HEAVY SELLING ON WALL STREET

Greymouth Evening Star, 16 April 1947, Page 10

HEAVY SELLING ON WALL STREET

NEW YORK,- April 14. The heaviest selling of the year swept Wall Street to-day. Leading stocks dropped one to eight points a share, depressing values to the lowest point since November 22. Transactions totalled 2,200,000, the highest in four months. . Brokers attributed the bearish market to the labour situation, high prices, uncertain business prospects, and the disturbed foreign position. Moving in sympathy with New York, losses outnumbered gains by more than 10 to one on the Toronto Stock Exchange. Losses ranged to four points. Keen Competition At Invercargill Wool Sale (P.A.) INVERCARGILL, April 15. Necks, pieces, bellies, and locks sold exceptionally well at the third and final Invercargill wool sale of the season, held today. In a few cases, the prices for this type of wool exceeded the values received for actual clips. The total offering was .20,217 bales, including a big proportion, of new season’s greasy wool. The official report issued by the Invercargill Woolbrokers’ Association, in conjunction with the New Zealand Woolbuyers’ Association and Wool Disposal Commission, states: “The offering comprised many lateshorn wools, a proportion showing tenderness and discolouration because of climatic conditions. Seedy wools were in evidence. Competition was keen and well spread, there being a good demand for fleece wools. Necks, bellies, pieces, and crutchings sola particularly well, with keen Continental and Bradford competition.