STOCK EXCHANGE SLUMP.

Timaru Herald, Volume CXXIII, 1 April 1926, Page 7

STOCK EXCHANGE SLUMP.

Scramble In New York. NEW LOW LEVELS REACHED. By Cable—Press Association—Copyright. Anatrnlian and N.Z, Cablo Association, (Received March 31, 5.5 p.m.) NEW YORK, March 30. An augmented flood ot soiling orders descended upon tho Stock Exchange, sending the averages to now low marks for the year, in both industrials and railroads. • , Tho day’s sales totalled 3,356,200 shares, the prices wilting as tiie big banking houses vainly attempted to stem the downward course of the market. Railroads were first assailed, sharp losses being sustained in New York Central and other great systems. Traders holding iai-ge blocks of industrials, fearing they would bo tho. “ bears’ ” -next target, scrambled to sell, with the result that stocks such a.s the United States Steel, and Hudson Motors readied tho lowest quotations for the year. Meanwhile: President Cooiidge, Mr Henry Hoover, and the acting Secretary of the Treasury (Mr AVinston) reiterated their belief in the soundness of tho country’s prosperity, stating that they see no connection between business conditions and tho fluctuations of stocks. STOCKS THROAYN OVERBOARD. RECKLESS REGARD FOR VALUES By Cable—Pro«« Association—Copyright. iiustiv.’ian and N.Z. Cable Association (Received March 31, 5.5 p.m.) NEW-YORK, March 30. Trading on the Stock Exchange exceeded three million shares for the third time this year to-day, when stocks were thrown overboard in an enormous volume, and in reckless regard for quoted values. Prices for active issues crashed one to fifteen points, and new low records for the year were set.