STOCK EXCHANGE

Hokitika Guardian, 25 October 1929, Page 6

STOCK EXCHANGE

(United Press Association—By Electric Telegraph.—Copyright.) | NEW YORK, Oct. 23. '• J The “Bears” to-day commenced a new attack, on the Stock Exchange. Prices dropped throughout the list from ten to'one hundred points. The tickers ran two hours’ overtime, and finally they showed that the reaction nad been a terrific one, probably the worst in the history ol tne StocK Exchange. The total losses for» the day reached over two billion dollars. The sales totalled 6,400,000 shares, according to the Dow Jones Coy., which has compiled the‘‘figures. At the opening the dealings were tame, ’■ and the average' industrial stocks dropped 20 points to 66 points, which was the widest break since the Company began Stock Exchange tabulations. The “Bears” then took control, and small holders then frantically dumped their holdings overboard in immense volume, and the quiet Exchange suddenly became the scene of frenzied trading. Large and small holders were running from an avalanche of losses. Tlie momentum steadily increased, and millions of dollars were wiped out. Bethlehem, Unistates Steel, Westinghbiise, and other aristocrats of the recent “Bull” drive, led the decrease.'

Towards the close of the day thousands of dollars of losses were • incurred by wire trouble, which was delaying ordef’s,. as a snowstorm struck the Western States. Similar scenes afe expected again to-morrow, '"unless there is' immediate aid forthcoming. ' Very slight support appeared near the close’of to-day’s market, hut it was then useless. Serious losses were also suffered ’on the kerb, while cotton stocks, all grains, rubber, sugar and coffee lost from two to’ten points. The pound sterling has reached 4 dollars 87 15-16 cents. This is its highest for the year CHICAGO, Oct. 23. Wheat prices here have slumped sensationally, with a “Bear” stampede, following on the receipt of the news of the declines, on. the New York stoc,' market, and' owing to the lack of export, the demand for corn dropped in sympathy, with wheat, the latter dosing as foliows: —December 1251,cents per bushel, March 133 1-8 cents, May 125 5-8 cents- 7 DROP IN WHEAT. VANCQUTEft, October 24. A Winnipeg message states wheat tumbled eight and a half to thirteen cents at early trading to-day. Beaiish news from Europe and Argentine and the weakness bn IVall Street wei e • -.the. contributing^.pauses. 'five cehts on early ira’ding/J 5 ST<)CK ‘ EXCITANGE DROP. (Received this day atlOja.m.) ;\![\ NEW YORK, October 24. Stocks were terrific volume .to-day. A. MAH RUSH. EXORM()U;S BREAK IN PRICES. (Received this day at 9.25 a.m.) NEAV YORK, October 24. Continuing its spectacular decline, the Stock market experienced what may be the worst break in its history. Four thousand million dollars worth of paper profits were wiped out in less than three hours trading, which is twice the amount in the same period yesterday. The tickers were eighty minutes late on sales at one o’clock and scenes'of utmost confusion reigned on the floor of the Exchange wttli the brokers frantic. Wave af: r wave' of selling mowed do'.v’i T>ricc K * "'itii all the leaders crashed down through the resistance barriers. ' . Trade's..in diemeantime surged abort the‘brokers', officers watching holdings wiped ‘‘out, such scenes ensuing thereby as rarely if ever before had been witnessed'.'. The situation took such a serious aspect that bankers held meetings to determine some way of stemming the flood offerings. ' It is understood''the Board of Governors held a meeting to discucs tlie advisability of temporarily closing the Exchange, but it was deedied to keep open as usual and the Governors themselves took the floor of tbe Exchange, and began buying. This inspired some confidence and appeared likely to turn the tide. Meantime there wore rumours throughout tho financial district. The Exchange actually closed near a panic in some quarters, especially f m conjunction with similar reports regarding Chicago and Baltimoie, but these were quickly denied from 11 three centres. . . Nevertheless the Chairman ,of the Baltimore Exchange admitted i that his Board had considered t*he possibility of temporarily closing, because they had heard a report that New York Exchange was discussing a similar step, and Baltimore would likely follow suit.