SPECULATORS HARD HIT

Sun (Auckland), Volume II, Issue 533, 10 December 1928, Page 12

SPECULATORS HARD HIT

STOCKS SAG IN NEW YORK TWO BILLION-DOLLAR FALL (Australia n and X.Z. Press AssociationJ NEW YORK, Saturday. On the New York Stock Exchange to-day 3,749,000 shares changed hands. This was a record for a Saturday session of two hours. Values of stocks of all varieties declined to the extent of more than two billion dollars in the open market. Radio Corporation of America was the heaviest loser with an S2 point break. International Harvester declined 61 i points. Losses of from 5 to 50 points were generally spread over the list. How badly the thousands of speculators who had indulged in the socalled “Hoover market” have been hit can be seen by the fact that 50 leading stocks have dropped more than 22 dollars a share since the high market set on November 30. The decline in Radio Corporation particularly was demoralising and Monday’s market is looked forward to with considerable trepidation. The general prosperity o£ the year for Wall Street is indicated m the estimates that £20,000,000 will be distributed in bonuses to the staffs or the banks, brokerage and security houses in the Christmas season. Lt Is known that one firm will pay a bonus of two years’ salary to Its employees. • Stocks developed an acute weakness on Friday, breaking anywhere from 8 to 19 points. The market suffered violent fluctuations and opened weak, then rallied and later broke sharply. Toward the close call money was renewed at 10 per cent, and declined to 9 per cent. Radio Corporation moved violently between 403 and 376, closing 19 points off the previous day’s closing price. Acute weakness in steel caused anxiety.

BUTTER AND CHEESE

BOARD’S WEEKLY REVIEW The New Zealand Dairy Produce Board lias received the following market report from its London office, dated December 7, prices for the previous week being in parentheses Butter New Zealand.—Salted, 176 s to ISOs up to 182 s (172 s to 178 s); unSalted, 194 s up to 198 s (190 s to 198 s); first whey, 166 s (1665): second whey, 162 s (1625). Deliveries this week, 1,600 tons; n store, New Zealand. 3,750 tons. Australian.—-Finest, salted, 174 s to 178 s (170 s to 1745); unsalted, 182 s to lS4s up to 186 s (180 sto 184 s up to lS6s). Market firm. Demand improving. Argentine.—Unsalted, 176 s to ISOs (174 s to ISOs). Market steady. Dutch.—Unsalted, 204 s to 206 s (200 s to 2025). , , Danish.—Spot, 204 s (198 s to 1995); f.0.b., 198 s (1945). Market firm. Estonian. —178 s. Ukrainian.—l74s (168 s to 170 s). Polish. —154 s to 160 s (158 s to 1625). Retail prices unchanged. Cheese New Zealand.—White, DCs to 9§s (100 s to 102 s); coloured, 97s to 9Ss (100 s to 102 s); exceptional, 995. More doing at the lower prices. Deliveries: New Zealand, this week 20,000 crates; in store, 43,000 crates. Canadian. —White, 110 s to ll_2s (110 s to 112 s); coloured. 108 s to 112 s (108 s to 110 s). Market steady. Retail prices unchanged. English.—Finest farmers’, 140 s to 142 s (140 s to 1425).. Stocks in Great Britain The estimated stocks of all butters at the principal cold stores in Great Britain at November 30 were 5,550 tons, compared with 7,000 tons last year. The estimated stocks of cheese at London, Liverpool and Bristol at December 1 were: New Zealand and Australian, 35,500 crates, as against 5,250 crates last year; Canadian. 164,500 boxes, as against 178,200 boxes. North American Market The board has also received the following advice from its agents in Canada: Butter.—New York, 52 cents (2s 2d); Montreal, 401 cents (Is 8 l-8d). Butter stocks at Montreal, 86,722 boxes; last year, 187,475 boxes; MERCHANTS’ REPORTS Merchants report receipt of overseas cables as follow: A. H. Turnbull and Company, from W. Weddel and Company, Ltd., London, dated December 7: Butter, Danish, 2045; New Zealand unsalted, 194 s to 198 s; salted, 176 s to 180 s; market firm. Cheese: New Zealand white, 96s to 98s; coloured, 97s to 98s; market steady. Canadian white, 110 s to 112 s; coloured. 108 s to 112 s. Amalgamated Dairies, Ltd., from their London manager, under date Bth inst.: —* “Butter: Our prices unchanged (“Anchor” 182 s). Market quiet during week, now stronger demand. Anticipate further improvement next week, with probable advance. Danish, 204 s spot. Deliveries New Zealand, 1,615 tons; stock, 3,738 tons. Retail prices unchanged. Cheese: White, 9Ss; coloured, 995. Better demand following reduction. Canadian, 108 sto 112 s. Market steady. Retail prices unchanged.”