Evening star., 1954-10-24
Many Major Cities
Suffered Terror and
Despair in 'D crasI,
BY Tn. A..oeiossd Pres.

VG9poH m II IIo9
BY the Assoeicssd Press
The greatest stock market
crash in history struck New
York Is years ago October 2s
and spread terror, despair and
confusion through many of the
big cities Of the Nation-but II
was not top news in all of them
Here are thumbnail sketches
of the reaction in seven prin-
cipal cities:
WASHINGTON.
Look what's happening, Jack.
For the love of Pete, buy some
thing, sell something. do some
thing!"
That now-famous colloquy be-
tween two customers in the
boardroom of a Washington
brokerage house pretty well sums
UP the wild confusion in Wash
ington's financial circles when
the stock market crashed.
Women crowded into the
brokerage Offices, something
which a few years earlier would
have raised eyebrows. But in
this excitement they were hardly
noticed.
Long Hours Recalled.
When the market began break
ing a few days before the final
disaster, brokers remember the
long. heart-breaking hours. At
the end of the days business
they would get on the phones
until 2 am. calling margin GUS
toners.
''We told them If they were
not in our Office with more col
lateral at 8 they would be sold
out at the opening Of the mar
ket," one brokerage employe
recalled.
Some mortgaged their houses,
some drew out their savings,
some borrowed from other MEM
bers Of the family"
The Capital really felt the
pinch on Tuesday. the 29th.
when 16 million shares were
dumped onto the New York
market.
Quotations Cited.
WASHINGTON traders began sell
ing local issues to protect New
York Stock Exchange Securities.
Capital Traction opened at 80,
dropped to n and closed at 1872
Riggs National Bank opened at
20 and closed at so.
Those were frantic days for
those who went deep into hook
to hold on to their stocks. but
many who lost out early were
better of in the long run. For
the market continued TO sag
until November 13. when the
gradual upturn set in.
PHILADELPHIA.
Brokerage houses on Walnut
and Chestnut streets were
packed with traders. scores Of
them women who lost all they
possessed. Brokerage records dis
closed that not only business and
professional people had been
wiped out. Bootblacks, porters,
elevator operators and stenog-
raphers had lost their life's saw
ingS.
Several suicides and the arrest
of two bank employees for the
embezzlement Of money they had
used in speculation came quick
ly ON the heels of the big market
plunge.
CHICAGO.
Brokerage offices and banks
surged with frenzied humanity.
During the height Of the chaos
a firecracker went OF in one Of
flee and the nervous occupants
headed for the doors screaming,
There's shooting!"
Grains declined around the
middle of the month on the
Board Of Trade in sympathy
with the break In stocks, but at
the end Of the month, while
stocks were going down even
faster. grains were rising.
BOSTON.
The Boston stock market held
fairly steady at first, but soon
was caught In the whirlpool. The
October "a market nquidated
scores Of people. but buoyed by
optimism many rushed in to re-
coup their losses by buying for
an expected rebound-only to be
smashed completely October 40.
Some families never forgave the
husband who committed the en-
tire family savings to that last
gamble-and lost.
MIAMI.
The crash caused only o ripple
Of excitement. Florida already
was neck deep In q depression all
its own. Old-timers declare the
worldwide depression began in
Miami In 1925. four years before
the New York collapse.
LOS ANGELES.
It took several days before the
economic upheaval on Wall
Street made its effects known on
Spring street, the heart Of Los
Angeles financial district. When
it did oil operators voted to cut
daily production from 100. 900 to
100000 barrels. New lows were
recorded on the Los Angeles
stock exchange.
SAN FRANCISCO.
The late financial wizard A. p
Giannini and his associates won
the respect of Western investors
by pouring millions into the mar
ket to support the price Of Trans
America stock at 62a during the
weeks preceding the crash
thereby stabilizing Western stock
markets.
On October 20 Giannini with.
drew his support and the stock
crashed, taking the whole locaI
market with it.