HOW MANY WORKLESS?

Wanganui Chronicle, Volume 73, Issue 419, 10 November 1930, Page 7

HOW MANY WORKLESS?

NEW AMERICAN FIGURES 4,000,000 ACKNOWLEDGED HUGE RELIEF UNDERTAKINGS WALL STREET SLIPS AGAIN [By Telegraph—Press Association—Copyright] Received Nov. 9, 8.40 p.m. WASHINGTON, Nov. 8. Following on Mr Hoover’s post-elec-tion announcement that the job before the American people now is the concentration upon further measures for an economic recovery, the President made another announcement to-day. He will ask Congress for a special emergency appropriation of an as yet undetermined amount for expediting unemployment relief through public works and the free distribution of seed to farmers. With a total building programme under way comprising 500,000,000 dollars, the new fund will be utilised for further and more ambitious undertakings. . , . A statement has been issued by seven national leaders of the Demociatie Party, including Messrs Smith, Davis an<l Cox, declaring that “the country faces a parlous situation,’ and pledging that Democratic members of Congress “will not seek to embarrass the President but will be glad to cooperate with him in every measure that conduces to the welfare of the coun--1 This statement has aroused the resentment of the Republicans and statements from Democratic congressmen against their leaders’ interference in congressional affairs. This exchange has merely emphasised the disturbing fact that neither political party will control the Congress, and the legislative uncertainty and indetermination of the election are confusion the nation and seriously disturbing business. Wall Street, which is the country s most impressionable barometer, has been selling down every day since the election. Stocks slipped sharply m heavy selling to-day, 50 representative issues touching the lowest average for more than three years. In the meantime, it is interesting to note how official sources are slowly increasing their unemployment estimates. Several months ago the Government figures were 2,500,000, as of the census compilations in April. A fortnight ago 3,500,000 were conceded. To * da F figures, admittedly official, are 4,000,The Department of War has authorised the use of army cots and blankets for the destitute and efforts are being made throughout all the large cities to concentrate for the coming winter’s charity needs, as differentiated from providing jobs, which are being increased. In certain quarters, moreover, there is an open demand for a national dole. It is interesting to note that a Wanganui man who recently returned from a trip to Britain, said about a month apo that it was freely stated abroad that America’s unemployed numbered JO,OOO,000. NEW LOW LEVELS REACHED VALUES SWEPT AWAY NEW YORK, Nov. 7. A selling wave swept the stock market to-day and over two billion dollars of market values dropped as United States Steel fell to a new tow level since 1928 and railroad issues cracked wide open, some at the lowest levels for six vears. Utilities dropped similarly. Special issues dropped up to ten points. The curb market also suffered reverses.