FRENZIED SELLING
AMERICAN INVESTORS IN PANIC ' PUBLIC CONFIDENCE SHAKEN Australiayi and N.Z. Press Association (United Service) Reed. 11.2 G a.m. NEW YORK, Mon. The rising tide of security-selling has assumed serious proportions. Today the stock market’s general list broke from two to 15 points. The tickers lagged over half an hour behind the market, and the greatest confusion and anxiety of the entire recent break ,were exhibited. Investment bankers reported that the public confidence is so shaken that it is virtually impossible to sell new issues of stocks and bonds.
Today’s losses are especially significant, since they came after several days of liquidation. One representative high-priced specialty issue broke 138 points. Another dropped 45. United States Steel touched a low record for 205 days. The total sales were approximately 7,000,000 shares. Powerful interests finally checked the frenzied outburst of selling—one of tlie worst in the history of the Stock Exchange. Five hundred million pounds sterling in paper values was wiped out.
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Bibliographic details
Sun (Auckland), Volume III, Issue 800, 22 October 1929, Page 9
Word Count
161FRENZIED SELLING Sun (Auckland), Volume III, Issue 800, 22 October 1929, Page 9
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