What Did Not Happen

What Did Happen on U. S. security and commodity exchanges following President Roosevelt's devaluation of the dollar: A series of 3,000,000-and 4,000,000- share trading days on the New York Stock Exchange that whipped the week's total transactions to the highest level since the whiskey boom last summer.

A rise in the Dow-Jones industrial stock average to a New Deal high at 111up 61 points from last year's low.

A $40,000 price rise in stock exchange seats to $190,000.

A $109,000,000 increase in loans to brokers.

A roaring bond market which set a twelve-year record for a week's transaction. Gains of two to seven points were the rule. Allegheny Corp. 5's of 1950 jumped eight points, Boston & Maine R. R. 5's six to seven points. Canadian Pacific issues six to eight points, Nickel Plate 6's twelve points, Porto Rican American Tobacco nearly 13 points, St. Joseph Lead 5 1/2's four points.

What Did Not Happen, and what President Roosevelt wanted most of all, was a thundering upward surge in commodity prices. Wheat moved up a paltry 1-c- per bushel to 92-c-, cotton added less thian 1/2-c- a pound. But corn, oats, rye, barley remained practically unchanged. Commodity tables duly recorded the weekly range of gold per ounce: low--$34.45; high--$35; last--$35.

There was nothing startling in this sorry performance of commodity markets. Traders had long since discounted dollar devaluation, and even a dose of green-backery. What whetted the stock speculator's appetite was unmistakable signs of better business. Most significant sign last week was the announcement of mail order sales--infallible index of rural spending. Sears, Roebuck reported January sales 30% above last year, Montgomery Ward 45%. Ward's retail stores sales were up 21%, its mail order sales up 80%.

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