RADICAL CHANGE

Evening Post, Volume CXVI, Issue 110, 6 November 1933, Page 7

RADICAL CHANGE

POSSIBLE DELEGATION

DIRECTION OF N.R.A.

NEW YORK, November 5. > The Pinaneial Editor.of the ."New York Times" says:—"Wall Street/undoubtedly believes.'ja the. National Recovery Act, but it has not overlooked tho plain indications within the last few days that - a radical change rin methods, if not in actual control, 'may be under consideration in Washington; There; is some' comment that' the • Government is preparing to delegate nibre of the responsibilities of .the direction of- tho industrial recovery 'activities to business and- industrial leaders," V;

Conflicting trends swept over' the foreign exchange market yesterday. Sterling rose to 4.dollars 86} cents,but the franc and oilier gold standard exchanges weakened slightly,.bo that the gold, value of the dollar rose to 64.60 cents. ■"..:. ;■ - ■ ■ ■ " :.. ■ .....■;

In face of this advance, the Reconstruction Finance Corporation: further devalued the purchasing power of the dollar against domestic gold to 32 dollars 67 cents an ounce, indicating a valuation of 63.27 cents for the dollar.

The spread between tho Reconstruction Finance Corporation 's gold price and London continued to widen. 'The world price, at sterling's opening rate of 4 dollars 86$ cents, was equal to 32.13 dollars an ouncel ■< ,■ : The week's figures covering 'commodity and stock markets indicated little or no improvement in prices as a result of tho gold purchases. .Traders apparently are still unimpressed with tho inflationary possibilities of the gold policy. ■■■■.;, . ' < -.;' ■';'