LONDON BAFFLED BY WALL STREET
l'reSS Acn
Business Section Mistrusts Roosevelt
TAXATION & HIGH WAGES
(By Telegrapli
• "orvviglit.l
(Received 21, 11.50 a.m.) LONDON, Oct. 20. City business people are frankly hewildered at the behaviour of Wall Street. "Most fantastic" is the description most commGuly employed. Only three months ago almost every reputable broker, like his opposite number in New York, was advising clients to expect an appreciation of Ameriean stoeks in the autumn. The principal reasou for the slnmp appears to be fear of war, which is taken most seriously in the United States, combined with big business people 's growing distrust of President Roosevelt. The Financial Times interviewed a former Director of the Federal Reserve Bank, who bluntly declared that bankers and business people had come to the conclusion that the Administration intended to let business make only meagre profits. ""When earnings are satisfactory the Government takes them in the form of taxation or higher wages," he declaTed. "Mr. Roosevelt has now got to do something to save his political shirt."
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Bibliographic details
Hawke's Bay Herald-Tribune, Volume 81, Issue 24, 21 October 1937, Page 5
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171LONDON BAFFLED BY WALL STREET Hawke's Bay Herald-Tribune, Volume 81, Issue 24, 21 October 1937, Page 5
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