U.S.A. SPECULATION

Greymouth Evening Star, 10 December 1928, Page 5

U.S.A. SPECULATION

HEAVY LOSSES INCURRED. (Australian Press Association.) (By Cable—Press Assn.—Copyright.) (Recd. Dec. 10, 11 a.m.) NW YORK, December 8. Crashing under the weight of the heaviest selling ever concentrated within the two hours’ Saturday session on the Stock Exchange, 3,749,000 shares changed hands, and the stocks of all varieties and descriptions lost an excess of two billion dollars in the open market, the value of Radio Corporation of America being the heaviest loser, with an 82 point break, International Harvesters 61-£ coming next, and losses from 5 to 50 points being generally spread over the list. How badly thousands of speculators who indulged in the so-called “Hoover Market,” have been hit, can be seen from the fact that fifty leaders in stocks have dropped an excess of 22 dollars per share since the high market set in on November 30- The break in Radio, particularly, was demoralising, and Monday’s market is looked forward to with considerable trepidation* The general prosperity for the year for Wall Street is indicated in the estimates that a hundred million dollars will be distributed in bonuses to the staffs of the banks, brokerage and security houses, during the Christmas season? It is known that one firm will pay a bonus of two years’ salary to its employees.