The Washington times., 1929-10-25
BANKERS DENY
MARKET WAS
IN PANIC
CONTINUED from First Pagel

u
conditions in this country are basi'
cally sound
An emergency? Well perhaps.
But no crisis.
Thomas w Lamont, partner in j.
p Morgan d Co., discussed the
situation quite calmly. lie had just
finished conference with other
big bankers Darkness had long
since descended over the towering
structures of the financial dis
trict.
They were agreed on one thing:
The situation was sound. Reports had
been made showing that margins
on loans had been maintained They
had asked the Stock Exchange
authorities If any brokerage house
was in trouble and the answer had
been in the negative.
Refuses Prediction
Would Lamont make a prediction
OF what may happen to the market
in the immediate future? No
bankers do not as a rule make pre-.
diCtions Anyway. nobody knows
what tomorrow will bring.
The big banks. however, haN"
received no reports of a falling off
in business.
Lamont was not blaming anybody
or any agency for the situation
that has developed. He had no idea
what the Federal Reserve Board
would do about it if ANYTHING
Is the situation we'll in hand? We'll
YOU could Judge as well as he could.
7 Ia
would the big bankers step in and
control the emergency,
An invasive smile. No answer.
Would the big bankers support
the market in crisis? That depends
Had an support been given? No
answer.
And away to another conference
went this dominant Wall street per
sonalty. koen-cyed. GraY-haired.
Zine looking man with highly de
velopcd sense OF responsibility. 1t
seems there We're many conferences
last night and early today. Nothing
like this has happened IN Wall Stree:
for year.
Anoher conference was called by
Colonel j. w. Prentiss. a senior
partner in Hornblower and Weeks.
the biggest brokerage house in the
street" with offices in various parts
of the country. Thirty leading ex-
change houses sent representatives
to the meeting The "OncenSus Wa
that the situation warrents "a more
hopeful view on the immediate out
look" and that brokerage opinion
should therefore take an "optim-
iStic' tone.
Plan Advertisements
Colonel Prentiss, like Lamont, did
not want to be quoted. But it was
revealed that his firm planned to
place advertisements in s. leading
newspapers today advising that, in
it's opinion, present conditions are
favorable for advantageous invest
ment in standard American securi.
ties"
Brokers were on the qui vive as
they awaited the opening gong OF
the market today. For the public
stampede TO get out of stocks yester-
day had transformed the floor of
the exchange into a madhouse. with
brokers struggling and shouting
wildly about the trading posts.
This writer ,peered at the scene
from the gallery. 1t was an i'm.
pressive sight as the gong struck
at p. m, ending the session. In
the final five minutes the place
was in an uproar. Several thousand
men, with slips Of paper in their
hands, were shouting madly. When
the gong rang deafPning roar
enSued, lasting several minutes.
Pieces OF paper were hurled into
the air and the crowd on the floor
danced around deliriously. as if they
realized they had taken part and
were proud of the fact they had
participated in the biggest and wild
est market in history.