WALL STREET CONFUSION

Evening Star, Issue 20313, 23 October 1929, Page 9

WALL STREET CONFUSION

SELLING OF SECURITIES ASSUMING SERIOUS PROPORTIONS Press Association—By Telegraph—Copyright. NEW YORK, October 21. The rising tide of security-selling assumed serious proportions to-day, and the stock market’s general list broke from two to fifteen points. The tickers lagged over an hour behind, and the market was in the greatest con fusion. Anxiety throughout the entire recent break has been exhibited by investment bankers. It is reporjfed that public confidence has been so shaken that it is virtually impossible to sell new issues of stocks and bonds. To-day’s losses are especially significant, since they came after several days of liquidation. One high-priced specialty issue broke 138 points, and *xu- 1 other dropped 45. United States Steels touched a new low record of 205. The day’s total sales were approximately 7,000,000 shares.—Australian Press Association. CONFIDENCE RESTORED. MANY SHARES ADVANCE. NEW YORK, October 22. (Received October 23, at 12.20 p.m.) Confidence in Wall Street was restored overnight, and the market staged a good come-back, shares advancing from 1 to 15 points in many instances, while others increased as much as 30 points. The ticker caught up, and the market seemed normal again at the close. Principally encouraged by the statements ol Mr Charles Mitchell, of the National City Bank, and Professor Irving, ot Yale University, Fisher steel, which dropped surprisingly yesterday, led in the turn for the better to-day.—Aus-tralian Press Association.