FRENZIED SELLING

Evening Star, Issue 20135, 27 March 1929, Page 8

FRENZIED SELLING

NEW YORK STOCK EXCHANGE SLUMP IN PRICES Brass Association—By Telegraph—Copyright. NEW YORK, March 26. (Received March 27, at 10,30 a.m.) To-day's was one of the worst ‘declines in the history of Hie, Stock Exchange. The sales totalled over 7,000,000 shares for the first time. As tho prices crumpled under the avahmelio of selling, billions of dollars ot paper profits were wiped out in the reaction which embraced the entire, list, forcing prices down from one to t wenty points. The brokers were frantic with the Inigo wave oi selling orders, and tho ticker machines ran 75miu behind tho markets. Demoralising effects pervaded not only all the securities on the markets of the United States, but brought terrific selling into grains at Chicago ami cotton on the New York Cotton Exchange. Wheat tumbled nearly five cents, ami curb stocks and bonds were also forced lower.—Australian Press Association. WALL STREET CRASH. PrcE« Association —By Telegraph—Copyright. NEW YORK, March 26. (Received March 2<, at .10.30 a.m.) Call money reached 20 per cent, on Hu; Stock Exchange to-day. This is the highest since February, 1020. Values crashed on Wall street. r l lie statisticians estimated that the aggregate quoted values ol all listed stocks were redducod by more than 1.000,000,000 dollars yesterday and to-day.—Aus-tralian Press Association. BEWILDERED BROKERS. NEW YORK, March 26. (Received Match 27, at 12.15 p.m.) When fairly accurate lignics could be obtained Irom the bewildered brokers it was discovered that the total sale of shares (excluding odd lot ■sales) had reached a new record ol d .239,000 shares. The ‘lay, besides witnessing the most severe reaction e\ei experienced, saw a remarkable jecovei v towards Hm close. .Radio, United States Hteel, and other issues, alter slumping greatly, gained ground just before the end' of ’the session.—Australian .Press Association.