OVER-SUBSCRIBED

Rotorua Morning Post, Volume 3, Issue 711, 11 December 1933, Page 5

OVER-SUBSCRIBED

(Press Assn.-

treasury dept. reports very successful financing PROVIDING WORK

— By Telegraph — Copyright).

Washington, Dec. 8. Th.e Treasury announced that the c.ertificgte issue ,of subscription totalled ^ 2,714,000,000 dollars or three times the amount offered. Mean while, the Government has maintained for the seventh business day the quotation of 34.01 for g.old. The success of major financing since the beginning of the gold programme was said in Treasury cireles to be especially signficant in view of Mr. Sprague's prediction that it might become necessary to resort to greenbacks t.o meet debt requirements. It is held that the moderate exercise of the President's gold policy in harmony with eommodity prices, tends apparently to constitute the Administration's immediate monetary programme. The dollar moved quietly within a comparatively narrow range to-day in the foreign exchange markets. The underlying strength of stoclcs again was evident in late trading on the stock exchange, New York, today. After a mild reaction the market closed firm. The weakness in wheat coupled with the steadier dollar rate, left little' increase for turn ups in the eommodity markets to-day and values fell under scattered sernng.