The Wolf Point herald. (Wolf Point, Mont.) 1913-1940, 1929-11-01
CONTINUED CRASHES IN STOCK
MARKET CHECKED BY BIG BANKS
DROP IN BOOSTED VALUES
BIGGEST IN HISTORY
OF EXCHANGE

New York, Oct. 23.-Wall Street
was thrown into the nearest ap-
proximation of a stock market
panic experienced in years during
the last hour of trading on the
New York stock exchange today.
A new and wholly unexpected
avalanche of selling swept over
the market, carrying scores of
stocks down from SO to $96 a
share, and wiping out more than
$4,000, 100000 in paper values in
the brief interval Of about an hour,
an average of about $50,000,000 a
minute
Stock prices averages and indie
es indicated that never before In
modern financial history had quot
ed values disappeared SO swiftly.
Bankers pointed out, however,
that in view of the amazing and
unprecedented rise in stock pri-
ces in the past year and a half,
this break could by no means be
regarded as reducing prices to
disastrously low levels.
Bank Lends Aid
New Yory, Oct. 24.-The remark
able era of avid public specula-
tion in stocks which swept over
the country during the past five
years came to climax today In
the most terrifying stampede of
selling ever experienced on the
New York Stock exchange and
other leading security markets.
Not since the war panic which
resulted in closing the exchange
for II weeks in 1914 has Wall
Street seen such dark and trying
day, and never in financial history
have security markets been
thrown into such a tumult. 1t ap-
peared for a time that the stock
markets would be unable to face
the situation, and that trading
would have to be suspended, but
the leading exchanges saw the or
deal through, although few floor
traders collapsed and had to be
aided from the trading floor.
BY early afternoon, the situa
tion became so grave that a hur-
ried meeting of leading bankers
was called at the offices of ]. P.
Morgan and company and reas
surfing statement issued from the
conference by Thomas w. La
mont, one of the Morgan partners,
finally checked the sickening drop
of stock prices and saved the
market from complete impasse.
New Records
New York, Oct. 29.-Huge bar
riers of buying orders hastily
erected by powerful financial in
terests. finally checked the most
frantic stampede of selling yet ex-
perienced by the securities mark
cts. which threatened at times
to bring about an utter |
collapse in prices.
All trading records were brok- !
en-. with a turnover of 16,410,OOO |
shares on the New York stock ex-
change and 7,O96,3OO shares on
the New York curb market. This
contrasts with the previous rec |
ords of 12,S94,600 and 6,14S.000 |
shares, respectively, established I
last Thursday and stock ex-
change turnover of 9,212,S00 shar-
es Monday.
Extreme declines in the active
issues ranged from $40 to $40
share. but many of these were cut
in half in the rally whirh started
in midafternoon and continued
to the close.
Thomas w. Lamont, senior patr-
ner of J. P. Morgan & Co., an
nounced after second conference
Of bankers had been held Tues
Law night that leading New York
bankers were supporting the
market in a cooperative way and
would continue to support it.
at was not an attempt of the
group" he said, ''to maintain pri-
,es but to maintain a free mark
# for securities in good order"