WIDESPREAD FEARS

Manawatu Standard, Volume LVII, Issue 275, 20 October 1937, Page 9

WIDESPREAD FEARS

STOCK MARKET RECESSION. CONCERN ON WALL STREET. APPEAL TO PRESIDENT. (United Press Association—By Electric Tel egrapli. —Copyright.) Received October 20, 11.20 a.m. NEW YORK, Oct. 19. A stock market recession, apparently of catastrophic proportions, began to-day causing widespread fears that the 1929 debacle may be repeating itself. Sales to midday totalled 3,890,000 shares and if they could have been maintained to the end proportionately they would have totalled ten million. Selling pressure kept the tickers twenty minutes behind. Blocks of stocks were hurled in totalling three and four thousand, disorganising the machinery of communication with brokerage firms. It is alleged that “bear” raids are re sponsible for the- persistent efforts to depress the market. Congressman Sabath has telegraphed President Roosevelt asking for an investigation into the “Wall Street conspiracy.” EARLIER REPORT. ' NEW YORK, Oct. 19. The Stock Exchange suffered another heavy selling wave, prices dropr ping from two to 13 points. Steel stocks were the focal point of the attacks, steel production having dropped 7 per cent, over the week and 40 per cent, since last spring. Virtually the entire market, however, is affected. The turnover to-day was in excess of two million shares.