St. Louis Post-Dispatch
May 2, 1930

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Page 1

O4PAGES ——— ch The Only Evening Newspaper in St. Louis With the Associated Press News Service a, VOL. 82. NO. 238. ST. LOUIS, FRIDAY, MAY 2, 1930. | WALL: STREET | {STOCKS DROP ‘SHARPLY IN 7 LATE TRADE AFTER RALLY New Selling Wave Depres- ses Several Leading Issues THE VERY NIGHT BEFORE THEY MOVED. to New Lows on Move- ment, Many Shares Clos- ing 4 to 15 Points Lower. TRAY usrce suocks seu i 1 | IN THE LAST HOUR Trade Volume Large Indi- cating Liquidation—Sell- ing Is Concentrated in the Favorites in Recent Advance. uy 4") sig tys ciated Press. NEW YORK, May 2.—The stock t had a severe sinking spell failing to respond to such time tonics as a cut in the re- iscount rate and the consequent eapening. of call money. fter a flood of selling had ched high tide during the morn- ing, and begun to subside, support was thrown into the market, which moderate rally. In the he Ass ainvt iUs¢t d a t few minutes of trading, how- deluge of selling de- several leading issues to a new essed levels for the movement, ’ low iny showing net losses at. the e of 4 to 15 points. ‘he selling was concentrated in e popular trading favorites, which led the recent advance, Al- ied Chemical lost 15 points, and shares losing 1° or more included Eastman Kodak, American Power & Light. J. Il. Case, and Houston ) selling off 6 to 8 ! included Johns Manville, Radio, Vanadium, Worthington imp, Columbian Carbon, United \ircraft, American Can and Stand- .. J. & points, and U. 8S. | nearly 4. e average closing price of 20 stocks was off 12.3 points industrials were down 5.5 while 20 railroads were up with the total of 90 stocks ».9 points. Large Blocks in Deals. late dumping of stocks in- blocks of 10,000 shares of and General Electric, and ' shares of Warner Bros. The lecline was undoubtedly accelerat- cd by heavy short selling. Total however, were carried to YA $é€, f oiow'r {);! Snares WANT YA TOWAKIB ois inc: UNOER AN‘ HAVE BAD LUCK, 530, the largest turnover of vear, and such heavy volume ited that real liquidation was rogress I'resident Hoover's optimistic re- ' of general business conditions ed to bolster the stock market. or while it is widely recognized t business is gradually improv- z. and should reach normal pro- Ortfons by autumn at least, the ‘tock market has found its rise ‘f early spring was excessive, has ound itself vulnerable to unfavor- ie first quarter earnings state- ments Ferthcrmore, it is faced with the seasonal slack in industry ‘Ing the summer. All these fac- ors have combined to discourage provessional traders who were en- isiastic over the market a few tg , Member Loans up $406,829,020. Total borrowings of members of ‘oe New York Stock Exchange urity collateral at the business April 30, showed for the month of with a total of $5,- This however is far total of $6,774930395 t the end of April 1929. s — re , aie hens POP a, re % ¥ Ages ~~ —" “* " a. “me ae . v ee ee a * Pima inna a Y. ga oes - Sata, eee ee a rate ‘ ede eo “ee . cs payonantie”! " be, oie Sean = wt Ti a Poe: era « r ew al aetna : Aika t Apa PR Sais eS otha) mit: EPS. ty t vr ate Se, pice ae ie es a, re me eS wet dae? ies cs ih aie.