HUGE DROP RECORDED
AVALANCHE OF SELLING IN NEW YORK Reeeived Thursday, 9 a.m. NEW YORK, Sept. 10. The avalanche of selling in whieh 3,300,000 shares changed hands at to-day's stock market, reduced the total value of listed
securities by 2,000,000,000 dollars, bringing the loss for September to about 9,000,000,000 dollars. Since May, when the highest level was set for the year, the total value of securities has declined from 84,000,000,000 dollars to 75,000,000,000 dollars. A banking expert said that there was a widespread feeling of insecurity among investors as well as some business men, who consider that production costs are too high and that the estimates of pent-up buying powrer may have been exaggerated. The stock market retreat in New York continued to-day with heavy selling pressure, and the prices of prominent stocks sagged. The market took an erratic, jittery course flrst downward, and then upward, but an effort,to stem the tide of falling prices failed, and 'during the afternoon many issues dropped to new low levels, some quality stocks losing five to nine points. i There was a heavy selling wave near the close of the day's trading. and the ticker tape fell far beliind transactions.
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Chronicle (Levin), 12 September 1946, Page 5
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197HUGE DROP RECORDED Chronicle (Levin), 12 September 1946, Page 5
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