STOCKS SAG HEAVILY
ANOTHER WALL STREET RECORD (Australian and N.Z. Press Association) (United ServiceJ NEW YORK, Thursday. With a record call money rate at 9 per cent, stocks broke sharply on the Stock Exchange, losing from five to 20 points, and the speculative structure bililt up during the last year threatened to topple. It was the severest decline for one day on record. Fifty representative stocks, not one of which ended the previous day without a rise, showed an average net loss on the day of six dollars 20 cents, while 25 industrial stocks declined by S dollars 96 cents, and 25 railway stocks fell by three dollars 45 cents.. Hundreds of millions of dollars were lost during the day, all the favourite stocks being included in the slump, and ended the day at or near the lowest levels. The drop started at the beginning of the session, and continued throughout the day'. The total sale was 5,407,590 shares.
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Sun (Auckland), Volume II, Issue 532, 8 December 1928, Page 12
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159STOCKS SAG HEAVILY Sun (Auckland), Volume II, Issue 532, 8 December 1928, Page 12
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