THE DAILY ALASKA EMPIRE
VOI XI II NO 6477.
“ALL THE NEW'S ALL THE TIME” __
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WNEaYaLaSKA, TUESDaEoCTOBER 24. 1933._MEMBER OF ASSOCIATED PRESS_PRICE TEN CENTS
GOVERNMENT'S
GOLD BUYING
PLAN STARTED
Practical Operation Under-,
way to Bolster New
Monetary Scheme
COMMODITY MARKETS
ARE EOUNDING UPWARD |
Prices Paid Will Probably
Be Higher than London
and Paris Rates
WASHINGTON, Oct. 24. — The
Government has set out to put
into practical operation President
Roosevelt’s new monetary plan for
lifting prices of commodities by
purchases of newly mined gold,
the first step scheduled in em
ploying the dollar control policy.
Already commodity markets have
bounded upward upon announce
ments of this step of managed cur
rency.
High Price
Yesterday President Roosevelt
said he expected to make the first
purchase of new gold by the Gov
ernment almost immediately unaer
the new monetary plan with prob
abilities that the prices offered
will be above the London and
Paris market prices.
To Free Dollar
Officials of the Reconstruction
Finance Corporation, in charge of
the gold buying, believe that the
offer to pay more than the London
and paris prices for new gold,
will free the dollar from control
by foreign banks and speculators,
and the results hoped for include
cheapening of the dollar in terms
of pounds and francs and increase
the world price of gold. With such
an increase, economists look for a
boost in commodity prices.
