STOCK LOSSES

Southland Times, Issue 22075, 24 July 1933, Page 7

STOCK LOSSES

NEW YORK EXCHANGE LARGE VOLUME OF TRADING HEAVY LIQUIDATION (United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) New York, July 22. With futures trading suspended by the Chicago Board of Trade to-day and to-morrow by the New York Stock Exchange, the remaining commodity markets underwent the third consecutive day of heavy liquidation with prices uniformly lower. Stocks lost 2 to 22 points with a turnover of 9,574,000 shares, the largest volume of trading since October 20, 1929, and the fourth largest exchanges in history. Near closing there was a mild rally, but it did not develop with sufficient strength to counteract the day-long sinking prices. For the time selling orders were coming in so rapidly that the exchange machinery was scarcely able to handle the transactions. Sterling opened at 4.72|, dropped to 4.57, then rallied, closing at 4.67|. Meanwhile from Washington there came indications that Mr Roosevelt was prepared to take measures to stabilize grain prices. He has called a meeting of the Exchange officials for Monday to discuss methods to curb the heavy fluctuations. To-day a nation-wide drive was started to implement the blanket recovery code for industry and business. All employers excepting farmers and housekeepers hiring more than two persons will be urged to observe shorter hours and increase wages with the immediate objective of re-employ-ment of 6,000,000 persons by September 1 and increasing the nation’s purchasing power sufficiently to maintain the higher production price levels. The New York Stock Exchange has announced that beginning on Monday it would open at noon until further notice. MINIMUM FIXED THURSDAY’S CLOSING PRICES. (United Press Assn.—Telegraph Copyright.) (Rec. 6.50 p.m.) Washington, July 22. The Department of Agriculture today approved the proposal of the Chicago Board of Trade setting the closing prices of Thursday, the last market day, as the minimum below which no trading would be allowed until further notice. Fluctuations for any single day’s movement in wheat will be limited to five cents and other grains in proportion. Wheat closed on Thursday, July 99, September 91, December 954- cents and May one dollar. ARRESTING THE DROP STRONG MEASURES. (United Press Assn.—Telegraph Copyright.) (Rec. 7.30 p.m.) New York, July 22. As the Roosevelt administration has invoked strong measures to prevent further drops on the grain exchange, considerable buying strength has developed on the New York Stock Exchange. Various commodity markets checked the sharp decline of the past few days and stocks and prices closed fractionally to two points lower. The average decline in 50 representative stocks was .42 dollars. The turnover on a short day’s tradin', was 4,224,000 shares. The exchange decided that it would temporarily limit trading from naon to three o’clock in the afternoon to relieve the overworked clerical staffs. The Grain Exchange, co-operating with the Administration officials decided that until further notice no transactions in wheat would be allowed by the Chicago Board of Trade below Thursday’s closing prices which established a range from 92$ to 101 for Sentember through to May deliveries. The Administration statement strongly denounced speculation in grains and sets the daily fluctuation of wheat at five cents and other- grains proportionally.