NEW YORK EXCHANGE

Auckland Star, Volume LX, Issue 257, 30 October 1929, Page 7

NEW YORK EXCHANGE

Brighter Prospects After "Panicky" Trading.

RECORD SALES FOR DAY,

(United P.A.—Electric Telegraph—Copyright)

(Received 12 noon.)

NEW YORK, October 29.

The stock market, after days of terrific battering, made an extraordinary recovery in the last three minutes', following a series of confident statements made by financiers and aided by additional supporting millions provided bv bankers.

However, while the stocks closed above the points touched to-day, few of them recovered above yesterday's close, and the actual losses for the day ranged between five and 50 points. The total sales on the stock' market was an alltime record of 10.410,030 shares. The kerb made a new sales record of 7,090,300, with losses as high as So points. Tickers at both Exchanges were far behind at the close on the Stock Exchange.

Another avalanche of selliiig at the opening of the stock market on Tuesday crashed values down from live to 35 dollars a share. Banking support rallied the market which broke again in reflection of the nervousness created by the failure of the curb. The Exchange was firm when hundreds of issues broke into new iow levels for the year under panicky trading.

On the second selling wave losses rawred from- ten to 70 dollars a share lower than an hour Before. At the closo priccs turned sharply upward.

Backwash in Canada

The aftermath of the New York stock crash on Monday was an appalling smash at the opening in Toronto on the Standard Stock Mining Exchange on Tuesday. The market started by cutting ten dollars a share off Noranda, driving the stock down to 28 dollars from the previous day's close of 3890 dollars. Other issues suffered severely. The prices indicated the. panic conditions on the world's largest mining stock market. Experts declared that the priccs bore no relation whatever to intrinsic values. In Montreal the effect of the crash was also drastic. The Vancouver market followed the downward trend, but Toronto reports the worst opening day on record.