STOCK EXCHANGE

Hokitika Guardian, 26 October 1929, Page 5

STOCK EXCHANGE

SENATORS TO ACT. FOR RESTRICTION OF SPECULATION. United Press Association—By Electric Telegraph—Copyright) NEW YORK, Oct, 24. Various Senators commented on the situation. Senator Glass said that he will press for a; five per cent, tax on , stock transfers made within sixty days. He also said that he will offer an amdhdment to the National Banking Act and the Federal Reserve Act, seeking to restrict speculation. ■Senator King said that he will demand a thorough investigation of the system. < NEW YORK, October 24. /i.'he Reserve Board in its vcekly report on brokers’ loans in New York, lias indicated a decline on *67 million dollars. This report, which is only up to. Tuesday night, represents only a portion of the drop which must have occurred as the result of yesterdays’ and to-day’s liquidation of the stock market. SLUMP EXTENDS. TO LONDON.

LONDON, October 24

There was a scene at Throgmorton Street. . It was during a downpour of rain, after the closing of the Stock fexchftnge, and it was the most exciting since before the war. Heavy selling orders came from the other side, and all of the leading smialities broke before a wave of liquidaton at big figures, and they changed eyerv few seconds as the dealers offered tliestock. Prices rallied later, albeit they were showing substantial falls on the daj.