Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24
Final Quotations
in Stock Market
in
Sports Final Edition
of The Star.
By the Associated Press.

BY the Associated Press.
NEW YORK, October PA
stock market panic appeared tc
have been checked early this
afternoon, as leading bankers is
sued reassurances, and prices of
many leading stocks, after de-
clining $40 to $40 a share, re-
bounded sharply.
United States Steel common,
after dropping $3.50 a share to
$194.50, more than regained its
loss, selling at 1:30 pm. at $206
Johns Manville, which had drop
ped $40 to $140, jumped to SITS.
American Telephone, after tum-
bling $21 to $251, snapped back
to 1858.
Total sales on the New York
Stock Exchange up to 1:30 pm.
were 10,171 300 shares, breaking
all records, and comparing with a
turnover of 8,246,740 shares for
the full session of the previous
record day, March 26 last.
Livermore Buying Stocks.
Jesse L. Livermore, colorful stock op-
orator, who is reported to have made
and lost several fortunes, told newspaper
men that he had been a heavy buyer
OF stocks all during the morning. Mr..
Livermore has OF late years been OBJ
scured by the huge market operations
of such men as Arthur w. Cutten of
Chicago and William c. Durant, but his
name has been prominently mentioned
in Wall Street gossip during the recent
severe bear" drive. Mr.. Livermore, how
ever, denied that he had headed a
'bear" pool.
The situation became so acute by
early afternoon that a report was sent
out over private wires that the stock
market would be closed at l o'clock,
but this was later denied by the New
York Stock Exchange, which announced
just before / o'clock that no call had
been issued for meeting of the board
of governors to take action.
Bankers continued to congregate at
the low, formidable-a appearing, gray
stone offices of j. P. Morgan &1 Co., at
the corner of Broad and Wall streets,
directly across the street from the Stock
Exchange. w. c. Potter. president of
the Guaranty Trust Co., soon joined the
group. The bankers assembled repre-
Sented the heads of the largest public
and private banking institutions in the
United States, and had under their
supervision resources totaling many BILL
lions.
Brokerage Houses Crowded.
Customers rooms of brokerage
houses were crowded with pale and
harassed faces. In contrast to the
shrieking traders on the exchange floor,
these men were ominously silent. A
few were confidently placing huge Or
derS to buy, while many more were
frantically placing orders to sell.
During the early afternoon, the ticker
quotations were an hour and 20 min
utes behind floor transaction, and deS-
perate efforts were made by commits
sion house customers men to get quo
tations from the floor. Members clerks
on the floor were driven to desperation
in a vain endeavor to supply inforna-
ton and handle the deluge Of orders.
Many commission houses we're report
ed to have dumped weakened marginal
accounts overheard right and left with
out waiting for responses to calls Tor
more margin. Hundreds OF Leading
stocks were swept down to the lowest
levels in more than year. Many is
sues lost from 5 to so per cent OF their
quoted values in few hours.
Bankers Action Reassuring.
The announcement of the meeting
of leading bankers in the early after
noon appeared for a moment to nave
checked the decline, and a few issues
rallied a little from their previous low
levels. United States Steel, after touch
ing S195 share, in contrast to the
years high of S26l75, sold soon after
1 O'Clock at $199.
Thomas W. Lamont emerged from the
bankers conference at the office Of J. P
Morgan g. Co. early this afternoon and
announced that in SO far as the bankers
had been able to learn, no financial
houses were in difficulty.
$50 far as we can find, there are nc
houses in financial difficulty and re-
ports from brokerage houses indicate
that the margin position is satisfactory,
said Mi Lamont.
He added that the concensus of the
conference had been that many quota
tions did not set forth the situation
fairly because of the numerous all
pockets found in many stocks where
there were not many bids"
Asked whether he thought the Fed
eral Reserve Board would take any
action, Mr.. Lamont replied that he die
not know. but thought there might be
'.some consideration given"
Trading during the first half houl
totaled !. I.676, 300 shares, new high rec
ord for the period, and at the rate o.
more than l6,700,000 shares day. Tht
record turnover was established or
March 26, when approximately $4,000
shares were traded.
Financial news tickers flashed un-
official reports from Washington during
the midmorning stating that Treasury
officials do not consider that the ter.