Evening star., 1933-11-29


were represented as highly pleased with
exchange subscriptions of 1890 900 900
in fourth Liberty bonds, for which 10
/ 12-year Treasury bonds are being Of
fered. The Treasury called 81 ,875, ,000,-
, 600 of the fourth Liberty series and
Morgenthau set midnight Saturday for
closing subscriptions.
The present level OF exchange sub
scriptions. however. left approximately
81 600 900 600 of the called bonds still
outstanding. New exchange ISSUES are
being planned prior to the Liberty ma
turlty dates next Spring, for otherwise
they must be met in cash.
But the progress of the fourth Lib
erty refunding gave officials new in
sight into some effects Of the gold-pur-
chase program.
The refunding operation opened 10
days before gold buying began, Oc-
tober IS
Roughly, two-thirds of the Fourth
Liberty exchange subscriptions were re-
| ceived in the first 10 days preceding
gold purchases and one-third in the
month since.
Short-Term Deals Likely.
This was believed to point definitely,
not toward an immediate shift in the
Roosevelt currency policy, but toward
| the use of short-term borrowing for De-
| cember's financing. There also were
suggestions for the remaining called
Liberties.
Treasury officials recalled that re-
peated exchange offerings in refunding
! operations are customary. Three issues
were used over a siX-month period In
RI hn 7
Loan bonds.
The Labor Department, too, arranged
to ask Congress for money to survey liv-
ing costs in a number of cities and
| towns. This survey, officials said. would
give facts necessary to continuation Of
the monetary program.
Word of the plans for the survey
| came yesterday as Gov Black hastened
| from a meeting of the board to his
train for Warm Springs. Black, whose
attitude toward administration none
tary policies has been described by
| friends as one of amiable disagreement
was understood to be prepared to tell
Mr.. Roosevelt that, if the President
felt his views were proving a handicap,
he would gladly step out
Would Be willing to Retire.
This would leave the bruden of the
decision with the Chief Executive,
where Black always has maintained to
his intimateS that it rested. He has
said he had no intention of quitting
in the middle Of a fight" but that
hint that Mr.. Roosevelt wished to
! replace him would be sufficient to send
him back to his old place as governor
| of the Atlanta Federal Reserve Bank
! Just what the board discussed at
| the meeting which preceded Black S
| departure none of its members would
say. It was learned, however. that
! figures which Black took South, pre-
! pared by the boards statistical staff,
were not included in the discussion.
| These were regarded as private infor-
nation for the guidance Of the Pres
ident.
The survey planned by the Labor De-
| partment would be financed by funds
to be requested Of Congress at its jan
uary session.
! Such a survey would Mt neatly into
! the currency plans. officials said, some
describing it as indispensable. The
commodity dollar theory contemplates a
currency with a gold backing to be
adjusted from time to time to changes
in the price level. The purpose is to
keep the buying power OF the dollar
from wide fluctuations.
The Labor Departments Bureau of
Labor Statistics now is at work on the
final stages of its survey Of living costs
here and in Boston, New Orleans, Bal
timore. st. Louis and Chicago. This
was ordered by law to determine
whether Government employees are to
have their Is per cent pay cut restored
in whole or part or continued.
In carrying out the survey new meth
DDS were adopted. amounting. especially
IN Washington, to a virtual house-to-
house canvass to determine the prices
paid for various articles New items
were added, previously not included in
the indices, such as automobiles, gaso-
line, electric refrigeration and inSur-
ance. Obsolete items were dropped.