ECONOMIC CRISIS.

New Zealand Herald, Volume LXVII, Issue 20554, 3 May 1930, Page 11

ECONOMIC CRISIS.

AMERICA RECOVERING. PRESIDENT ON SITUATION. (Received May 2, 5.5 p.m.) WASHINGTON, May 1. The President, Mr. Hoover, in an address to the United States Chamber of Commerce said the country had passed through the worst of the great economic crisis, and would recover. Ho had proposed the creation cf \ body to study the recent experience, and to try to devise measures for prevention and remedy. Building construction had been accelerated beyond his hopes, and unemployment had thereby been decreased; but. home building had not, "progressed, because credit had not been available. The statistics had enabled many persons to read tho warning signals and avoid the maelstrom of speculation. "All slumps are tho inexorable consequences of the destructive forces of booms," said -Mr- Hoover. "The natural optimism of our people brings into being a spirit of unduo speculation against tho future, and stimulates waste and extravagance and unsound enterprise, with tho inevitable collapse in a panic

"We are not yet entirely through the difficulties of our situation. We have need to maintain every agency and every force until we aio far along tho road to stable prosperity."

NEW YORK MARKETS.

STOCKS FURTHER DECLINE. NEW YORK, May 1. The decline in prices on the Stock Exchange was continued to-day, with the " bears " hammering down the values of the best issues, and making the most severe declines. United States Steel shares fell heavily and regained only a small part of the loss. Other leading industrial stocks met, with equal prfcssure, while railway stocks were demoralised.