Douglas daily dispatch., 1926-03-03
ANOTHER SLUMP
OF IS POINTS
IN STOCK LIST
(Dy Dispatch a. p. wire1

NEW 4OttIA, MarcD "A tlQaI
wave of selling orders swept over
the New York securities markets late
today and carried scores of issues
down 5 to 40 points in the severest
break that the New York stock ex-
change has encountered since the
deflationary movement of 192O-21.
The full force of the impact of SELL
ing did not strike the market until
the last hour during which total sales
exceeded 100000 shares, new high
record bringing the days total to
3,O15,700 as against the record break
ing total Of 3.34O,6OO, shares last
November 10.
The fact that the announcement of
rejection of THE proposed Nickel
Plate" merger came within an hour
after the market closed and that the
rails were hit harder today than
they have been at any time in the
four successive days of rapidly de-
clining prices, started discussions in
the financial district tonight as to
whether there had been a leak OH
the commissions action. The deci-
sion took Wall street generally by
surprise as rumors had been current
for several days that the Van Sweri-
gems plans would be approved with
possible modification. Canvas Of the
! leading banks tonight failed to dis
close any concerted action toward
supporting the market at tomorrow's S
opening, although individual banks
and investment concerns invariably
place orders under the market fol-
lowing a break as extensive as that
which occurred today. Some bankers,
while declining to be quoted, eX-
pressed the opinion that stock ex-
change firms were fully capable of
dealing with the situation without
outside help and they are not dis
posed to interfere unless called upon.
The official stock exchange ticker
did not record the last quotation un-
til 81 minutes after the markets had
closed, the longest delay on record.
The previous record was a 42-minute
delay at the end of THE half-holiday
session on January g. 1925.
Skyscrapers of lower Manhattan
CLEANED with a million lights tonight
as broker house and bank employees
struggled to bring books up to date,
and to clear the unusually heavy
volume of the days transactions,
Downtown restaurants, in many
cases, were filled to overflowing, and
scores of firms sent out for meals
of their clerks to save as much time
as possible Arrangements were made
with a number of nearby hotels to
provide rooms for employees who live
in the suburbs and who would be
compelled to work into the late hours
of the night.
Private kilograms describing the
markets action and the situation of
the various houses, were sent to-
night to Palm Beach, Miami and
southern resorts where the heads of
many of THE larger firms are spend
ing their winter vacations. In some
cases, the recall of partners was rec
quested, and in others special ar
rangements are reported to have
been made in order to assure quick
telephone and telegraph service.
' tWI6n -tll0 IHdTkSL ClOS6u lOHlSIII
the average of 20 leading Industrial
stocks was down II points below the
years high of 14607 established ON
February II, decline of about 10
points having taken place since q
week ago Saturday. The average of
20 leading railroad issues was down
about SA points from the years high
of 1879, which was touched on Jam
uary O. decline of 5a& points being
recorded in the last ten days.
H. H. Simmons president of the
exchange, said tonight he had no
statement to make on the break. He
said The had heard nothing of a ru-
mored leak on the interstate COM
merce commissions adverse decision
on the Nickel Plate railroad applica~