Wall Street

Stocks. There is much money available at 3 1/2%. It is being used to finance the movement of crops and to buy bonds and is not finding its way into the stock market. Again prices of stocks were beaten down to lower levels in trading on the exchange last week. General Motors had announced record earnings. Yet this major stock closed last week's sessions at a decline of 14% points from its high for the year. Slumped also these leading issues: U. S. Steel, General Electric, Houston Oil.

Bonds. Most of the money in Wall Street is being turned into the bond market. Ordinarily this would increase prices for these securities. It has not because last week investors were asked to buy $189,115,000 in new issues. They, or brokers for them, bought them all. The introduction of new bonds for that amount raised the total of new issues for October to the largest figure for any month of the year: $677,000,000.

Foreign Exchange. The Dutch Central Bank of Amsterdam recently raised its discount rate one point to 4 1/2%. This is an indication of good business in Holland. Their industry is borrowing to finance an expanding trade. Guilders, Dutch money, last week closed at a record price, 40.30 cents each. This is 10 cents above par, a quotation that featured foreign exchange trading last week.

Grain. Wheat, most speculative commodity in financial trading, whipsawed at the hands of speculators last week. Many bushels were sold but fluctuations were not wide and the price closed for December delivery at 1.24 3/4. Canadian farmers rushed grain to ports to beat deliveries of U. S. growers, and storage elevators of the Canadian Pacific and Canadian National railroads nearly burst to accommodate receipts. In one day Canadian Pacific elevators accepted 4,454,425 bushels exceeding all previous records.

Cotton. The Department of Agriculture announced last week that gins turned out 2,172,000 bales for the October period. This was a decrease of 269,000 compared with September and the price of cotton advanced. The rise was not sustained. Excellent October weather extended picking and increased receipts, and the influence of a depressing stock market and uncertain trade promoted a decline. Cotton closed the week at 20.05 cents a pound for Demember delivery, at the 480 pound rate, $96.24 per bale.