WAIL STREET PANIC

Sun (Auckland), Volume IV, Issue 1000, 17 June 1930, Page 9

WAIL STREET PANIC

BANKS FAIL TO CHECK RUN ON PRICES LOWEST SINCE BIG BREAK United F.A.—lt y Telegraph —Copyright Reed. 9.30 a.m. NEW YORK, Monday. Prices crashed again today on the Stock Exchange, and more than 200 issues made new low levels for the year or longer, and more than 2,000,000,000 dollars in valuations were swept away in heavy liquidation. Prices broke three to sixteen points in active issues, and the whole list was carried to new low levels. On the reaction, United States Steel made a new low level for the year. The Chicago, Philadelphia, Cleveland and Boston Stock Markets also reacted badly, and the commodity markets, including cotton, wheat, bar silver and rubber, were likewise badly depressed. Strong banking support cushioned, but failed to check, the headlong decline in market prices. This is the most precipitous fall since the November collapse. A message from Winnipeg says dollar wheat ruled in a panic on the futures market today, and the losses were 4 5-8 cents to 4 1-8 cents. July closed at 99J cents; October at 1 dollar 3 3-S cents; December at 1 dollar 4 5-8 cents. Reed. 10.55 a.m. NEW YORK, Mon. The market losses totalled well over five billion dollars.