SWEEPING REACTION IN NEW YORK
INCREASE IN FEDERAL DISCOUNT RATES BRITISH RALLY OCCURS LATER. i (Received 9.5 a.m.) NEW YORK, August 9. A panicky liquidation of stocks inspired by unexpected increase from h '#fiye $> slx per cent ' oi the Federal yTreserve discount rate, wiped out more than a billion dollars on quoted values in fifteen minutes trading. It was the most sweeping reaction in the history of the New York Stock Exchange. A brisk rally ensued before the end taf the first recessions in other financial centres throughout the United States. —Australian Press Assn.
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Stratford Evening Post, Issue 81, 10 August 1929, Page 5
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94SWEEPING REACTION IN NEW YORK Stratford Evening Post, Issue 81, 10 August 1929, Page 5
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