SWIFT REFLEX

Northern Advocate, 20 April 1933, Page 5

SWIFT REFLEX

FOREIGN EXCHANGE

BRITISH CURRENCIES ASCEND.

STERLING GAIA'S CONSIDERABLV.

(United Press Association—By Electric

Telegraph,—Copyright.) (Received 11;30 a. 111.)

NEW YORK,' April 19

Stock and commodity markets in the United States leapt 'forward today. On the New York-Exchange, prices surged from one to more than three. d.6llars..per share. ■ ; *- •.»*. *.

Silver futures had the.most. Spectacular rise in history,- trading in New York with gains of 8 cents pen ounce. Cotton rose a dollar a bale. British currencies continued to climb steadily upward on the exchange this morning. The poumUopened with an over-night jump to three dollars "m 5-S cents, a gain of 4i cents. The Canadian dollar advanced. ...d-S cents to So.

Foreign currencies shot up spectacularly as business progressed, the pound sterling being quoted in the mid-after-noon at three dollars. 81 cents for cables, shooting up more than 20 points since noon. % ’. ; ' This is the highest quotation, ::; since April, 1982. With the exchange dealings rigidly controlled by, the Federal Reserve Bank, - the .market wak described as thin and uncertain. : • . Sterling closed at three.,, dollars' 73 cents to the pound and the Canadian dollar closed at. SGV cents, ‘ ' xrtfojh,'; is 2J cents higher. ...* ; The sterling rate, traders said,-was only nominal/ the wildest- sfluetii'afipha occurring after the London, .market

closed. - Cotton soared;, two dollars 50 cents a bale in New York, while silver, rubber, cocos and several lesser staples rallied sharply. Speculative enthusiasm, ran so high that the quotation machinery was swamped. Buyers were particularly eager to acquire metal issues and, other commodity' shares, ‘ several of which whirled up four'to six' dollars' or more. ' The stock market' soared one to eleven points before meeting profittaking in late trading.

G-rain Appreciates.

iA message from Chicago states that a wild upward surge in.the grain- exchange in. early trading today, followed the talk of inflat ion. September ..deli very wheat registered. the. mnxinium advance of ,2-7-S cents per--biisheUto OS 1 , cents. All deliveries .of '.'yheat reached new high* levels for the .season, gains ranging from 1} to 2! 7:S.cents. Among the bullish items were Washington advices that Government agencies had finally disposed of the last of the 31,000,000 bushels of wheat owned, and the market is now strictly its own, also the British embargo on Russian products. Later, in a buying stampede rarely paralleled, except in war times, wheat shot almost-five cents vipwardpr.onrehing 70 cents at oneJamc for September delivery. Profit-taking shaved tlie high points later, and' wheat-closed, eyerie d, •]$ to 2i cents '“above, May 05 to 051, July September 072 to 672 cents per bushel.