Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24
STOCKS DEPRESSED
AGAIN IN SELLING
Market Encounters Huge
Volume of Liquidation After
Early Gains.
BY STANLEY w. PRENOSn.
Associated Press Financial Editor.


NEW YORK, October 24.-Prices
crashed again on the New York Stock
Exchange today, eliminating billions
of dollars in quoted values as blue
chip" shares and issues less prominent
were dumped overheard for what they
would bring.
The trading proceeded at such Q
furious pace that the ticker was more
than an hour and a half late at /
o'clock this afternoon and the volume
was running at the rate of 100000
shares for the session.
Although there was nothing in the
news, aside from yesterdays wide open
break, to inspire the collapse of prices,
the rush to sell began about an hour
after the opening, which had been
irregularly higher.
The market rallied somewhat in the
late afternoon, when leading bankers
gave assurances that the decline was
not justified by present business con-
ditionS.
Opening Is Irregular.
The market opened irregular with a
huge turnover of shares, buying orders
practically balancing the selling orders,
after yesterdays spectacular break.
The first sale was 10000 shares of
Gold Dust at so, up l. United States
Steel and Union Carbide sold up ~
points and Eastman Kodak 2. On the
other hand, Standard of New Jersey
opened with block of 10000 shares, off
u points, United Corporation lost a
like amount, and American Smelling
dropped 2 points. General Motors
opened with a block of 10000 shares at
56la, of point to another new low for
the year.
The market was at once thrown into
confusion by the huge volume of trad
ing and cratic cross currents of buying
and selling. More than a score of
blocks of 10000 to 5000 shares changed
hands during the first half hour, at the
end of which time the ticker was near
ly Is minutes late.
Yesterdays drastic decline, the sharp
est on record, had provided a severe
| shock to speculative confidence. There
was nothing in the overnight news to
shake confidence in the stability of
| business and industry, and several ia
vorable earnings and dividend state
ments made their appearance. 1t was
felt that these matters, however, had
little bearing upon this sort of mar
| ket.
United States Steel common quickly
sold 33s points higher and Kennecott
| jumped II points, practically wiping
out yesterdays loss. Early gains and
| losses ran from about l to 10 points
! and practically counterbalanced. Gen.
| eral American Tank rose 10, Western
Union, 5; Westinghouse Electric, a:
Missouri Pacific, 8, and American Bank
Note and Stone & Webster. 2.
Chesapeake & Ohio and Auburn
| Auto dropped 10, Detroit Edison. =;
American Water Works. Z; joins Man
| vile, 5; American Machine & Foundry,
| 434, and Air Reduction, 43s. Briggs
dropped points to IA and PACKARD, 2
to 10, new lows for the year.
Great interest was attached to the
weekly meeting of the New York Fed
eraI Reserve Bark this afternoon. There
we're unconfirmed rumors that certain
directors would propose a reduction in
| the rediscount rate. but Wall Street
was inclined to be skeptical as to the
prospect that the rate would actually
| be lowered at this time. The weekly
brokerage loan figures, which cover
| through Tuesdays transactions. were
not expected to show any huge decline,
owing to some $270, 100000 in new
| financing which had to be paid for
during the week covered
! Foreign exchanges opened firm, with
sterling cables rising to $4.88. the high
est since June 20, 1928, and near the
point at which New York may lose gold
| to London.