Evening star., 1933-12-24
STOCKS BUOYED Up.
BYROOSEVELTP PLAN.
TOPURCHASE SILVER.
Action Stops Market Slump.
Regarded as Sure Sign
Of Imitation.
HOPES FOR WORLD GOLD
AGREEMENT STIMULATED
Administration Has Been Criticized
for Standing Alone on Buying
of Yellow Metal.
Administration Has Been Criticized
BY CHARLES w. STORM,
Editor the News Service Of Wall Street.

Editor the News Service Of Wall Street.
NEW YORK, December % (N.A.NA.).
Hopes for higher stock market were
materially improved late in the week
when President Roosevelt announced
the decision Of the United States to
purchase more than 24,000,0 900 ounces
Of silver at 641a cents annually for
the next four years.
1t was not SO much the announce
ment itself which created increased
confidence in higher prices for stocks,
as the belief that the silver buying
program indicates clearly the determf-
nation OF the administration to be-
come more aggressive In Its campaign
for higher prices. In the eyes OF the
financial district this is nothing more
than imitation under another term.
The announcement by the President
was made Just at the psychological
moment In the stock market, for the
heaviness Of stock prices during the
greater part Of the week had reached
point where some observers were
looking for a wide-open break due to
the absence Of support The gold
purchasing plan was also announced
when conditions in the stock market
were similarly discouraging.
Declared Conclusive.
To keen observers In Wall Street the
silver action Is considered conclusive
indication Of future imitation.
Dispatches from Washington that the
President had indicated q hope that
a similar agreement covering gold
might eventually be worked out among
the important nations of the world also
stimulated thoughts in the direction
Of International uniformity regarding
a gold policy.
The fact that the United States
Government stood alone with regard
to its gold buying policy has been
source Of much unfavorable comment,
but the hope expressed toward the end
of the week that the nations of the
world might adopt uniform plan
went far as indicating progress in that
direction.
An agreement by the important ma
tions on a uniform gold policy, similar
to the international silver agreement,
is not considered as fanciful now as
formerly. Such an understanding can
undoubtedly be reached and would be
a most important milepost IN the road
to international recovery.
World Trade Improves.
Business throughout the world Is
better. The financial district has been
focusing its attention on the better
ment in domestic business, now show
ing impressive improvement which
finds reflection In contra seasonal in
creases in railroad car loadings.
Important commercial bankers con-
~ tHtAxT d.
industry and trade. They also look
for further improvement next year.
The opinions and representations OF
these men are valued more than are
those Of the heads of Wall Street banks,
with most of their attention on the
securities markets.
Bankers returning from Europe state
that business conditions abroad are
showing betterment, especially In Eng
land
With most Of the civilized world re-
porting expansion In business there Is
really some foundation for taking an
optimistic view for next year.
There is no doubt that repeal has
accelerated the increased turnover in
business. Marked improvement is re-
ported in the hotel business. The head
Of one Of the largest title guaranteeing
companies in New York states that
there has also been q pickup in real
estate, which has been dormant for q
long time.
Some important stock market oper-
ators have also been buying large par
GELS Of real estate In the belief that in
f1ation Is sure to result In much higher
prices for realty.
paper Afliancs. 1nc5