STOCKS PANIC.

Hawera Star, Volume XLVIII, 1 April 1925, Page 5

STOCKS PANIC.

ON AMERICAN EXCHANGE

FOLLOWS FALL IN WHEAT PRICES

BY CABLE— PKE*SS 'ASSOCIATION - COPYRIGHT NEW YORK, March 30.

Stocks were subject to another severe selling drive, following on a further big drop May wheat, which fell four cents below "its previous bottom price of 151 cents per bushel. The renewed decline- forced a heavy liquidation of stocks for account by traders in the grain pit whose margins were impaired. This selling started a precipitous downward movement on the stock exchange,, which resulted in a new low level in active stocks throughout the list. Loss orders were caught in the confusion,'and the whole market broke badly, but indications of better support were shown J>y late dealings, prices generally closing above the session’s low levels. ' No definite reason has been advanced for the; general wave ol wheat selling, but well-posted observers blamed the apathetic demand, the. better southwest crop news and the slump iu stocks. Drastic liquidation was encountered, when interests long identified with “hulls’’ dumped the bulk of their wheat into the pit. - Chicago wheat quotations are as tollow:—May,.247 cents per bushel; July, 1362 cents, September, 1282 cents.