AMERICAN FINANCE.

Waikato Times, Volume 114, Issue 19125, 9 December 1933, Page 6

AMERICAN FINANCE.

. TREASURY LOAN. SUBSCRIBED THREE-FOLD. GOLD POLICY JUSTIFIED. United Press Assn. —Elec. Tel. Copyright. (Received Dec. 9, 2.30 p.m.) WASHINGTON, Dec. 8. The Treasury announced that the certificate issue of subscriptions totalled 2,714,000,000 dollars -or three times the amount offered. Meanwhile, the Government -has maintained for the seventh business day the quotation of 34.01 for gold. The success .of major Unarming since the beginning -of the gold programme was -said in Treasury circles to be especially significant in view of Mr Sprague’s prediction that it might become necessary to resort to -greenbacks to meet debt requirements. It is held that the moderate exercise -of the President’s -gold policy in harmony with commodity prices, tends apparently to constitute the Administration’s immediate monetary programme. The dollar moved quietly within a comparatively narrow range •to-day in the foreign -exchange markets. The underlying strength of stocks again was evident -in late trading on the stock exchange, New York, today. After a mild reaction the market closed firm. The weakness in wheat coupled with the steadier dollar rate, -left little increase for turn ups in the comodity markers to-day and value? fell under scattered selling.

PUBLIC WORKS PROGRAMME. 10,000,000,000 DOLLAR PROPOSAL. SUBMISSION BY A SENATOR. United Press Assn. —Elec. Tel. Copyright. (Received Dec. 9, 2.30 p.m.) NEW YORK, Dec. 8. A Buffalo message states that the United States Senator, Mr La Follette has announced his intention of proposing to Congress a 10,000,000,000 dollar publio works programme. He said he did not think the 3,300,000,000 dollar programme of the Roosevelt Administration was sufficient. He urged the Administration to invoke full power to orush those seeking to defeat the only real measure passed to promote recovery. WASHINGTON, Deo. 8. Mr Hopkins, Acting-Secretary to the Treasury announces a ‘Federal surplus. r PURCHASE OF WHEAT. 12,000,000 BUSHELS- ACQUIRED. United Press Assn.—Elec. Tel. Copyright. (Received Dec. 9, 2.30 p.m.) WASHINGTON, Dec. 8. The Relief Corporation through the Farm Credit Administration has purchased approximately bushels of wheat in the open market. It is stated that this wheat is moving rapidly and is being processed into flour to be used to feed livestock and for distribution to needy families.