Major Falls On Stock Market
(Rec. 10 p.m.) NEW YORK, Aug. 9. The Stock Market today took another major step downward. There was no apparent cause for the selling. Traders had been keeping a close eye on the market in recent sessions, and they were quick to sell today when the lower movement began. Brokers said that the climate for the fall had been created by higher money rates. Yesterday, for the second time in two weeks, banks increased their charges for loans to brokers. There was a small measure of recovery. / Losses of one to about five points were frequent. The big name stocks were hardest hit. Gains at the finish were mostly small, but some amounted to one to three points. The American Associated Press average of 60 stocks fell by two dollars to 169.30 dollars. That is one of the heavier losses of the year for the average.
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Press, Volume XCII, Issue 27734, 11 August 1955, Page 13
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151Major Falls On Stock Market Press, Volume XCII, Issue 27734, 11 August 1955, Page 13
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