Alton Evening Telegraph from Alton, Illinois on September 5, 1963 · Page 19
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Alton Evening Telegraph from Alton, Illinois · Page 19

Alton, Illinois
Issue Date:
Thursday, September 5, 1963
Page 19
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PAGE TWENTY ALTON EVENING TELEGRAPH THURSDAY, SEPTEMBER 5, 1963 Move to Strengthen U.S. Dollar Rv SAM DAWRON AP Rusinrss News Analyst NEW YORK (AP)—Moves to Ktrpngthon the American dollar are scoring some initial successes in world money marts. The dollar has advanced slightly against the Swiss franc and the German mark. A greater score has been made against (he British pound sterling which has dipped to a two-year low in temis of American money. While the U.S. Treasury gold stocks have shrunk a little more this s u m m e r, Britain's gold and convertible currency reserves also fell in August, off about S19.6 million. No Indication None of this necessarily forecasts any great upsurge in the| dollar's position. Nor does it cause any real alarm in European money capitals. It does show the close tics between Western currencies and economies. Some Britons in particular are saying that the efforts to strengthen the dollar are the cause of the pound's weakness, temporary as they expect it to be. It's a neat trick to strengthen one county's position without weakening another's. That's one reason so much interest is attached to the meeting in Washington later this month of the directors of the World Bank and the International Monetary Fund, \ charged with policing the financial dealings of the Western world as well as encouraging their economic growth. Europeans have been watching the American financial moves. First was higher interest rates to keep lendable American dollars at home. Second was the proposal, now being debated in Congress, to tax American purchases of foreign securities from foreigners, with the same goal in view. Money Pool Since American capital has •been the great pool from which Europeans could draw since World War II, any drying up of these available funds will be felt. The British pound this week dipped below the official rate of $2.80 to the American dollar. Part of the decline can be traced to Britain's balance of trade problem. British imports have been rising and now top their exports, thus weakening the pound. Much of this is seasonal, representing purchases of raw materials. But the British blame part of the fall on the American financial moves. irau mew 5-PIECE CHROME DMETTE TRUST US-OVER 4 MILLION HAVE-SINCE 1898 NOW ONLY BACK TO SCHOOL SPECIAL! FAMOUS REMINGTON HOLIDAY TYPEWRITER • -i Now Only 300 EAST BROADWAY • OPEN TIL 9 P.M. MON., THURS. & FRI. NO MONEY DOWN Large 48"x30" Table, sturdily constructed . . . Gracefully styled ... 4 heavily padded chairs. Buy now and save with our terrific low, low price. We Do Our Own Financing As W« Have Been Doing for 64 Years! No need to run around looking for easy credit, we handle everything right in the privacy of our own office. Hurry in and select the things you need and arrange to pay later. 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