SPECULATION IN SHARES

Greymouth Evening Star, 25 March 1929, Page 3

SPECULATION IN SHARES

BANKERS TAKE ACTION

(Australian Press Association.) (By Cable—Press Assn—Copyright.)

WASHINGTON, March 22.

Possibility of a rise in the Federal Reserve re-discount rates is to be seen to-night, after another Federal Reserve. Board attempt to curb Wall Street’s speculative fever by holding an extraordinary session with Mr Mellon (United States Treasurer) and Governor Harrison of the New York Reserve Bank present. The meeting was called after several warnings had failed to curb the speculation, . and unless the rampage is now called off on Wall Street, it is indicated that a battle may result. During the meeting to-day, New York and Chicago speculators _ appeared to bo frightened, especially fearing that the Chicago rediscount rate would raise, but that has not occurred. The members would not discuss the meeting, which, it is believed, has been held partially as a psychological move, but it is expected that the Federal Reserve Board . will shortly issue another statement if today’s meeting does not have the desired .effect.