HEAVY LOSSES ON SHARES ON NEW YORK EXCHANGE
NEW YORK, September 20.— Shares on the New York Stock Exchange today sustained one of the worst breaks this year. When the exchange closed it was estimated that 1,500,000,000 dollars had been cut from the market value of the total shares listed. The losses were heaviest in the steel, oil, railway, chemical, and motor-car industries. In early trading, most issues ’ lost fractions, but they declined rapidly as trading continued. Prices, fell by one to three dollars a share. International currency devaluation played a part in the market’s action, but the news of labour troubles in the coal, steel, and automobile industries was a major force. Gold shares were consistently higher, with gains ranging to more than a dollar a share. . Commodities declined, but the losses were smaller than in the previous session. Rubber futures lost more than half a cent per lb. Wool markets steadied, and some wool tops gained a shade. Grains made fractional losses.
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Greymouth Evening Star, 22 September 1949, Page 6
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164HEAVY LOSSES ON SHARES ON NEW YORK EXCHANGE Greymouth Evening Star, 22 September 1949, Page 6
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