Kankakee Valley Post, Volume 18, Number 49, DeMotte, Jasper County, 5 November 1948 — HITS STOCK MARKET [ARTICLE]

HITS STOCK MARKET

New York, Nov. 4., Wall Street was caught off base by the surprise victory of President Truman and sold stocks heavily today. Prices broke one to * seven points in the busiest session on the stock exchange in six months. The break was the worst in more than two years and wiped out over $3,000,000,000 in mar ket values. During the first four hours of the session the pace was the fastest for any day since the

Nazi invasion of France on May 21, 1940. But there was a lull around two p.m. and sales volume for the day aggregated 3,230,000 shares, the most since May 14 compared with 1,220,000 in Monday’s pre-election session. Monday’s trading showed how strongly Wall Street anticipated a Dewey triumph. The list climbed around half a billion dollars and wiped out nearly 70 per cent of the loss of last week when foreign developments unsettled the market.