AMERICA'S RECOVERY

New Zealand Herald, Volume LXX, Issue 21553, 26 July 1933, Page 9

AMERICA'S RECOVERY

MR, ROOSEVELT'S SCHEME PEOPLE'S BUYING POWER EFFORTS TO INCREASE RADIO APPEAL FOR SUPPORT By Telegraph—Prcos Association—Copyright (Received July 23, 7.35 p.m.) WASHINGTON", July 21 Tlioro was ;i partial recovery on the New York markets to-day. The Roosevelt Administration has redoubled its efforts in the formulation of industrial recovery codes. Tlio President, in a wireless speech, personally launched a great propaganda drive on behalf of a "blanket code," which is to be inaugurated on August 1. Mr. Roosevelt urged industry and Labour immediately to accept his programme so that the purchasing power of the people might be increased through shorter working hours and increased wages. He declared that the American people could not go through another winter of staggering unemployment. PRICES IMPROVE STOCKS AND COMMODITIES MARKETS IN N£W YORK (Received July 25, 0.25 p.m.) NEW YORK, July 21 The opening of the New York Stock Exchange for a short session (noon till 3 p.m.) and the bringing of tho Wheat E xehange in Chicago under Government regulations, were inaugurated to-day. There was a general recovery in security and commodity prices. Stocks rose one to 10 points on a relatively small turnover of 3,419,000 shares in threo hours' trading. Wheat advanced about 3 cents a bushel and then dropped to the minimum under the Government's orders. Cotton also rose. Tho dollar weakened, the pound closing at 4.67 i, a rise of 3J cents. ORGANISER'S WARNING HEAVY TASK TO PERFORM STEEL TRADE POSITION NEW YORK, July 19 "Because I know that In any dead cats will be thrown at me," was the reply of Mr. Johnson, organiser of the new industrial codes in tho United States, when asked why he was warning his chief assistants about the heavy task awaiting them. Already he is running into heavy weather with his codes. The Iron Ago Magazine says that steel production in the United States apparently cannot pass over 58 per cent of the normal output without renewed support from railways and construction programmes. Manufacturers and wholesale merchants throughout tho United States and Canada have been advancing their prices, but what the situation still lacks is a great retail buying movement, based on the higher .prices. COMPETITION CODE GRAIN AND COMMODITIES WASHINGTON, July 24 Representatives of the grain industry and commodity exchanges selected committees to-day to explore the possibilities of drafting a "code of competition" aimed at ' greater stability of grain prices in the United States.