MORE FRENZIED TRADING

Sun (Auckland), Volume III, Issue 814, 7 November 1929, Page 9

MORE FRENZIED TRADING

WALL STREET PRICES ' DIVE AGAIN TRADERS! DUMP HOLDINGS United P.A.—By Telegraph—Copyright Reed. 9.6 a.m. NEW YORK, Wed. The Stock Market dropped another £2,000,000,000 values in a short three-hour session, when traders throughout the United States dumped their holdings. Prices shot downward, causing scenes of frenzied trading. There was only brief support, which failed toward the close. The market opened with a sharp break. Then came a brief recovery, which was merely a lull before the actual storm of selling, which carried on almost unabated until the final gong, United States Steel leading the drop. Several of tile most stable leaders dropped from 10 to 30 points. In the meantime, President Hoover issued a proclamation from the White House, setting aside November 28 as Thanksgiving Day. He declared:“Both Capital and Labour have enjoyed exceptional prosperity,” and that “assurances of peace at home and abroad have been tlrengthened and enlarged.” WHEAT PRICES BREAK CHICAGO RALLY FAILS AT MARKET’S CLOSE Reed. 10.55 a.m. CHICAGO, Wed. Wheat prices broke again near the close today, after a mid-day rally had raised prices above those of yesterday. The break is attributed to the weak stock close and the Canadian pool’s annoimeements that it is unable to make payments on 1928 wheat, showing that -it still has a surplus. The nea,rness of the December price to the limit set hy the Farm Board had a stabilising effect and export sales are reported to be larger. Values closed: December, 1 dollar 20J cents a bushel; March, 1 dollar 273 cents; May, 1 dollar 303 cents.