NEW YORK EXCHANGE

Ashburton Guardian, Volume 50, Issue 171, 3 May 1930, Page 5

NEW YORK EXCHANGE

FURTHER DECLINES IN PRICES.

(United Press Association —Copyright.) NEW YORK, May 1. Stock declines continued with bears hammering down values, the best issues makiing the' most severe declines. United States Steel broke below ISO and regained only a small part of the loss. Other leading industrials met equal pressure, while rails were demoralised as the volume of liquidation trading increased. A had influence was exerted by the fact that Morgan stocks, Steel, United Corporation, and Yansweringeu Rails met heavy pressure. ANOTHER ABRUPT DROP. (Received This iDav, 10.55 a.m.) NEW YORK, May 2. Stocks dropped abruptly, and many million dollars were cut from values. A break of such proportions has not been witnessed since the autumn sales, and made the year’s record ol 5,986,300. The raid came suddenly, while prices were rising under the leadership of steel, and the whole market was recovering. Selling gained in intensity as the close approached. Highest grade issues continued under great pressure, especially Morgan stocks. Steel moved between 180*,, and 174 s ), and closed at 176, off two and a quarter. Radios were most active, and reached 63£, but dropped in selling to 55, then gained one-half, to close off 01.