MR. COOLIDGE’S FUTURE

Sun (Auckland), Volume 1, Issue 114, 4 August 1927, Page 1

MR. COOLIDGE’S FUTURE

EFFECT ON FINANCE MESSAGE DISTURBS STOCKS By Cable. —Press Association.—Copyright Reed. 9.5 a.m. NEW YORK, Wednes. Mr. Coolidge’s unexpected announcement that he will not seek re-election as President next year, caused stock market prices to break badly in early dealings. The President’s statement found the general list in an invulnerable position, as the result of sweeping advances over the last several weeks. General Motors, United States Steel, Westinghouse Electric and other industrial leaders experienced breaks running up to seven points. However, General Motors quickly recovered two points, and United States Steel one, while other active issues reached proportionately the same level.—A. and N.Z. WHAT DOES IT MEAN? SPECULATION IN AMERICA By Cable.—Press Association.—Copyright Reed. 9.5 a.m. WASHINGTON, Wed. Mr. Coolidge’s statement was so entirely unexpected,'even by his most intimate friends, that the whole country is at present rife with speculation regarding the exact meaning of it. Opinion is about evenly divided. One half is inclined to the theory that the President has not definitely refused candidacy, but is merely leaving the solution of the third-term problem to the Party Convention, which might nominate him, despite his statefnent. Those holding this view point to the wording of the document, which does not say, “I will not run,” but merely “I do not choose to run.” Alternatively an equally large number of people believe that the President is anxious to retire to private J life, because he is feeling the strain ; of his four years of office. —A. and 1 N.Z. i