Korean Reds Of North Invade The South

Chronicle (Levin), 7 June 1949, Page 5

Korean Reds Of North Invade The South

Beceived Tuesday, 1 a.m. .TOHANNESBURG, June 6. Telephone calls frnm Britain, the United States and Euroue came into stockbrokers ' offices today as the gold share buving boom was resumed afteT the weekend lull. The recent rich find at Erfdeel touched off crazy buying which reached a new peak when the market opened today. Galls from overseas were outnumbered bv those from the most remote South African villages. Free State Gold Areas, on whose property Erfdeel is situated, opened at 47s fid this morning and rose quickly fro 50s, the public buving indiscriminatolv almost anv Eree State shares. Union Eree States, the holding companv of Gold Areas, touched 32s after closing at 19s on May 3. Brokers, working unceasinglv over the weekend with wads of orders, warned elients that they cannot guarantee to buy what thev want. One broker said it was bedlam at his home and like a crazy asylum at >his office Eashionablv dressed women from wealthy homes mingled with clerks, typists and working men in a throng running in and out of brokers' offices. Shouting and seream ing throngs determined to get their monev into gold shares, jammed the corridors of the Stoek Exchange and brokers' offices. . aj Mr. Joseph Milne. head of the gronp of companies controlling Erfdeel, said one London source bought a block of shares in the holding company tjt'pT £250,000. He also had calls from lea'ding British and American: financial houses offeriug capital for inyestment and development.