davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
SHEEF AND LAMB
Receipts. 1900
Other livestock


2s f46 6Asr Sof 5Ss s575' s.
s5.55: 275-30O lbs. s.. 50: 3OO-325 lbs. SIS IS:
200 lbs. S. 45 2lso:iso i6s s. a.: i7o: $50
lbs. SIS 80: l6O-17O lbs s515 150-i60 lbs.
s475: l40-15O lbs $3.50: 10O-140 lbs 50 so
"A IS; roughs. s4.75 down; calves. top 81;
lambs. few S.
Fl WAYNE ,a6 OCT. Ie.m 3oa 1o-25c 10y:
10000 i6s.. $40: l6o-l80 lbs. IS Is; 800
$50 lbs. SIS 40; I50-l60 lbs. 81 so; l4O-15O
lbs. s425: 13O-14o lbs. s3.75; 12o-l3o lbs,
by Times speciall
LOUISVILLE. Oct. 16.-Cattle--Receipts
$50. fair demand for most classes Of
slaughter cattle duality Of run generally
plain market steady with Monday; bulk
5 e mef eM gsEa 5o ' ye4y iha s hf IN
GUIDED in the quality to sell above S.. but
strictly good baby beef type warnings
quotable to around IS; bulk beef COWS,
50 50d3: low cutters and cutters. 81. 25q
2.25; sausage bulls mostly s275 down; bu!k
desirable Hereford stock calves salable 81 50
n 5. common 10 medium grade natives.
50 50d $50 Calves-Receipts. 300. market
fully so cents lower on better grades with
more loss on medium kind bulk good to
or grades IS down. Hogs-Recsipts. 100.
market. Is cents lower: top and bulk better
200 20 $50 pounds. IS so; 100 10 1875 pounds.
s5.35; 8S5 pounds up s5.l5; $50 70 10
i2o 10 l35 pounds. us; sows, s4.4o. Sheep
Receipts. 400. including 30 stock ewes;
demand dependable from all classes; sheep
and lamb market mostly steady oulk
better lambs, s616 20 cnolce sesre &c
qu2table higher most 9qeKS' a e9 eo'
sf50d2. desirable stock ewes salsole IS
n Z 50 a head.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
PRICES STEADY,
VOLUME LARGE
ON BIC BOARD
Sales Double Yesterdays
Light Session; List Is
Also Higher.

-" q Nfff N f-ffFF
NEW YORK. oct. I6.-Prices
hrmed steadily In the morning deal
lngs on the stock Exchange today
With volume double that Of yester-
days light session. At noon the list
was fractions 20 nearly points
above the previous close.
Further strength in silver metal
brought buying into silver stocks
at rising prices. United States
Smelling. leader OF the silver sec
ton, gained 81 points 10 1872 and
held most Of the rise. American
Smelling reached 37tz. up q; Cerro
dc Pasco. 80 E, up Is, and Howe
Sound, 53a.. up II.
AtchisOn led a rise in the rails,
touching % up 23s. Spiegel, May
Stern touched co.,. up "a, in the
mercantile division, where gains
ranging 10 more than a point were
made BY Penney. Montgomery Ward,
Sears-Roebuck, Macy and Nc
Crory A.
American Can was bid up to
103 1. up 2it, and gains of a point
or more were noted in Air Redac-
ton, American Tobacco B, Du Pont,
Case, Celanese, Chrysler. Industrial
RayOn. LOeW's. Johns Manville, Nash
and Schenlev. Steel common gained
fractionally as did Consolidated Gas.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
Produce Markets

Delivered IN Indianapolis prices: Heavy
hens. lie. LeghOrn hens &c, colored
springers. IL lbs. and over. lie Leg
horn springers &c; old ROSTERS. sc; ducks,
Sc. geese. Sc. Young guineas. zoe; old
euineas. l5c: No. l strictly fresh coun-
try run eggs. loss of. 19c. Each full case
must weigh S. lbs. gross, a deduction OF
10 cents a pound for each pound under SIS
lbs. Will be made. ButtCr-No. l, 21-26c.
Butterfat 23e quoted by the Wadlev
Company.
tBv United Press
CHICAGO. oct. 16-Eggs- Market firm;
receipts. 2.l87 cases extra hrsts, 24ci
fresh graded frsts. 23c. current receipts.
Fl p &c; dirtics No. /. 19c. No ? l6c;
FIRM: receipts Q 673 tubs; extra frsts 800
81 D., scOreI, asa u Csc, extras t92 ScOrel
Size. nrstS f5S-59is Scorei. q 70 % &C;
seconds t86-87i1 sCorel. 22izc. specials. %
a26'2c. standards 24'sc.- Poultry Mar
kct unsettled. receipts. 43 trucks l car:
geese. On lie; turkeys l36l3c; old
ROSTERS. lie; ducks, l0dlic. sprinEcrs
heavy Rock 15c hens. heavy. IA &c;
guinea hens. s4m7 dozen POtatOes-
Supply moderate. demand and trading
moderate. market steady; Wisconsin
round whites IS 90c: Idaho russets 81 30
1I45. showing decay 81 20: Colorado Nc
Clures. sl.77lz Arrivals 54' on track.
239. shipments. 7B9
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
new PROBLEMS
SEEN IN SILVER
PURCHASE PLAN
China Alarmed Over New
Deal Policy; Notes
Exchanged.

BIZ United Press
WASHINGTON, Oct. 16.-New
difficulties in operation of the ad-
ministration's silver buying pro-
gram were foreseen today after pub
LEGATION of a series of messages be-
tween the United States and China.
Soon after the messages were
made known. China took steps to
halt the drain of silver which was
attributed to the American purchase
policy.
The action, consisting of a 10 per
cent tax, was believed to indicate a
belief that no fundamental change
in the American silver program
could be expected. China has been
alarmed because of the rise in the
price of silver and fears that her
national economy would be upset
by a drain of the metal that is the
basis of her monetary system.
Note Gives Assurance
The note exchange gave China
assurance that the plan would be
carried out so far as possible to
avoid any disturbance to her, but
indicated no change in policy might
be expected.
Secretary of State Cordell Hull
advised Chinese Minister Alfred SEE
that This government, while nee
eSsarily keeping within the general
purpose of enactment, will give the
closest possible attention to the pos
sibilities, so arranging the time, the
place and the quantity of its pur-
chases as will keep in view the con-
sideration put forward by the Chi
nese government in its communica-
ton"
Secretary Hull pointed out, how
ever, that the silver purchase pol
icy as provided by congress was
mandatory.
Requests American Cooperation
The state, department made pub
lie a cablegram from DR.. H. Kung,
finance minister at Marking, asking
American cooperation to prevent
further rise in the price of silver
and to maintain stability as con-
templated in the London agree
ment."
He asked whether the United
States might not confine its policy
to silver already in the United
States, thus preventing the drain
out of China.
Mr.. Hull declared that free mar
kets in which gold or silver could
be acquired by purchasers are now
open to all nations, and therefore
direct ntergovernmental transac-
tons have not been undertaken. The
availability of such markets in the
future is open to friendly discus
sion, especially because of our desire
to work toward common standards"
Government Faces Quandary
He promised that the United
States would be glad at any time
to explore these larger problems
with your representatives"
Financial observers felt the gov
eminent faced a quandary. 1t is
committed and under heavy pressure
to go on buying silver. At the same
time, increased purchases may dis
turb vital good relations in the Pa
cific.
Satisfaction of the Chinese desire
to get their gold and silver might
be accomplished by operations
through London, it was suggested,
since the United States does not
ban gold shipments to gold standard
countries. A possible complication
arises from the fact that most Chi
nese silver is in private rather than
governmental hands.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
FINANCIAL DATA
As of Dec. 81. 1893.

During 1888 the firms surplus
gained about 100000, while invest
ments in affiliated companies in
creased more than 100000 Cash
and securities, however, dropped
5000. 900. Inventories gained 81 AGO.
900 and net working capital in
creased 100000. Patents are listed
at 81. At the end Of the year the
current ratio was to and the
book value Of the stock was s406,
an increase of So cents during the
year.
Commercial Solvents earnings
dipped appreciably during the de-
preston but remained in the black.
The common stock earned so cents
in 1882 and 80 cents in 1888. Earn
ings during the first six months Of
this year amounted to Al cents.
The company has been generous
with dividends, although the rate
has been successfully reduced. Sur
plus was drawn on in $780, 1881 and
1882. Sixty cents was paid last year
and the present dividend rate also
is so cents.
The Commercial Solvents Corpor-
alton incorporated in 1919 in Mary
land. The stock is listed on the
New York Stock Exchange. At a
current price OF around 20 it yields
3 per cent.
tAu Rights Reserved. Winchester Institute
OF Finance. Winchester. Mass.l
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
On Commission ROU

Quotations below are average wholesale
prices being offered to buyers by local
commission dealers.
FRUITS-Cranberries. Cape Cod early
blacks 25-lb. box. as. Grapes, Michigan
seedlcSs 26-lb. box. 50 10 Crabapples,
Michigan hvslops bushel 81 IS. Persim-
mons. Indiana. y OTIS. 90c. Pears. New
York Bartlets bushel. $3.50. Avaca-
dos box. 81 so. ounces. buShel. 50. Ba-
nanas. pound. SAC. pineapples. crate. S.
size 30
Cabbage. Northern Dan
ish 50-lb bag Csc. red. buShel Sl10.
Onions. Idaho sweet Spanish. large. 50-lb.
bag 81 IS. Michigan, yellow. soc, Michigan,
10-lb. bag. zoe. white. boilers. lob. bag.
S5c. Western white. 50-lb. bag. 81 10. Po-
tatoes. New jersey Cobblers. l00-lb. bag.
81 As. Northern round white. l00-lb. bag,
Silo; Ohios. 100-lb- bag. Sl55i Idaho
Indiana Jerseys. bushel. 81 so, Indiana
Nancy Halls. buShel ST. Beans. home
grown StrinEleSS. bushcl. Sis. Kentucky
Wonders bushel 81 so. Limas large. pound
20C Bec,S. dozen. 20c. Carrots. Ohios,
dozen. $50 Ohio tCUt Offsi. washed 22-lb
baSSet. 75c. buShel. Sis. Caulifower
crate. 81 IS. Celery. Michigan. medium.
dozen. soc. jumbo. dozen Csc: hearts,
bunch 90c CucImhers. dollhouse. dozen,
soc Kalc buShel. soc Lettuce. outdoor. Is
10 BASKET COG Mangos. bushel 75c. Mint,
dozen soc. Parsley. dozen 35c. Peas
hamper 81 IS. Peppers. rcd finger. bushel,
81 IS. 5-lb basket soc. Radishes dozen,
CSC spinach. New Zealand. buShel. 35c,
brO3dlcaf basket. 60c Tomatoes, outdoor,
lib. basket. 45c. buShel. $50.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
Wall Street
by RALPH HENDERSON,
Times Special Writer

president ROOSEVELT has
l. not taken the public into his
confidence as to what he told the
bankers he invited to the White
House, but whatever it was it made
big hit. The frowns of yesterday
have been replaced by smiles, and
the security and commodity mar
kets have reflected their citation in
no uncertain terms.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
GRAIN FUTURES
TURN uneven
Outside Market Weakness
Offset by Local
Corn Sales.
BvUuifed Press

CHICAGO, Oct. 16.-The price
trend of grains on the Chicago
Board of Trade was mixed today.
Weakness in outside markets, how
ever, was Offset by commission
house and local buying in corn.
Wheat started unchanged to 4 cent
lower. corn was i to S cent higher,
oats were unchanged to i cent off,
rye was off Is to i cent, and barley
was down IL cents.
Liverpool followed the weakness
in Argentine yesterday and prices
took TO the downSide. Rotterdam
closed 2is to 25s cents lower.
Buyers rallied TO the support Of
the corn market and there also was
considerable buying in wheat flu
lures. The demand for cash corn
continued strong.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
LENIENCY URGED BY
RFC LOAN CHAIRMAN
Fifty-twO Agency Managers Are
Instructed by Jesse Jones.
By iHiff1 Press

By Hiffi fffSS
WASHINGTON. Oct. 16.-Recon-
struction Finance Corporation
Chairman Jesse Jones has ordered
managers Of the thirty-two RFC
loan agencies to use leniency wher-
ever possible IN connection with loan
repaymentS by borrowers.
Mr.. Jones said that extensions
should be given wherever our Sc
curity VIII not suffer" for as long as
five years from Jan. 81, 1885. If nee
eSSary.
Partial payments are preferable,
but forced liquidation IS not in the
interest Of recovery and We wish TO
be as helpful as possible TO our
borrowers in meeting their obliga-
lions Of citizenship. as well as TO
pay their debts TO the corporation,
Mr.. Jones stated.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
STOCK VALUES DECLINE

CHICAGO, Oct. 16.-Twenty-fve
representative stocks listed on the
Chicago Stock Exchange had a
market value at the close Of busi-
ness for the week ended Oct. l3 Of
s457 ,83l,8 1853. decrease Of s1.S61.-
737, or o. per cent, as compared
with the market value of S459. 693, =
800 at the close of the previous
week, according to a compilation
by Paul H. Davis 81 Co.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
STOCK TO BE RETIRED
BY BROWN SHOE FIRM
Outstanding Preferred Issues Re-
duced to 31,625 Shares.

By Times Spectat
ST. LOUIS, Oct. 16.-Retirement
by the Brown Shoe Company OF
1875 shares Of preferred capital
stock was announced today by John
A. Bush, president. This repre-
sents the company's retirement re-
quirements through the year 1885.
The outstanding preferred stock
has been reduced from $4,000 to 81
625 shares by the move, which ad-
heres to an established Brown Shoe
Company policy Of annually retiring
more than the 1000 required shares,
Mr. Bush explained.
The value Of shares outstanding
IS at the present time quoted at
s3,374.O6250." Mr. Bush said. At
the high point there we're $4,000
shares with a par value Of s6,000.-
000 At the present rate. the COM
pany will have retired all current
issues Of preferred stock by 1851"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16

FRUITS AND VEGETABLES

CHICAGO. Oct l6-Apples- Michigan
Mcintosh. bushels. 2's-ineh- Sl2Oa I ~ ~.
ooc few 81 Lettuce California crates.
81 50a135 Beans illinois, green bushels.
80 CSC Cabbage Wisconsin. crates. 3Od
Cos Pcppers-Iuinois bushels 4Od Csc.
Eggplant Illinois. bushels 20 70 Csc Celery
Michigan crates squares, 80 2 SOC.
oregon cauliaoWer-CrateS. 81. Michigan.
75c 70 $40. Grapes Michigan. Concord.
70 quarts % 32c; bushels. IS "a $50. Gran
herr!cS-Nf SsaChuScttS Is barrels - 40u
. So SPINACH Michigan. bushels. 15H 35c;
Missouri soc Carrots Illinois. punches.
1tli.c. Celery Cabbage Michigan fat
crates SO r 25c Beet Illinois and Indiana.
lunches Iisc onions Green. punches.
{ - Sc Onion market t50-lb. sacks Mich
fran vellOWS. 7oH soc. Idaho whites. 81,
Idaho vcilcVS So.i S5c. Indiana and ILL
u0is yel.ovs. 40u6Oc.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
WOOL PRICES HIGHER
Actual Purchases Are Being Made
in Territory Lines.
81 Uniftd Press

BOSTON, Oct. 16.-Encourage-
ment over the recent scattered i'm
provement in demand for greasy
combing domestic woods is desired
partly from the fact that actual
purchases have been made in ter
ritory lines. according TO a report
OF the United States agriculture de-
partment.
The firm asking prices on the bulk
of the territory woods in Boston are
relatively higher than quotations on
fleeceS and prices at which woods
can be bought direct in Texas.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
Stock Studies

The Commercial Solvents Corpo-
ration is one of the leading firms
manufacturing alcohol derived
through a patented process from
the fermentation of corn. When or
ganized in 1919 the company
bought the governments plants and
research laboratories at Terre
Haute, Ind.
Butyl alcohol is the chief product,
although by-products and deriva-
tives from this production give
other chemical solvents of increas-
ing importance. Sales are chiefly
to the rayon, artificial leather, drug
and chemical industries. It's two
principal plants, which are thor
oughly modern, are located at
Peoria, ILL.,, and Terre Haute.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16

Authorization to increase capital
stock Of the Continental Can Com
pany, Inc, of Millbrook, New York,
from $4,000, 900. consisting of 2,000.-
900 shares of $40 par value stock, TO
$50 100000, consisting Of 100000
shares of a similar par value, was
voted by stockholders.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
STEEL OUTPUT DROPS
Production Placed at 22.S Per Cent
of Capacity for Week.

NEW YORK, Oct. 16.-The steel
industry is operating currently at
22.8 per cent of capacity, compared
with 23.6 per cent a week ago, a
decrease of 0.8 of a point, or 3.4
per cent, the American Iron and
Steel Institute reports.
Operations in the industry a
month ago averaged 22.3 per cent.
while in the corresponding 1888
week steel companies were operating
at 80 per cent Of capacity.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16

Most people in
the financial dis
trict who have not
been let in on the
know believe the
Pre- ST d e II t has
something new up
his sleeve. Some
broad hints have
been dropped, ap-
parently because
the change in the
general attitude
is like that of a
youngster who has
lust been let out
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
PLAN PAYROLLS IN
AUGUST SHOW GAIN
Increase of 3 Per Cent Reported
During Month.
BIZ Times Spectat


NEW YORK, Oct. 16.-Factory
pay rolls rose seasonally during Au-
gust following a decline of three
months duration from the recovery
peak in April, according to the Al
exander Hamilton Institute.
The increase over July amounted
to 3 per cent, bringing the index to
81 2, as compared with 604 per cent
in the previous month. 67.3 per cent
at the peak, and $50 per cent in
August, 1888.
The average seasonal increase be-
tween July and August, based on
the f1fteen-year period from 1919 TO
1888 is 3.5 per cent, or slightly
greater than the August gain this
year, the report stated. Last year
factory pay rolls rose lib per cent
in Angus tower July.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
CONTRACT is AWARDED
BIZ United Press

BIZ United Press
WASHINGTON, Oct. 16.-The
national park service has announced
the award of a contract to the H. E.
Wolfe Construction Company. st.
Augustine, Fla. for highway I'M
provement in the Chickamouga-
Chattanooga national military park,
in Georgia. The work was estimated
to cost s70,975.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
COAL PRODUCTION is UP
Indiana Output Totals 100000 Tons
During Week Ended Sept. %.

Bituminous coal production in In
diana reached 800 900 tons for the
week ended Sept. %. a report of the
United States bureau OF mines
showed today.
The production was an increase
over the 298,00O tons produced dur
ing the previous week and 800 900
tons produced for the same period
in 1893. Indiana produced more
than 1 per cent of the nations out
put.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
I 700 Million Persons Houses SaIed
Funds ReceiUed by Closed Banks as
HOLC Strides Into It's Second Year
Benefits Derived From Home Owners Loan Corporation
Cited in Report Cash Distribution Adds to Buy
ing Power During Emergency.

WASHINGTON, Oct. 16. - Within approximately one
the date Of its establishment the Home Owners
Loan Corporation reports of Sept the completion of
renancng loans 1872 684 homes throughout the country
aggregatng $476913OO, according to the Federal Home
Loan bank review.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
LOW BIDDER NAMED

WASHINGTON, Oct. 16.-The
treasury has announced that Dice
Schmidt Construction Company
Chicago, with $117,5OO, was appar-
ent low bidder for construction of a
post office at Waycross, Ga.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16
JAPAN CALLED
THREAT TO US.
TEXTILE TRADE
Cotton Exports Are Seen
Doomed by Eastern
Competition.

81 United Press
WASHINGTON, Oct. l6.-United
States export trade in cotton textiles
to Latin America is threatened with
extinction in the face of Japanese
competition, Henry Lauten, member
of the Textile Export Association.
testified yesterday before the COM
mittee on reciprocity information.
Mr.. Lauten urged the government
to find some means of aiding the
industry He testified at a hearing
on projected trade agreements with
Haiti.
Mr.. Lauten said that since 1882
Japan has practically crowded
United States exporters out of the
Haitian market.
Japan attacked us first in Haiti
ana subsequently in Cuba, Central
America, Argentina and the west
coast Of South Africa" he declared.
L. S. Cotton Exports Decline
In 1882 Haiti imported 1889
packages Of cotton goods from the
United States and none from Japan.
according to the testimony. In the
first eight. months of this year
Haiti imported from the United
States about 1900 packages and
$4,000 from Japan. A cable report
for September said that Haiti I'M
ported 1898 packages from Japan.
Under these conditions" Mr..
Lauten asserted, there is no fur
Their hope for American industry in
competition with Japan, where costs
of production are the lowest. The
picture of Haiti is no different from
the picture in any other Central
American or South American coun-
try. We must hquidate this United
States export business unless the
government can find ways and
means to help"
Mr.. Lauten pointed out that the
NRA had increased textile wages
here 10 per cent and that American
workers now are paid five times as
much as the Japanese.
lnsurmountable Handicap
This is a handicap which can
not be overcome" he said.
Governor Blanton Winship Of
Puerto Rico urged that careful at
tention be given to that territory in
connection with al projected treat
ity with Latin American countries.
He pointed out that Puerto Rican
agriculture had been handicapped
by the seasonal tariff cuts accorded
to Cuban winter fruits and vege-
tables.
j. E. Edmonds of the southern rice
industry urged attention to exports
of southern rice. He said that
Haiti formerly consumed 100000
pounds of American rice annually,
but last year less than a carload
was shipped. A. M. Loomis, repre-
senting the American Association
of Creamery Butter Manufacturers
asked that encouragement be given
to exports of American butter to
Caribbean markets.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-16


of school at the end of the term.
Further devaluation of the dollar
has come into prominence in the
discussions of economic and none
tary conditions, particularly after
Senator Bulkley's reference to it re-
Gently following his visit with the
President. Opinions differ widely
on the subject, however, in the light
of the bankers attitude.
MOST bankers are opposed to
1V1 any further cut in the gold
content of the dollar. They would
much prefer to have the President
take a stand against it. But it is
conceivable that they would prefer
such a step to currency initiation.
Consequently, the bankers attitude
these days probably should not be
accepted as a definite indication
that Mr.. Roosevelt has quoted their
fears in that respect.
On the other hand though, the
appearance of Professor George F.
Warren in Washington leads many
to think that the Chief Executive is
seriously considering further de-
valuation. Mr.. Warren not only
was in the forefront among those
advising the President to take such
a step, but he actually took charge
of the operation.
1t is reasonable to suppose that
if the United States further reduced
the gold content of the dollar re-
neWed pressure for depreciation of
gold bloc currencieS would take
place. Certainly the countries still
on gold, and England as well, are
unlikely to sit idly by and see the
United States cut further into the
world markets. Under the circum-
stances it would seem rather doubt
full that the President would desire
to complicate the international
money mess any more than it is
now.
IN the absence of the facts your
l. correspondent is of the belief
that the sudden change of attitude
in Wall Street is due to the recOg-
milton the President has accorded
the bankers. He would not be par
ticularly surprised if a deal had
been made whereby the President
would attempt to stabilize the dol
/ lar at its present level. provided the
bankers come through with the
support the administration feels it
should have from them.
Trade appears to be on the mend,
and the various markets seem to be
in strong technical position. In
other words, the stage is set prop
erIy for the bankers to step in with
more credit and other constructive
support for business. And this sup
port would be beneficial all around