Evening star., 1933-12-02
Dollar Remains Strong in
Face of 25.Cent Boost
Over Three Days. <
PUBLIC DEBT REACHES
S23,534,115,771 MARK
Increases $4s3, ,s59,o 900 in Novem-
ber-R. F. C. Continues On as
Biggest Spender.
By the Associated Press.

BY the Associated Press.
The Government let its gold price
stand at $3401 an ounce today while
reviewing the weeks trend in dollar
exchange, bonds and commodity prices
before taking the monetary policy into
another week
A dollar, which remained strong on
foreign exchanges during three days in
which the Reconstruction Finance Cor
poration gold price was lifted Is cents,
provided new factor for consideration
in charting future developments in gold
purchases.
American gold quotations continued
well above London's offerings for bar
metal, which stood today at s32.52 an
ounce on sterling's opening at s5201a to
the pound.
While the gold price remained un-
changed for two days, the Treasury
was receiving final subscriptions from
fourth Liberty bond holders for the
new 10 to IL year Treasury issue. Or
ferings were around 5000 900, 900 Of the
s1,875, 100000 of called Libertys.
Public Debt Rises.
simultaneously, the Treasury pre-
pared to announce its plans for meet
ing December IS maturities Of s727,-
100000 and took stock of the public
debt. which increased S483, ,859 900 dur
ing November, to reach new peace
ti,,oa hiub of S03 52A liz I'll
More than the amount of the No.
vember increase was accounted for by
s293 $4,000 of emergency recovery ex-
penditures and an increase OF nearly
5000 ,0c0 900 in the Treasury's cash
balance, which stood today at s1,lO7,-
325 .902
The deficit for the five months of the
fiscal year beginning July l and IN
cluding emergency 0utlays, was S11z
ASS 600. as compared with 81. Isl ,985, :
600 over the same five months of last
year.
Expenditures s1,216,143,000.
The Governments ordinary expendi-
lures since July / came to Sl,2l6,l43,-
600. and ordinary receipts to Sl,l36,-
5O4,OO0 The biggest item in receipts
was miscellaneous internal revenue,
s629. .744, 900, but this includes special
taxes earmarked for retirement OF the
public works expenditures. Also in
cluded in receipts were processing taxes
on farm products. which in five months
amounted to S150,o67 900.
The Reconstruction Corporation con-
tinued the biggest spender Of the emer-
gency agencies. with S354,022,OOO In
the first five-month period.
The next highest was the Public
Works Administration, with s131,473,-
coo in the same period, while the Cl-
william Conservation Corps came third
with s11s,759, 900.
November's receipts were S2O8 .861 600
and ordinary expenditures, s2o5, ,905 600
while emergency outlays totaled $685.
$4,000.
Mounts Since 1880.
The new public debt figure was re-
garded as a peace-time high in official
quarters despite the fact the gross pub
lie debt was at higher level in years
following the World War. The public
debt reached peak of S26,596, ,7Ol,ooo
on August 81. 1919. While this was
after peace had been achieved, 1t was
due to war expenditures.
From the 1919 high, the debt declined
steadily to a low of s16,185, ,309 900 in
1880. Since that time. it has mounted
as a result of peace-time causes.
The last year in the gradual decline
of the debt after the war in which the
gross public debt exceeded the present
figure was 1921, when it stoo dat $685.
977,450,000.
In 1920 it was over S24, 600, 900, 900.
Books close at midnight on exchange
subscriptions Of called Fourth Liberty
loan bonds for the new 10-l2-year
Treasury issue.
Already plans are under way for bor-
rowing around a billion dollars within
the next two weeks
Details of the new financing-needed
specifically to meet S727,000,000 OF