CRASH ON ’CHANGE

Hokitika Guardian, 10 December 1928, Page 5

CRASH ON ’CHANGE

— DROP IN PRICES. .United Press Association—By Electric Te leg ra ph— Copy right). (Received this day at 8.20. a.m.) NEW YORK. December S. Crashing under tho weight of the heaviest selling ever concentrated wiinin two hours in Saturday’s session on the Stock Exchange, 3,7-19.()()() shares changed hands and stocks of all varieties and descriptions lost an excess of two billion dollars in the open market value, the Radio Corporation ol America being the heaviest loser, with an eighty-two point break', International llarvesiors sixty-one and a hall coining next, and losses from five t > fifty points being generally spread over Lln- list. How badly thousands of .speculators who indulged in the socalled Hoover market have been hit can he- seen from the fact that lidty leading .stock's have dropped an excess of twenty-two dollars per share since the high market was set on 20th Nov. The break in radio particularly was demoralising and Monday’s market is looked forward to with considerable t repidat ion. The general prosperity for the year in Wall Street is indicated in estimates that a hundred million dollars will he distributed in bonuses to the staffs of hank, brokerage and security houses during ’Xmas season. It is known that one linn will pay bonuses of two years salary to employees.