DECLINE CHECKED

Hokitika Guardian, 24 July 1933, Page 5

DECLINE CHECKED

AMERICAN STOCKS

BUYING STRENGTH DEVELOPS.

(United Press Association—-By Electrio Telegraph—Copyright)

NEW YORK. July 22

As the Roosevelt administration invoked strong measures to prevent any further drops on the grain exchange, considerable buying strength has now developed in the New York 'Stock Exchange for various commodities markets. This ha« checked the sharp decline of the past few -days, and the prices of stocks to-day closed fractionally to two points lower. There was an average decline on fifty representative stocks of point forty-two dollars, the turnover on a short day’s trading (being 4,224,000 shares. The Exchange hns decided that it would, temporarily, limit the trading from .noon to three in the afternoon so as to relieve the overworked clerical staffs.

The Grain Exchange, co-operating with the Administration officials, ha« decided that, until further notice, no transactions in wheat shall he allowed on -the Chicago Board below' Thursday's closing prices which established a range of 92$ to 102 cunts for 'September wheat, through May deliveries. The Administration, in a statement, has strongly denounced speculation in grains, and it sets a daily fluctuation limit for wheat at five cents, and for other grains proportionally. Sterling closed at 4.633 dollars, at a. gold value of 72.1. Mr Roosevelt does not contemplate taking any action regarding the Stock Exchange.

FURTHER HEAVY . LIQUIDATION

LARGE VOLUME OF TRADING

NEW YORK, July 22,

With the grain futures trading suspended by the -Chicago Board of Trade to-day, and to-morrow by the New York Stock Exchange, the remaining iGonmiodity markets to-day underwent a third consecutive day of heavy liquidation, with prices uniformly lower. ;Stocks lost from 2 to 22 points with a. turnover of 9,574,000 shares. This is the largest volume of trading since October 20,' 1929, and the fourth largest in the New York Exchange’s history. Near closing time, there was a mild rally, but the 1 ' rally did not develop with sufficient strength to counteract the day long sinking of prices.

For u time, selling orders .'.were, coming in so rapidly that the Exchange machinery was Scarcely able to handle the transactions. Sterling opened 4,72|-. It then rajlied and at the closing stood at 4 dollars 6881 cents to- £l. AMERICAN NATIONAL DRIVE. NEW 7 YORK, July 22. A nation-wide, drive to-day started to implement the blanket Recovery Code for industry and -business. All of the employers, excepting farmers and housekeepers, who are hiring more than two persons will be urged to shorten hours and to increase wages, with the immediate objective of securing the re-employment- of six million persons' by September Ist, .and of thus increasing the nation’s purchasing power sufficiently to maintain higher production price levels.