DOLLAR DOWN AGAIN

Press, Volume LXIX, Issue 21026, 30 November 1933, Page 9

DOLLAR DOWN AGAIN

♦— — jJ>RICE OF GOLD RAISED STERLING'S SUDDEN JUMP V . MARKETS TAKEN BY SURPRISE j (CJfITEB rr.ESS ASSOCIATION —BT ELECTEIC | TELEGRAPH—COPYRIGHT.) (Received November 29, 8.20 p.m.) I NEW YORK, November 28. Speculative interests revived to- J day when the price of gold was raised nine cents to 33 dollars 85 cents an ounce. This took the market by surprise, for it had been assumed that Washington would hesitate to disturb the dollar further till the December refinancing was complete. The step was accepted in speculative quarters, moreover, as an answer to hopes that the President was ready for at least a temporary de facto stabilisation of the dollar lit about current levels. The dollar closed at 63.34 cents in terms of gold, near the lowest level of the day and more than a cc-nt below the. previous close. Sterling rose from 5 dollars 7 cents to 5 dollars 21 cents in one of the quickest reversals ever seen on the exchange market, and the franc went up 14 points to 6.20 cents. Late trading on the stock exchange erased most of the early rains, and the prices closed irregular with little change. Wheat was .'. cent to Z cent higher, and cotton rallied a dollar a bale, but late selling forced it down to closing gains of 12 to 14 points. Silver reacted sharply, and was the feature of the day's business in commodities. CONVERSION OF LIBERTY LOAN 3IORE THAN HALF TO BE PAID OFF (Received November 29, 7.50 p.m.) WASHINGTON, November 28. The Treasury Department announced that it had closed the books cf the FourLh Liberty Loan conversion, -having received 890,000,000 dollars' worth of bonds in exchange for new securities, leaving about 1.000,00-0,000 dollars to be met between now and next April. Treasury officials profess satisfaction at the response but in other quarters it is pointed out that the gold and exchange situation is bound to complicate the refinancing operations. SHIPPING IKOFITS EVIDENCE BEFORE SENATE COMMITTEE (Received November 29, 5.5 p.m.) WASHINGTON, November 28. Mr R. S. Dollar, giving evidence before the Senate committee, said to-day that the Dollar companies made a total profit of 22.119.000 dollars on the operation of ships bought from the Government. Records were introduced which showed that Mr R. S. Dollar received 5.30r000 dollars, Mr J. H. Dollar 5.74b.w)0, Mr Herbert Fleishaacker 3,686,000, and another partner 1,951,000 dollars.