STOCK EXCHANGE VALUES

Hokitika Guardian, 26 September 1929, Page 6

STOCK EXCHANGE VALUES

DOWN WITH A «jxvivSH. (United Press Association—By Electric ' Telegraph.—Copyright.) (Received this day at 9.25 a.m.) NEW YORK, Sept. 25. The top-heavy speculative structure created by wild speculation of the past few months crumbled on the Stock Exchange to-day, under a flood of liquidations, scores of stocks breaking from -jree to twenty dollars per shnVe, and wiping out more than a billion dollars on the quoted values. Similar declines occurred in the curb market and other leading security exchanges throughout the country. LONDON, September 25. The Stock Exchange has declared as defaulters, the firm of W. Russell and Coy. One of the directors is Russell. The Stock Exchange committee of general purposes has ordered that a settlement of bargains open for current account in the following stocks be deferred till 24 October/ Associated Auto matics Corporation, General secuYities Draper Trust Preferences Far Eastern Photomatons shares apd debentures, Oat Investments, Photomaton Parent Corporation Retail Trade securities and Parent Corporation retail trade securities and Wakefield Corporation four and half per cent. 1949-59. The committee has issued a statement to the effect that owing to many names of parties ultimately interested, it has been impossible for the committee to indenfify and isolate all transactions; read through from one Hatry company to another. The committee, therefore, were left with only two alternatives. Une was to postpone a settlement of such shares and securities in Hatry group under suspicion, irrespective of parties concerned, and the other was to allow settlement to proceed in the ordinary course. (It was decided to postpone the settlement till 24 Oct. LONDON, September 25. The “Times” states the liabilities and deficit are unlikely to exceed twenty millions sterling. It has not involved the investing public to a large extent, and is likelier to fall on those with large resources and therefore best able to bear it. The Governor of the Bank of England presided at a meeting of bankers whereafter a statement was issued indicating the co-operation of the Committee olf the Stock Exchange. It is understood the banks, extend leniency to clients ( .involved in the crash as small investors. LONDON, September 25. General sympathy is expressed with Russell Coy., which decided that they were defaulters, after they had informed the committee that they could not comply with their requests and thought this was an honest course to take. PRICES REVIVE. (Received this day at 9.25 a.m.) - NEW YORK, September 25. Powerful support in the last hour cut the losses generally in half and . a handful of stock soared from five to twenty dollars above Tuesday’s closing.