DOLLAR STEADY

Press, Volume LXIX, Issue 21034, 9 December 1933, Page 15

DOLLAR STEADY

STOCK MARKET'S FIRM TONE COMMODITY FALL CONTINUES SMALL foreign purchases OF GOLD (U*U'*D Pfc*SS ASSOCIATION—BT ELECTRIC TELEGRAPH —COPYRIGHT.) (Received December 8, 7.10 p.m.) WASHINGTON, December 7. Again the price of gold was unchanged. The London price of bar gold on the basis of the opening quotation of sterling at 5 dollars lli cents was 32 dollars 22 cents an ounce. The foreign exchange market moved over a comparatively narrow range. The gold value of the dollar against the franc rose to 64.38 cents. The franc and sterling fell'to 6.10 cents and 5 dollars 11 cents respectively. The stock market to-day continued its slow but persistent advance. Ignoring the firm tone of the stock market, commodities continued to see-saw in dull trading. The Government announced that wholesale commodity prices continued the downward movement of the previous week, being 0.4 per cent, down for the week ended December 2, the wholesale index number standing at 70.7 with 1926 as 100.

Mr Jesse L. Jones, chairman of the Reconstruction Finance Corporation, announced that purchases of domestic gold totalled 354,000 ounces valued at 11,350,000 dollars. Commenting on reports that the United States had stopped making foreign purchases, he said that the total European purchases were "hardly enough to make good bridgework for your mouth." General H. S. Johnson (Recovery Administrator), addressing the National Association of Manufacturers, warned critics of Mr Roosevelt's monetary policy that they might goad Congress into a decision to issue fiat money and denied that his policy in any way indicated "uncontrollable inflation."

MR PEEK READY TO

RESIGN FARM ADMINISTRATIO N ARGUMENT (Received December 8, 9.30 p.m.) NEW YORK, December 7. {The Washington correspondent of thi "New York Times" states that 1 Mr George Peek is preparing tonight to submit his resignation to tne President as Agricultural Adjustment Administrator because of th 9 President's refusal to support him in his dispute with Mr H. A. Wallace, (Secretary of Agriculture). It is understood that Mr Chester Davis, chief of the crop production section of the Administration, will succeed Mr Peek. It is also reported that Mr Peek is considering an offer from the President to assume a high post in tne State Department, but that he will decline. It is known that Mr Peek holds himself in readiness to give evidence before Congressional committees, which are regarded as certain to investigate the Agricultural Adjustment Administration. lit was reported that Mr Peek objected to the intention of Mr Wallace ' and of members of the "Brian Trust" in the Agricultural Administration of limiting speculation on the produce markets.]

MR FORD AND THE CODES

CONCILIATORY SPEECH (Received December 8, 8.23 p.m.) DETROIT, December 7. Complete healing of the breach between Mr Henry Ford and the Roosevelt Administration was seen in a speech to-day by the manufacturer. Speaking to district salesmen on the occasion of the announcement of a new model, he said: "We have all got to pitch m and do all the business wn can to help the President pull the country out of the hole." TREASURY ISSUE HEAVY OVER-SUBSCRIPTION (Received December 8, 11.20 p.m.) WASHINGTON, December 7 Mr Roosevelt announced to-night that the Treasury issue of certificates had been heavily over-suo-scribed. [The United States Treasury announced on December 6 that it woult. meet its December obligations by offering 250,000,000 dollars in one-year certificates of indebtedness carrying "I per cent, interest.] MANY CODES SUBMITTED v I'EW YET IN OPERATION (Received December 8, 9.10 p.m ) WASHINGTON, December 7. It is announced that to date 1200 codes have been filed with the National Recovery Administration, oi which 382 have had public hearings and 143 have been signed by the President. GOVERNMENT INVESTMENT m BANKS (Received December 8, 10.20 p.m.) WASHINGTON, December 7. The Reconstruction Finance Corporation announced that it had authorised the purchase of preferred stock on capital notes in 1293 banks, totalling 425.000,000 dollars.

INFLATION OPPOSED PROFESSORS' STATEMENT (Received December 8, 9.20 p.m.) WASHINGTON, December 7. From Princetown, New Jersey, it is announced that 10 university professors of economics, including Dr. E W Kemmerer (research professor on international finance), to-day advocated an early return to the gold standard. They expressed concern over the consequence:; of inflation, which they said v/ould harm working people and persons or institutions with fixed incomes more all others, though u was aJso harmful to the nation as a whole.

the war debts

FINLAND TO PAY FILL INSTALMENT (Received December 8, 10.1 p.m.) WASHINGTON, December 7. It is announced that Finland, as hitherto, will pay the full amount 229 623 dollars—of her war debt stalment due on December 1 .