Wall Street

Stocks. The stock market last week registered one of the most exciting periods in its history. Prices of time-tried shares, long leaders in what has become known as the Coolidge market, were slashed unmercifully by the short interests, marking a decline on the exchange that reflected the country-wide depression now being experienced in almost every avenue of trade. U. S. Steel common, General Motors, General Electric and N. Y. Central shares, known as financial bellwethers and representative of industrial, railway and utility activity, were unable to offer their usual resistance to the present economic disquiet and concluded at prices considerably lower than they have notched for months.

Money. The condition in the stock market in relation to money available for borrowing constituted almost a paradox in last week's trading. This "money" represents funds that banks are willing to lend authoritative brokers in financing their transactions. There was a great deal of it available last week and the interest rate fell at one time to as low as 3 1/2 per cent for this class of borrowing which is known as call money or short terms loans. Added to these funds were the payments made to share and bond holders, whose coupons were collectible at this quarter of the year. These payments amounted to approximately $300,000,000. Usually this money finds its way back into the market and acts as a spur to higher prices in stocks.

Bonds. There were unusual opportunities offered last week to purchasers of this class of securities. New bonds offered totalled $263,823,500. It was almost a record figure, exceeded in financial history only by a $300,309,000 total for the week ending February 4, 1927.

Foreign Exchange. Guilders of Holland, marks of Germany, sterling of England, kroner of Sweden, all appreciated in value. This to economists was a healthy sign regarding world conditions. It means that gold will be shipped from the U. S. to these nations if their money goes above par. When this happens, it will be cheaper for U. S. merchants to pay in gold for goods they may have purchased abroad than to buy foreign currencies here at a higher rate than par.

Coolidge. President Coolidge last week announced after an analysis of country-wide scope that business and trade conditions of the U. S. were healthy. In the opinion of the President trade trends showed a continued advance. His statement caused a slight increase in prices on the stock market but for just one day. Wall Street, reasoning that the Chief Executive is usually optimistic, scrutinized his remarks with care. Some brokers questioned them. The loss in railway net receipt "is not great" was a contention of the President. The last available figures registered a decline of 11% which Wall Street considered hardly small. "The roads are doing about the same amount of business as last year," was another finding of the President. They are not, pointed out the brokers, for freight car loadings thus far have decreased 4 1/2%. The Coolidge reference that "business is better than it has ever been" was also contrasted with the fact that the record of 1926 was better.