BAD FOR BUSINESS

Rotorua Morning Post, Volume 2, Issue 347, 7 October 1932, Page 5

BAD FOR BUSINESS

(Press. Assn.—

HOOVER'S SPEECH SHARP SLTJMP IN STOCKS ° CAU SES' HEAY Y * ' "LOSS* WIDESPREAD REACTIONS

-By Telegraph— Copyrlgbt).

Rec. Oct. 6, 7.0 p.m." New York, Octob'er 5. Not since the war -,has there been such a sharp reaetion as tjiat which followed Mr. Hoover's speech in open,ing his campaign yesterday. The revelations made' hy the President of the nearness of the United States to the brink of financial dissolution, had a stpingent effect on ajl markets, despite oth'er financial news of a, more fkvourable kind'. Btocks on Wall Street dropped from two to eight pointsj the" slump hein'g the sharpest expe'rienced this year. Losses 'were widespread. Wlxeat, cotton and other leading commodities were sold off and' there were Keavy losses. ' Wall Street comment descrihed the speech as a good 'one "but awfully b'ad for business." The speech had a political backfire. Mr.' Garfier, Democrat leader, charge'd' the" President' with lack of administrative ability and leadership and wifh' blind "adherence to ah obkolete policy." '' * *' *It"is expected that Mr. Franklin Roosevelt will' reply to "Mr. Hoover's speech to-mbrrovfc.' Mr'. Hoover' to-dqly charged the D'emocrats with spreadin'g 'falsehoods reg'afdirig his " admiriTstfati'on. Eufopean 'diplomats have" seized 'upon the President's 'prbposal's with bnthusiasm and fhrther' deve'lo'pments are "exii'ected. ' " " " " ' " ' '