Evening star., 1936-03-24
MILAN AND ROME
STOCKS CRASH ON
INDUSTRY DECREE
Major Issues Slump 7 to 40
Points in Selling Wave
by Traders.
AIR FLEET lNVINCIBLE,
DEPUTIES ARE INFORMED
Aviation Undersecretary Reports
Forces Could Sweep
Mediterranean.
BY the Associated Press.

BY the Associated Press.
ROME. March 24-The stock mar
ketS in Milan and Rome crashed to-
day following Premier MuSsolini's ab-
clifton Of large private industries in
Italy.
7 to 40 points in the heavy selling by
traders.
The stock of Fiat, manufacturing
automobiles and war materials,
dropped from 3735 to 3475.
Pirelli the Italian rubber company
dropped from l.14l to 1,1l5; Terni
Steel Works dropped from 233 to 22l;
Cantoni Cotton fell from 2,140 to
2,10n; Snia-Viscosa Cellulose fell from
Bills to 1868; Montecatini Chemicals
fell from 1877 to 1856.
Bonds Ease OFF FractionalIy.
Government bonds were steady, but
they eased off fractionally.
Members of the Chamber of Dep
utieS cheered when Gen Giuseppe
Vale. undersecretary of aviation. told
them that the Italian air fleet was in
q position to sweep the Mediterranean
He said Italy's bombing planes, each
carrying $500 pounds of bombs, could
cover every section of the Mediter-
rarean and that the present air
strength was we'll on the way to being
doubled. He did not, however, reveal
the present strength.
Gen. Vale asserted that Italy had
completed her reserve stocks of fuel
and oil for her air fleet and could
meet any war contingencies.
No point in the Mediterranean" he
declared, can escape our control"
Vale said the mobilization of Italian
industry had made it possible to re-
duce the imports of war materials fo-
the air forces from % to per cent.
Pilot Production Increased.
Vale said the intensif1cation of
aerial training had increased the pro-
duction of pilots in 1885 on a ratio
of 10 to l as compared with 1888,
stating $4,000 aspirants had presented
themselves in 1885 to obtain the $500
posts open TO special students
Fascists accepted yesterdays news
on the suppression of the Chamber
OF Deputies, giving way to Cham
Der of Fascists and Corporations, and
the abolition of big private business or
CARNATIONS with their customary ex-
pressions of approval.
II P0polo di Roma said of II Duce's
announcement bringing to fruition the
cooperative state he announced in
1888 that those who heard him could
not escape the impression of hearing
from his mouth DEGREES of destiny"
Rome Awaits AccOrds.
Imminent announcement of the text
of the Ital0Austro-H Hungarian accord
gave Rome another day of the excite
ment of anticipation.
Reports that Italy had aligned her
self with the two other signatories not
to apply sanctions against Germany, in
case they we're voted by the League of
Nations as penalties for treaty viola
ton. we're viewed in informed circles as
another indication of the development
Of Mussolini's Central European
policy.
Bankers said that eventually the
stockholders in the big private in
dustries dissolved by official decree in
preparation for an expected European
war will liquidate their holdings
through new government credit in
stitutes.
Much Stock Already Held.
Mussolini in fact, said yesterday in
his address to the new council:
I'm Italy this operation will be
facilitated by the fact that the state
already possesses through the Institute
Ricostruzione Italiano the Italian Re-
construction Institute, similar to the
American Reconstruction Finance Cor
poration heavy percentages, and in
some cases the majority stock, of the
principal groups of Industries which
are interested in the defense of the
nation"
Mussolini explained he placed large
industries under direct or indirect
state control to take the profits from
war Medium and small industries
were left untouched.
That part of the tri-partite agree
ment relating to sanctions against
Germany will not be published in
Rome.