AMERICAN CABLE NEWS.

Hokitika Guardian, 19 October 1925, Page 3

AMERICAN CABLE NEWS.

[Australia & N.Z. Cable Association.]

RECORD SHARE DEALINf

NEW YORK, Oct. 10. Amidst the wildest scenes witnessed for many months, Wall Street to-day set new records in trading, no fewer than 1.222,000 shares being traded before noon, the first hours seeing 636,000 shares change hands. Twenty six issues reached new high levels tor 192,'5. At the close of the market, today’s transactions totalled 2,823,-100 shares, an increase of nearly two hundred thousand shares over yesterday’s sudden spurt to 2,664,U00. Hie trmling has been stimulated by a reduction in the rate on call money from five and a half to four and a half per cent. The boom is attributed to speculators dealings in tbe business world. Conservative quarters, however, merely credit the boom to tbe general prosperity of several companies, such as the United States Steel Corporation’s announcement that their plants are operating to more than eight per cent, of their capacity, and the Standard Oil Cov’s announcement that it will increase its capital slock permitting tbe share-holders to paiticipate.

HECTIC SPECULATING. (Received this day at 8 s.m.) NEW YORK, Oct. 17. Trading on the stock market reached on Saturday, the largest volume in the history of the market. During tbe two hours’ session 1,615,700 shares were sold, a tumultuous market executing orders from all parts of the country. These converged almost entirely upon motors in which there was hectic speculating. The first hour rushed up prices and the second hour saw an avalanche of selling, to take the profits, sweep over the market, and prices tumbled almost as rapidly as they had advanced. The ticker machines reporting the quotations were half an hour behind the actual transactions. The “Weekly Review” states a renewal of business conditions has enhanced the prevailing optimism, declaring the season’s trade gains have in most cases been fulfilled, and in some cases have passed expectations.

U.S.A. STEAMER, disaster. 1 NEW YORK. Oct 18. According to a message from Mayport, Florida, at least six passengers are believed to have been drowned and many injured when tbe steamer Cowhich left Jacksonville on Saturday afternoon for New York, was practically destroyed by lire, six miles off the shore, at night. The survivors were brought here by two vessels which effected rescues in a heavy sea. TUG CAPSIZES. VICTORIA (British Columbia) October 18th. A search is being conducted for seven men believed to have been drowned on Saturday night when the tug Hope, engaged in salvage operations on the freighter, Eomdyk, stranded ten miles from West Line, capsized, precipitating 42 members of the crew into the water. A DARING ROBBERY. (Received this day at 12 30 p.m.) NEW YORK, October 18. -Six masked robbers made a daring raid on the International Harvester Works at Chicago. An armoured car brought twenty-three thousand dollars to pay wages. The robbers allowed the guards’ ear to depart and then entered the office presenting their guns compelled a frightened woman to walk in front of them, forcing the others to lie face downwards on the floor, while they collected the money to get away in a motor car. AVIATION FATALITIES. NEW YORK. Oct. 18. An army aviator, Burgess, when conveying Mr Hutton, a journalist, and Mr Timmermen, photographer, employed by the Ohio “Herald,” to view the aviation races, at Selfridge Field, engine trouble noeessitated a descent. The machine struck a tree, caught fire and fell, the three being killed by tbe fall or burned to death.