WALL STREET WHIRLPOOL

Northern Advocate, 15 November 1929, Page 5

WALL STREET WHIRLPOOL

LEADING STOCKS ENGULFED ; DISTRAUGHT SPECULATORS. AT LEAST FOUR SUICIDES.

(United Press Association—By Electric Telegraph—Copyright.) (Received 3.30 p.m.) NEW YORK, November 13. With another vicious drive against stocks, which lowered prices from two to 15 dollars a share to new low points, the Stock Exchange issued a call to members to state their position by noon on November 16, as the close of business on November 12. The market closed with leading stocks near the bottom and a few issues showing slight rallies. A questionnaire to members is expected to show the Exchange who is in the market, and what is being don^f.

Wall Street today is mystified at the continued selling, and speculation runs high as to whence it came. . Near the close, an order was received for 1,000,000 shares in Standard Oil, New Jersey, at 50 dollars a share. It is believed the order, came from John D, Rockefeller, . in* a further at* tempt to cheek liquidation. With the suicides of Mr Searle, president of the Rochester and New York Gas and Electric Company, on account of a million ■ dollar loss on the stack market, and Mr Riordan, president of the County Trust Bank here, following similarly large losses on Wall Street, there have now been at least j four suicides of well-known financial figures throughout the United States, as the result of speculative collapse. Moreover, there are continuous reports of other suicides of men and woipeU whose fortunes have been wiped .out by the financial debacle.

SUDDEN REVIVAL. WAVE OF OPTJMISM. (Received 11.20 a.ro.) NEW YORK, November 14. Following numerous “bullish” f statements, the most influential of which was Mr Andrew Mellon’s declaration that, with the aid of thq \ | leaders of both branches of Congress,, the income tax reduction of one pet cent would be made effective, the stock market revived on a wave .of 1 optimism. The entire market gained strength. A great weight seemed to haye been lifted, and optimism was general. Prices-shot forward at the opening, remaining firm at' the close, with gains of one to 20 points recorded, and market values increased some five billion dollars. Steel again led the way, closing at 160 (up 8J points). Among other leaders were. — General Electric, which soared over 20 points, Westinghouse 15, American Can 14, American Telephone BJ, International Telephone 11.