AMERICAN AFFAIRS.

Otago Witness, Issue 3994, 30 September 1930, Page 29

AMERICAN AFFAIRS.

THE WALL STREET MARKET.

HEAVY LOSSES RECORDED.

NEW YORK, September 22. Despite a slight rally towards the close, stocks lost a total of 1,000,000,000 dollars in heavy selling when prices collapsed in every section of the list, and thousands of shares were thrown overboard.

The selling gathered momentum till the new high speed tickers were hard pressed to keep pace with the dealings. United States Steels lost over 34,000,000 dollars in market value, American Telephones lost 56,000,000 dollars, General Electrics 42,000,000 dollars, and General Motors 48,000,000 dollars. A DUEL IN BALTIMORE. RAILWAY PRESIDENT KILLED. NEW YORK, September 23. At Baltimore, Maxwell Byers (president of the Western Maryland Railway) and D. G. Gray (vice-president) had a revolver duel in the Standard Oil building. The police said that the pair apparently locked themselves in the president’s office and shot it out. The cause of the dispute is not known. Crowds outside held up the traffic. The police broke into the room aud found Byers dead, with three wounds, one being through the heart. A pistol was beside Gray, who was shot in th« back and chest, and badly w’ounded.

NEW YORK EXCHANGE.

"BEAR” OPERATORS.

NEW YORK, September 26. One hundred and forty issues on the New Y’ork Stock Exchange hit new low levels for the year when “ bear ” raids caused declines of from one to over eight points. Trading was heavy, and about 100 of the low levels were the lowest for all time, and were widely distributed, particularly in motor and copper stocks.

Call money rate of renewal was 2 per cent, all dav.

NEW YORK STATE.

NOMINATION OF GOVERNOR. NEW YORK, September 1.6.

The Albany Republican Party of New York State has nominated Mr Charles Tuttle, the former United States Attorney, as a candidate for the Governor, on a platform demanding repeal of the prohibition law. The platform was written to meet Mr Tuttle’s demand for such a declaration, and its adoption and his nomination have transformed the Republican Party from a dry to a wet organisation in the New York State. The wets hail the event as one of the most important developments for their cause in many years, and predict it will haVe a far-reaching effect. COMMUNIST ACTIVITIES IN UNITED STATES. NEW YORK, September 27. Giving evidence before the Fish Communist Committee, witnesses foY the AllRussian Textile Syndicate which mada short sales in wheat testified that these were legitimate hedging activities to protect the European position. A former Russian official testified that facts about the American Navy and Army were being sent by Soviet trading groups doing business here to Russia.