DECLINE IN WALL STREET

Taranaki Daily News, 13 June 1930, Page 9

DECLINE IN WALL STREET

SEVERE BREAK RECORDED ENORMOUS SALES OF STOCKS BANKS CRASH IN FLORIDA By Telegraph—Press Assn.—Copyright. Mew York, June 11. A severe break in Wall Street was partly attributed to yesterday’s decline in London. It resulted in a rush of selling, stocks worth f 500,000,900 being transferred on the New York market. The drop in prices continued until immediately before the close, when slight recoveries appeared, although the increases were unimportant. The market broke on .Monday and recovered on Tuesday,-but dropped in all issues to-day. Industrials fell off sharply. steel, reaching the new low level of L6O. The losses ranged up to 20 points. Little support was demonstrated, and the demand was particularly small. It indicated that the tariff situation is not helpful.

A report from Miami, Florida, states that five banks with resources amounting to more than 20,030,000 dollars closed their doors to-day. The institutions were affiliated, and the difficulties are attributed to “recent substantial withdrawals.” It is believed, however, that it is the aftermath of the deflation period in the Florida boom.