Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-09
Offer
To Assist Hoover
Seen AS Trade Aid
Wall Street Puts COnstruc.
tive Interpretation on
Party Chiefs Pledge.
plspatch to The star.

Special Dispatch to The Star.
NEW YORK, November S.-Wall
Street and trade circles we're deeply
interested today in the statement is
sued by leaders of the Democratic party
offering to cooperate with the admin
Stration in bringing about a recovery
in business and specifically placing
themselves on record against any
legislative effort toward general re-
vision Of the tariff.
While this did not prevent further
decline in stocks, which were affected
by more emergency selling as margins
were exhausted, it was recognized as
one of the most important pronounce
ments of a constructive character in
months and likely to show good effects
later on.
No Bankers Pool.
It also emphasizes the fact that dur
ing two months of almost uninterrupted
decline IN securities, there has been a
remarkable and much commented on
absence Of public statements from
bankers and large capitalists such as
were freely issued during the crisis last
year. Efforts that have been made to
induce leading Wall Street men pub
licly to express their confidence in the
situation. which they have privately
indicated, have been unavailing. This
silence has led many people to believe
the situation was more serious than is
generally believed to be the case.
There is no bankers pool now, as
there was In October and November,
1929, and no indication Of the kind of
united support that was given to the
market then, when the resources of
most of the large New York banking
institutions, as well as industrial
corporations, were pooled, and eventu-
ally were effective in stopping the de-
cline. It has been argued that the
market then was full of lair holes"
and that the work of the pool was
largely to supply a buying power in
stocks that temporarily were without
bids, and that no such situation now
exists.
Rockefeller Action Recalled.
It was recalled today that on Octo-
Der so last year John d. Rockefeller,
ST., made an unusual statement. This
electrified Wall Street and brought
about rapid recovery in prices. He
said then:
Believing that fundamental condi-
tons Of the country are sound and that
there Is nothing In the business situa-
LlOu 10 WdTIanb the ueSCTuCClOl OF
values that has taken place on ex-
changes during the past week, my son
and have for some days been pur-
chasing sound common stocks. We
are continuing and will continue our
purchases In substantial amounts at
levels which we believe represent sound
investment values"
On November 10 came the sensa-
tionaI Rockefeller bid of so for 1,00O,-
600 shares Of standard OIL Of New Jer-
sey stock. which brought the panic to
an end.
Another statement on market con-
ditions and values, issued on the same
day as that which released the Rookie
teller announcement came from John
j. RaSkob. He said then: Prudent
investors are now buying stocks in huge
quantities and viii profit handsomely
when this hysteria Is over and our
people have opportunity In calmer
moments to appreciate the great stabil-
ity Of business by reason of the sound,
fundamental economic conditions ex-
isting in this great country. The
pendulum has swung too far. The list
Is filled with bargains and my friends
and are all buying stocks"
(Copyright. 1930.)