CALL MONEY SOARS
NOW 14 PER CENT. IN NEW YORK
AVALANCHE OF SELLING
(United P.A.—By Telegraph — Copyright) (Australian and N.Z. Press Association) Reed. 9.30 a.m. NEW YORK, Monday. Call money soared to 14 per cent, which is the highest rate since 1920, when it touched 15 per cent.
The Stock Market crumpled under the avalanche of selling orders as a result of this stringency, with losses ranging from one to ten points. The decline gathered headway toward the close, and the exchange was galvanised into action, and the customary decorum broken.
To-day’s shortage of money was believed to reflect the fear of further action against the market by the Federal Reserve Board.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/SUNAK19290326.2.78
Bibliographic details
Sun (Auckland), Volume III, Issue 622, 26 March 1929, Page 11
Word Count
112CALL MONEY SOARS Sun (Auckland), Volume III, Issue 622, 26 March 1929, Page 11
Using This Item
Stuff Ltd is the copyright owner for the Sun (Auckland). You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in