MONEY MOVEMENT

Evening Post, Volume CXVI, Issue 108, 3 November 1933, Page 8

MONEY MOVEMENT

POSITION IN AMERICA

DOLLAR ALMOST AT PAR

WALL STEEET REACTS

United Press Association—By Electric Telegraph—Copyright. (Received November 3, .3. p.m.) "WASHINGTON, November 2. With the gold price set at 32 dollars 36 cents here and the London bullion quotation rising to 31 dollars 52 cents, the dollar was weak, declining to 4 dollars 85 cents against sterling in lato trading, and also weakening against France, so that the dollar was worth only 64.23 cents in gold on that basis. Stocks on the New York Stock Exchange moved forward slowly but persistently today, the leading issues finishing fractionally to two points higher. A further depreciation of the dollar against foreign exchanges encouraged the transfer of funds into commodities and equities which would benefit directly from rising commodity prices, particularly petroleum, rubber, sugar, and mining shares. Gold and silver mining stocks, however, suffered j from late sales for profit-taking, despite rising prices for both metals. Spot silver advanced >to 40 7-8 cents an ounce, the highest since April, 1930. Wheat finished 2 cents higher.

Plans for purchasing imported, gold by the Government today, it was also understood, are being formulated to supplement the purchases of the domestic newly-mined metal. The Government hopes*thus to avoid the necessity of direct dealings in foreign gold and exchange markets, leaving such to individuals choosing to ship gold here. It is understood this will also be paid for by the Reconstruction Finance Corporation with ninety-day, notes.