Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-29
RALLY IN STOCKS
FOLLOWS SELLING
Market in Brisk Upturn as
Bankers Act to Stabilize
Conditions. :
CONTINUED From First Page.)

(Contlnued From First Page.) I
quickly rallied to 1872. Similar recover
les took place in the other leading
stocks.
Wide open breaks also took place
on the New York Curb Market. Elee>
trio Bond d Share, which ran UP
close to 5000 share in the recent wile
orgy of speculation, opened with g
block of $4,000 shares at S5025, off
STATS, and then rebounded to $40 4
share. American Superpower dropped
$7621a to $17.50, and Cities Services
opened with block Of $4,000 shares at
$24.87la.
Bank Stocks Decline.
Severe declines also took place In The
prices of bank stocks. which are trades
Bank stock dropped $500 a share, be-
ing quoted at $4,000 bid and $6,700 Of
fered. George F. Baker, veteran chairr
man of the board, is understood to hold
$4,000 shares of this stock. so that his
overnight loss in paper profits in this
issue alone run over $6,000,000. M.
Baker is also reputed to hold more than
10000 shares of American Telephone,
which dropped $34 a share yesterdaS
and $12 more today, or shrinkage ~
the quoted values Of his holdings q
that issue of nearly $3.O00.0O0.
National City Bank stock dropped $47
a share, Chase National $40, Equitable
$40, Central Hanover SIS. Corn Exr
change SAT and Manufacturers Trust
SIS. =.
Total stock sales in the first two hours
were 8,37S, 800 shares, with the ticker
running As minutes behind the market
at noon. :
Opening Of trading in common stocks
of the Transamerican Corporation, tpe
Giannini holding company, on the New
pending receipt of opening transactions
on the San Francisco Stock Exchange,
the principal market for that issue. The
specialist in the stock informed the As,
ISOLATED Press that he would not execute
any buying or selling orders until after
San Francisco had fixed the opening
price. -:
Prices were holding steady around.
their low levels shortly after midday.
quoted at SITS. off $11; General Elec-
trio at 1915, of $34; American Tele-
phone at S2l2, of $40, and Radio at
$3l.6212, of nearly $40. :
Bankers Confer Again.
Leading bankers again conferred ~
the Offices of j. p. Morgan & Co. in ths
early afternoon. The conferees included
Charles E. Mitchell. chairman Of tFtA
National City Bank; Albert H. WiggiH,
chairman Of the Chase National Bang,
and Seward Prosser, president Of the
Bankers Trust Co. 4:
It was learned that the bankers pool,
recently organized was buying stocks to-
day, but was endeavoring merely to keep
the market orderly and making no ef-.
fort for the time being to stop the de-:
cline. ;:
George F. Baker, jr., of the First
National Bank. joined the conference sit
the Morgan offlces in the early after
noon.
Officials of the New York Stock Ex-s
change again delayed the delivery time
on securities purchased and sold yester-
Break at Opening.
A wide open break in prices at the.
opening, representing the wholesale
dumping of weakened marginal ac-
counts. was quickly followed by brisk
rally which cut down. or wiped out,
many of the early declines running
from 81 to SIS share.
The action Of the market indicated
that bankers stood aside until the worst
of the weakened speculative accounts
had been cleaned up and then threw
supporting orders into the market to
prevent complete Generalization.
Two significant developments took
place before the opening. The official
call money renewal rate, which is
usually announced after 1880 am, was