FURTHER CRASH

Hokitika Guardian, 30 October 1929, Page 6

FURTHER CRASH

IN STOCK EXCHANGE. |N [United Press Association—By Electric Telegraph.—Copyright.] NEW YORK, October 28. Billions of dollaVs in values went overboard as the stock market again plunged downward, headed by the earlier leader, United States steel. Banking support which came in to protect the market last week was unable to prevent to-day’s disastrous break whjicjh was accompanied by frenzied trading. There were declines ■ all along the line and the mainstays of the market, namely stocks in which the wealthier class had been smashed downward and record breaks of ten, fifteen and twenty points reductions were recorded in a brief period. The break began mildly but gathered momentum with sweeping vigor. Stock after stock broke through resistance levels and the leaders sank under the low levels reached last Thursday. Besides united steel, general electric bore-- the brunt of selling while Westinghouse General Motors and Johns- Manville also suffered. It was the last straw, for many, who had been holding on patiently awaiting action from the huge banking pool which was formed last week, threw their biddings down for what they would bring. NEW YORK, October 28. A big banking pool held a further meeting shortly after one o’clock afr ter which it issued buying orders and the appearance of J.- P. Whitney of Morgan House, and others on the floor purchasing stocks temporarily restored confidence. .. ' A slight rally, ensued but by 2 o’clock the bankers appeared unable to steam the tide and bears sent the market crashing' again in a new selling wave.