WALL STREET

Manawatu Times, Volume XLIX, Issue 3288, 6 March 1926, Page 9

WALL STREET

STOCK MARKET RECOVERS.

[By Electric Cable—Copyright.] [Aust and N.Z. Cable Association.] (Received Friday, 8.5 p.m.) NEW YORK, March 5.

A drastic decline in prices was brought to a halt in the first twa hours of trading on the Stock Exchange on Thursday, when buying orders for hundreds of thousands of shares were distributed by strong financial interests, and hundreds of “bargain hunters." Trading continued in an enormous volume, with a rebound in prices from one to almost twenty-four points. The close was marked by an enthusiastic outburst of buying. Sales for the day totalled 2,500,000 shares, compared with 3,785,700 on Wednesday.

A New York cable of Wednesday read: —

Breaking all existing records for volume in the history of the Nest York Stock Exchange the Wednesday market crashed in the last hour o£ trading, despite strong banking support for a number of high-grade industrial and railroad stocks. The estimated paper losses from the first big smash are more than 1,000,000,000 dollars, the break coming late on Tuesday shortly before the Interstate Commerce Commission’s disapproval of the proposed railway merger was announced in Washington. There is much discussion of the possibility of there having been a leak in this news.