce wages during the present period of financial readjustment. Mr. Ford went even further. In a statement after the conferenco ho said wages must go up. Subsequently he decided immediately to increase the wages of his employees. It is generally felt that tho greatest calamity that could happen at this time would ho a cut in wages, tho effect of which would bo to decreaso tho normal purchases of tho average family. TARIFF ACTION DELAYED. BOTH HOUSES TO ADJOURN. (Received November 22, 10.35 p.m.) i WASHINGTON. Nov. 21. Tho Houso of Representatives to-day adopted a resolution to adjourn tho special session of Congress to-morrow. Tho Senate previously rnado a similar decision. This action postpones all further business until tho regular sessions aro commenced on December 2, and means an indefinite delay in action on the. tariff measure. Tho remainder of tho special session is expected to bo occupied with other matters. There is no present indication when action on tho tariff is likely to bo resumed. Tho Senate by 44 votes to 26 to-day adopted a duty of 34 cents per lb. on raw wool. This is tho samo figure as tli.it approved by tho Houso of Representatives. It is four cents above tho present rate. NEW YORK STOCK EXCHANGE. SEAT SOLD I"OR £70.000. ■ NEW YORK. Nov. 21. A seat on the New York Stock Exchange was sold to-day for £70,000. This is £28,800 less than was paid for the last scat sold.