ROOSEVELT PLAN

Hokitika Guardian, 15 September 1933, Page 5

ROOSEVELT PLAN

WORKERS PARADE! .SCHEME'S SUCCESS PROCLAIMED. (Dmted Preas Association—By Eiectrm iMiegrapii—Copyright,.) NEW YORK, September 13. A quarter of a million men and women leit their--machines, put aside their tools ,closed "their"desks, and paraded along Fifth' Avenue, New York, to-day, waving symbolic “Blue Eagle” .banners in a demonstration or their enthusiasm for President Roosevelt’s programme to bring higher wages and shorter working hours. The procession took eight hours to pass the reviewing stand. New York City observed an N.R.A. holiday to-day, .as over one million spectators applauded two hundred and fifty thousand .marchers, who streamed up Fifth Avenue. This parade required over ten hours. It was late at night before the last marcher passed the reviewing stand. A Thousand banners in the procession proclaimed the success here of the Roosevelt recovery programme. A few of the banners attacked Henry Ford, and-urged that no. more of liis automobiles should be purchased until hb has signed the code. Mr Johnson, N.R.A/ head, has indicated that, it is intended’to-allow the Ford station to. remain in status quo, and he pointed out that Mr Ford has not yet actually violated the code. If he did, his action would be considered.

HEAVY TAXES ON WALL STREET

FOR RELIEJf OF UNEMPLOYED

NEW YOR.K, September 13.

Heavy city taxes threatened on the stock market transactions may cause the removal of the Stock Exchange from its historic Wall Street location to some nearby state. In any event, it is believed to be certain that many large bfojiehage . companies..-and - individual. ioperators will establish their business, elsewhere.

The t-new taxes, which are .virtually assured’of. ratification by the Board of Aldermen, levy'.four cents on each share, ef stock transferred, and also five'per cent on the gross profits of the brokers. These taxes are part of an emergency 7 programme - to supply unemployment relief, funds and to ease the financial crisis which has gripped the city for over a year, although op(ponerits' of tlfp Administration insist they are merely an unnecessary levy to cover the Goverment’s.,graft and extravagance.

Many buildings throughout New Jersey State have been offered . gratis to the exchange officials. ' Although a complete removal of the, exchange from New York is considered to be not feasible, there is ,a movement under way among ihembers to ’establish -a '“New Jersey Stock Exchange,” limiting its membership to those belonging to the New York Exchange unit/' and carrying out the majority of theiy large transactions there. '

BANKERS AND COAL OPERATORS

THREATENED BY MR, ROOSEVELT

NEW YORK, September 13

At Washington, President Roosevelt’s attitude has appeared to he stiffening. He has made an 7 important executive order clarifying the Petroleum Code, and has again threatened punitive action against the bankers, and the coal operators. The technical price-fixing*'provisions of the Petroleum Code have been arrogated, and, in their place, President Rosevelt assumes the power personally to fix the minimum wholesale and retail prices of petroleum and its products." He has ordered the incorporation of all the retail dealers in petroleum and its products under the original code. As an indication that the bankers have not fulfilled his earlier plea, the President has announced that the Government is considering the making of direct loans through the Reconstruction Finance Corporation to the National Recovery Act industries to meet the increased pay rolls. However, he added that the Government is anxious to co-operate with the banks, if they are willing to perform this service.

COAL DEADLOCK CONTINUES. NEW YORK, "September 13

A deadlock in the coal code negotiations continues. It is estimated that : t least thirty thousand miners are out of employment in Pennsylvania. It is now revealed that ,an overproduction crisis exists within the coal industry, and that may nullify the N.R.A. even if the code is agreed upon. The railways, the utility companies, and other large consumers have - been storing great quantities of coal in anticipation of higher prices, and it is feared that increased unemployment in coal fields is inevitable.

CODE FOR RETAIL MERCHANT NEW YORK,' September 13.

The “New York Times’s” Washington correspondent says: The National Recovery Act Administration has drafted a master code for the retail merchants. It includes an effort to eliminate drastic price cutting. It .is expected that this code will meet with much opposition from the larco New York department stores, not only for its price control features, hut for its elaborate provisions for the regulating of advertising.