Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-03-03
Wave of Selling
Forces Down Many
Stocks on Exchange

New York, Mar. 2.-(By The AS
ISOLATED Press)-A tidal wave OF
selling orders swept over the New
York securities markets late today
and carried scores of issues down 5
to ~ points in the severest break
that the New York stock exchange
has encountered since the defiation
airy movement of 1920-21. The full
rorce or the impact Of selling did
not strike the market until the last
hour, during which total sales ex.
ceeded 100000 shares, a new high
record, bringing the days total 10
5,Olo,7OO, as against the record
breaking total Of $780, 900 shares
The fact that the announcements
or the interstate commerce commits
sions rejection of the pronosed
Nickel Plate" merger came within
an nour after the market closed. and
that the rails We're hit harder TODAY
than they have been at any time IN
the Tour successive days Of RAPIDLY
declining prices, started discussion
IN the financial district tonight as to
Whether there had been a leak" ON
the commissions action. The deci-
sion TOOK Wall Street generally bv
surprise as rumors had been current
Tor several days that the Van Swer-
lngens' plan would be approved, with
possible notifications.
u. II. IL. Simmonds, president of the
exchange, said tonight he had no
statement to make on the break. He
said he had heard nothing of a ru-
mored leak on the interstate COM
merce commissions adverse decision
on the Nickel Plate Railroads ap-
pllcation to complete $1,000, 900, 900
railroad merger. The news of the
decision reached the exchange
through the regular channels, so far
as he knew, and came after the mar
ket closed.
Mr.. Simmonds said he knew of no
plan Tor concerted action for banks
to bolster up the market when il
opens tomorrow.
Thousands of customers congre-
gated in board rooms of the large
brokerage houses, were thrown into
CONSERVATION when word was flashed
around that the ticker was way be-
hind the market and that actual
quotations were many points below
those appearing on the tape. Hud-
son Motors, for instance, was selling
at 10S on the floor of the exchange
when the ticker mas pounding out
the quotation as 1881 So violent
was the decline and so great the
ticker delay that 1t was impossible
for customers men to take market
orders with any degree of assurance
as to what prices could be obtained
for them.
On the floor Of the exchange the
scene was one of seeming turmoil
with wildly gesticulating brokers
shriekfng their orders. messenger
boys rushing from post to post and
telephone clerks barking out con-
firmations of orders and quotations
to their offices in scores of tele-
phone booths scattered around the
room Meanwhile, partners of bro
kerage houses throughout the finan-
cial district were quickly surveying
the situation and calling for reports
on the accounts of customers and
speculative cliques known to be car
rying large blocks of the stocks
which were bearing the brunt of the
attack.
Skyscrapers Of Lower Manhattan
cleaned with a million lights tonight
as brokerage houses and bank en-
ployees struggled to bring books up
date, and to clear the unusually
heavy volume of the days transac-
tons. downtown restaurants, in
many cases, were filled to overflow
ing, and scores of firms sent out for
the meals of their clerks in order TO
save as much time as possible. Ar
rangements also were made with a
number of Manhattan and Brooklyn
hotels to provide rooms for en-
ployees who live in the suburbs and
would be compelled to work into the
late hours of the night.