CRASH IN PRICES

Dominion, Volume 23, Issue 32, 1 November 1929, Page 11

CRASH IN PRICES

TWO WALL STREET FIRMS SUSPEND BUSINESS

MARKET JUMPS AGAIN CONDITIONS DISTINCTLY BETTER (United Press Association. —By Electric Telegraph.—Copyright.) (Rec. October 31, 7.40 p.m.) New York, October 31. As a result of the crash on the Stock Exchange, four brokerage firms have suspended business. Two of these are small curb exchange firms here. The others are doing business elsewhere. New York, October 30. The stock market has made a powerful recovery, prices jumping from one to thirty point with total sales approaching eleven million shares. Tension was relieved when it was seen that the tremendous weight of the bear market was finally broken. Excited buying of bargains left from yesterday's terrific break replaced dejected selling wave were bought In, brokerhad felt the brunt of the disastrous selilng wave were bought in, brokerage houses being crowded with persons eager to halt the selling out on their accounts. Banks continued to support the market with moral force. The Morgan group again conferred, after which they issued a statement: “There does not appear to be much to say except what is manifest to everyone, namely, that conditions are distinctly better.” During the afternoon it was announced that the Exchange would be closed, until noon on Thursday and would also be closed .ill Friday and Saturday to enable brokerage houses t catch up on the tremendous amount of sales. The reason given by the governors for taking this extraordinary action is that the Exchange would be closed down because of the physical exhaustion of the employees, who have not slept in some instances for seventytwo hours. This example has been followed by various other Exchanges throughout the country, including the produce and curb markets. There was some slight profit-taking following the announcement, but dealings soon picked up again in momentum and the machines ran nearly two hours behind quotations. An additional bullish feature of the day was the statement issued by Mr. J. D. Rockefeller. Senr., that business conditions were sound, that stocks were too low, and that he and his son were buying sound common stocks for investment. At the close of the Exchange the early gains were held, powerful financial forces throwing into the market huge supporting orders. Sales to-day were the third largest on record with a total of 10,727,320. The curb market also recorded gains on active issues of from 2 to 40 dollars, and the sales were 3,809,200. LOSSES ON AMSTERDAM EXCHANGE (Rec. October 31, 11 p.m.) Amsterdam, October 30. According to the “Telegraaf” the losses on twelve stocks on the Amsterdam Exchange in two days exceeded thirty-six millions sterling.