The Washington times., 1929-10-29
STOCKS DRIVEN.
DOWN AGAIN
ON EXCHANGE

Continued from First Page
II the brokerage houses follow the 4
rules made to them by the banks
they will also reduce their marginA,
requirements to 25 per cent Of the
total market value of stocks held
Drops 300 Points
A 300.point decline in the stock Of
the First National Bank of New
York in the Counter market" to-
day was another evidence Of the
damage inflicted on rich mems spec.
ulative accounts by the terrific
smash in stock prices. First Ma.
tional is popularity known as "Bak.
er's bank" having at it's head, .
George f. Baker, the veteran banker.
This stock has recorded total
shrinkage of $500 points from the
high OF the year, declining from
$4,000 to $1,000 a share.
National City Bank, headed by
Charles +. Mitchell. dropped a
points to $40O share. Completing a
decline Of nearly 175 points in two
weeks.
Guaranty Trust Company, a So
called Morgan bank, sold off IS
points to 500. Chase National Bank
dropped 20 points to 17O Central
Hanover Bank Is points to 350: Corn .
Exchange AZ points to 800; Manufac.
turers Trust Is points to 40. and !.
New York Trust Is points to sos.
Atlantic Refining, which opened
at 80 on a 25,00O.share sale, went
up TO 36.
Huge blocks of stock had been
dumped on the market at the
opening. The first transactions Uf
the day were along this line: 10000
shares of Canadian Pacific at 200,
off 3; $4,000 shares Of Pan Ameri-
General Electric at 245. off 5: 2O,-
900 shares Montgomery Ward at .
50, off ~; $4,000 shares of Union
Carbide at 70A, off 1874; $4,000
Consolidated Gas at 95A, off 2;
10000 shares Of Sinclair at 261s,
off IA; $4,000 shares Standard Oil
Of New Jersey at 81, off 73l; 25,000
shares Westinghouse Electric a t
1907, off 1412; $4,000 shares Ana
conda Copper at 80, off 11h; 10000
shares of Erie at so. off 5; $4,000
shares of United Corporation at
2G, off 712: Is 900 shares of Ameri-
can T and T at 225, off and
10000 shares of American Can at
1870. off points.
Rally at 1920
At 1920, twenty minutes after the
opening gong, a pronounced rally
was in progress and prices were re.
covering all along the line from the
opening declines.
touched 1851 at the outset. was
bid at 1872 at this juncture.
In the first 20 minutes more than
/ 900 900 shares had been traded in.
At this ratio. even Thursdays rec
ord 1884, $50. share session, would
he surpassed. It was not regarded
as likely, however, that trading
could continue at this terrific clip,
At 1890 L. s. Steel was at 1S7
The market had begun to slip
almost as quickly as it had rallied
In the streets, in the vicinity of
the Stock Exchange groups of
small investors walked about aim
lessly. Many OF them with sad
drawn faces.
New Sales Record
The trading on the floor Of tn
exchange was an unforgettable pic
ture. AS the trading became moreN
furious there was a sharp pick-upy
in excitement. Brokers milled
around the trading posts. waving
small slips of paper and gesticuIat-
ing as they bought and sold at the
fastest clip in the history of the
exchange.
Sales for the first half-hour ag-
sregated 3,259.S00 shares-a record
for all time. If this rate were main.
tanned, the total for the day would
reach the astounding total of 32,-
600 900.