RUSH TO SELL

Hokitika Guardian, 14 March 1932, Page 5

RUSH TO SELL

AMERICAN SECURITIES. AFTER FINANCIER'S DEATH (United ■ Press Association—By Electric Telegraph.—Copyright.) NEW YORK, March 12. The death lias occurred of Mr Kreuger, a man who exerted a great influence in the financial world here. He had begun his career in America as an obscure engineer. He built an athletic stadium for the Cyracuse University, which, in 1930, gave him the honorary degree of “Doctor of Business Administration.” During his recent visit to America he had an interview with President Hoover, and was also engaged in consultation with New York Market experts, as the result of which Mr Kreuger was told that Certificates had been subjected to pressure. They rose from 42 on January sth to 9J three weeks later, and they were well supported above seven prior to the week just ended. Although the news of Kreuger’s death was published after the close of the share market to-day, the selling of certificates actually began at the opening of the Stock Exchange, and the selling had all the indications of being of the “informed” type which usually precedes unfavourable news. One hundred and\ sixty-five thousand of the Certificates were sold, a-quarter of the volume on the Exchange, but they were apparently well supported, selling at five, and being off only by three-eighths.