“THE HOOVER MARKET”

Grey River Argus, 11 December 1928, Page 5

“THE HOOVER MARKET”

U.S. Stock Gambling. HEAVY LOSES RECORDED. NEW YORK, December 8. Crashing under the weight of th • heaviest settling ever concentrated within the two hours’ Saturday session on the Stock Exchange, 3,749,000 shall Is changed hands, and the stocks of all varieties and descriptions lost in the open market, the value of Radio Corporation of America being the heaviest luwTr, with an 82 point break, Intcrnati'unal Ilar\4 sters Gij coming next, and losses from 5 to 50 points being generally spread over the list.

How badly thousands speculators who indulged iu the so-called "Hoove l Market,” have been hit, can be seen from the fact that fifty 1' aders iu stocks have dropped in excess of 23 dobars per .share since the high market set iu ou November 30. The break iu Radio, particularly, was demoralising, and Monday’s market is looked forward tu with considerable trepidation.

The general prosperity for the year for Wall Street is indicated in the estimates that a hundA d. million dollars will be distributed iu bonuses to the staffs 'of the banks, brokerage and security houses, during the Christmas season. It is known that, on| firm will pay a b'unus of two years’ salary to its employees.