PANIC ON WALL STREET
LIQUIDATION OF STOCKS. • A SWEEPING REACTION, (United Press Association.! (By Electric Telegraph—Copyright.) NEW YORK, August 0. A panicky liquidation of stocks, inspired by the unexpected' increase front 5 to G per cent, of the Federal reserve discount rate, wiped out more than a billion dollars on the quoted values in 15 minutes’ trading. It was the most sweeping reaction in the history of the York* Stock Exchange, A brisk rally ensued before the end of the first half-hour. There were similar recessions in other financial centres throughout the United States.—Australian Press Association—United Service.
TOTAL OF SALES. NEW YORK, August 9. j-lie total of the stock sales was 5,022,300 shares.—Australian Press Association.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/ODT19290812.2.57
Bibliographic details
Otago Daily Times, Issue 20793, 12 August 1929, Page 9
Word Count
115PANIC ON WALL STREET Otago Daily Times, Issue 20793, 12 August 1929, Page 9
Using This Item
Allied Press Ltd is the copyright owner for the Otago Daily Times. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence. This newspaper is not available for commercial use without the consent of Allied Press Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.