AMERICAN ITEMS.

Hokitika Guardian, 15 November 1929, Page 5

AMERICAN ITEMS.

STOCK MARKET,

I United Press Association—By Electric lelegraph—Copyright).

(Received this day at 11 a.m.)

NEW YORK, November 1-1

Following numerous bullish statements the most influential of which was Air Al.cuun s declaration that with file a.d of the leader of both oranehes of the Congress, an income tax reduction of one per cent would be made effective, the stock market revived on a wave of optimism. Prices shot forward in the opening, remaining firm at the close, with gams of one to twenty points recorded and the market values increased some live 1 billion dollars.

Steel again led the way, closing at 1(>0 (up eight and a-hall‘).

Among other leaders were Genera' Electric, which soared over tweiny points, Westinghouse (fifteen), American Can (fourteen), American Telephone (eight- and a-hatf), International Telephone (eleven) The entire market gained strength. A great weight seemed to have been lifted and optimism was general.

REDISCOUNT RATE

NEW YORK, Nov. 14

The new rediscount rate announced by the Federal Reserve Bank is the lowest,since June, 1928.

PUBLIC SCHOOL BOVS

(Received this day at noon.) OTTAWA, Nov. 14

A report from Toronto states George B. Woods, who has returned from London announced one hundred English public school boys would come to Canada next year, at the rate of two per week to start as juniors in banks and trust companies. ' V oods arranged the migration, as Canadian representative of the Committee of the Public Immigration Society.

CAUSE OF RESIGNATION

OTTAWA, Nov. 14

United States Minister Phillips, questioned to-day in respect to a published report from Washington that the refusal of- the United States Gov eminent to provide its representative with a house in the capital, had been the cause of some annoyance, said “niy reasons for my resignation .1 have already given. I am naturally also disappointed that the Government has not decided as yet to inquire the necessary premises here.”