NEW YORK STOCK EXCHANGE.

King Country Chronicle, Volume XXIII, Issue 3076, 7 November 1929, Page 5

NEW YORK STOCK EXCHANGE.

ANOTHER SLIDE IN STOCKS.

PRESIDENT’S REASSURING MESSAGE

(Press Association. —Copyright.) (Received 10.29 a.m.) New York, November 6. The stock market! dropped another ten billion dollars in values in a short three hours’ session. When traders throughout the United States dumped their holdings, prices shot downward, causing scenes of frenzied trading. There was only brief support which failed towards the close. The market opened with a sharp break, when came a brief recovery which was merely a lull before the actual storm - of selling, which was carried on almost unabated until the final gong. The United States Steel stock was leading in the drop and several of the usually most stable stocks dropped ten to thirty points, including General Electric, General Motors, Johns’ Manville, New York and Central American, American Telephone, Westinghouse, Electric Radio Corporation, and others.

Meantime President Hoover issued a proclamation from White House setting aside 28th November as a Thanksgiving Day. He declared: “Both capital and labour have enjoyed exceptional prosperity” and “assurances of peace abroad and at home have been strengthened and enlarged.”