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| NEW YORK HERALD PARIS |
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Wall Street Market Suffers Heavy Losses in Bear Drive
Confidence in Stock Values Has Undergone Severe Test
| Lack of Rallying Power and Failure of Brokers'
Loans to Decline with Decling Prices Blamed for
Losses to Many Shareholders.
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| NEW YORK |
By Spesial Cable to the Herald |
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Confidence in stock values and indirectly in the
strength of business position has undergone a severe test during the Past
week.
After recovering about half of the September and early October
decline, the market again weakened and gave up the bulk of the preceding
week's recovery. Yesterday, under a severe bear drive, things went further
to make a picture of a week about as gloomy as has been seen for several
years.
Lack of rallying power suit failure of brokers' loans to decline
with declining prices has done much to create bearish sentiment and to
bring prices to levels really serious for many holders of who have shared.
Those who have suffered losses are in naturally pessimistic frame Of mind,
while others logs directly interested feel the need of reassurance over
the business situation.
Wall Street has so long been regarded as the barometer of business
that declines of the last six weeks have naturally caused foreboding.
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12,894,600 Shares Turned Over in Record Wall Street Session;
Banks Aid Last Minute Recovery Nation's Financiers Meet at Morgan's and Reassure
Public After Momentous Unloading of Stocks;
Vast Throng on Hand; Curb in Record.
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| BULLETIN |
By United Press |
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Soon
after noonday break some market observers estimated the total paper lows
at about $5,000,000,000. Much at this, however, most have been recouped
by the rally which followed the rally which followed the support given to
the market by the banks in the final hour.
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| NEW YORK |
By Spesial Cable to the Herald |
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Near-panic seized stock traders today is the wildest session Wall Street
has ever seen. A new record was set in, the volume of trading, which was
so great as to make trading facilities quite inadequate, but the day ended
with prices well on the way to recovery. It is hard to say how far the
collapse would have gone if banking support had not been given to the
market. When market values began falling five to ten points between sales,
representatives of the country's biggest banking interests met at the
Morgan Company's offices and announced that conditions were sound and
that prices of relay stocks had fallen to unwarranted levels. Their findings
served to check what threatened to become a full sized panic. Sales on
the Stock Exchange set a new high record of 12,894,600 shares as compared
to the previous high record of March 26, of this year, when sales totalled
just more than 8,000,000 for the day.
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| New
Records Are Set In Wall Street Market |
By Spesial Cable to the Herald |
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Some new records set in today's wild session of
selling were:"Big-borad" sales were 12,894,600 shares, as compared with
8,239,6oo on March 26 last, the previous record day.
Curb sales totalled 6,337,400"as compared with Monday's high mark of
3,715,400 shares.
Cities Service set a new record for single issue sales with a total
or 1,150,00 shares.
Sales for the first half hour were 1,676,300, exceeding yesterday's
volume record of 26,00 shares in fifty minutes, and the biggest previous
first half hour sales of 13,438 on September 9, following the Increase In
the rediscount rate.
Today's session also set a new high mark for breadth of trading with
950 issues as against 920 on October 21, last.
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| Americans in Paris Throng Boards
in Big Stock Break Stirs flutter |
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Market traders of the Paris financial community found that a
13,000,000- share day in New York was an occasion which could bring high
tension and excitement much after the New York manner. Paris brokerage
houses were crowded with persons anxious to see the opening after the
sharp sell-off at the close on Wednesday, and the customers' men were kept
busy answering insistent telephone, calls and trying to reassure traders
in the office.
As news of the great volume of stocks that had been turned over in New
York and of the midday break began to buzz around in Paris, a still higher
pitch of interest began to manifest itself, and late last night board
rooms seemed to have become the rendezvous of the entire American colony
of Paris. Many persons were unable to get calls through to brokers'
offices, and telephoned banks and investment houses, seeking verification
of the reports they had heard. The financial department of the Paris
edition of The New York Herald Tribune was pressed into service to answer
inquiries ranging from the market prices of various. is sues to an opinion
on the soundness of the business of the United States.
An amusing incident that could almost be termed ironical occurred in
the customers' room of the brokerage department of the Banque de Saint-
Phalle. The smoke-filled room was crowded with worried and harassed
customers, watching every move of the boys, who were rushing around trying
to keep up with the constant flow of cabled quotations.
A flash was relayed from the floor by the New York office. Which
read: "Last minute prices will be blasted from the floor."
Prices had gone to the bottom, and the people were still further
dazed by the suddenness of this extraordinary announcement. The hubbub of
excitement that was waxing more apprehensive was interrupted by a boy
rushing up with another cable that had come blazing across the ocean.
Quickly the "blasted" was wiped out and the correction "flashed" nut in
its place, which brought laughs from everybody.
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