Stock market october 24 1929

Stock market october 24 1929

Author: seokoka Date: 15.06.2017

Originally written by the Daily News on October 25, This story was written by "Trader". The New York Stock Exchange, the big, barn-like floor where the pursestrings of the world are pulled, experienced the biggest panic, if not the wildest and most desperate, in the history of the world yesterday. A record for all time was set when 12,, shares of stock were sold.

Curb sales totaled more than 6,, shares against the previous top of 3,, The ticker tape recorded the final sale at 7: From a human perspective the crash set some records, too.

Finding all telephones to brokerage offices busy, about 10, small-time market players, indulging in the new national game, came rushing pell mell to Broad and Wall sts. Police reserves were called out as panting business men and anxious stenographers sought entrance to the visitors' gallery. The gallery was closed to visitors while the crowd milled about outside.

This led to many rumors of panic, wholesale failures and even suicide inside. Scenes of the tragic panic of , of Black Friday during the panic, and of the dire break of were recalled. The man in the Street was not comforted until the "big men" conferred at noon in the squat, snug little rock of granite across the street - J.

Lamont of the Morgan firm presided there with Charles E. Mitchell, chairman of the board of the National City bank; A. Wiggin, chairman of the board of the Chase National bank, and William C. Potter, president of the Guaranty Trust company - the heads of the three biggest banks in the state. A comforting statement came from the conference.

And it was then that the man in the Street realized that all he could lose was his bankroll - that no banks were failing, that there was plenty of money about, that the country and his evening meal were safe. The realization that the situation was purely a stock debacle brought a reaction. And the stocks began to climb.

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Cheers and whistling filled the floor of the Exchange after steel turned its downward plunge and began to ascend. Police reserves were called out to disperse crowds on Wall and Broad sts. It was said that the Curb had closed at noon, that the Chicago board of trade had suspended trading, and that security markets all over the world were going to recess in an effort to avert panic.

The exchange didn't close, but so chaotic were conditions on the floor that the board of governors closed the exchange to the public at 1 o'clock and this resulted in reports all through the city that the exchange had suspended trading. To add to the confusion, newsboys were yelling: Panic on Wall Street.

At noon the ticker was more than an hour behind and was valueless as an indicator of what prices were.

stock market october 24 1929

Since everyone was in the dark all sorts of rumors gained currency. With squads of mounted police pushing crowds away from the Stock Exchange, from the Treasury building and from in front of the office of J.

Morgan all kinds of wild stories were bandied about. The noontime conference at the office of J. From then on prices started rising and, while it couldn't be said that there was any sign of worthwhile public buying, still the banking support was sufficient to check the smash. Lamont's first words were to deny reports that brokerage houses were in difficulty and said that the low quotations of the morning did not fairly represent the situation, because of the numerous air pockets created by sellers who did not find bids to take up their offerings.

He characterized the selling as disturbed and said that the heads of the various banking institutions believed the situation showed more technical weakness than fundamental weakness. Traders were only waiting for some reassuring words and immediately prices bounded back. Although at 2 o'clock the ticker was nearly two hours late, within a few minutes the news that the leading bankers were supporting the market spread through the financial district and from then on until the close a moderate improvement was noted.

At 4 o'clock yesterday afternoon partners of more than thirty of the leading wire houses met with Col. While stocks were tumbling in the Stock exchange, the Curb experienced a crash of tremendous proportions. With stocks dropping from 40 to 10 points below opening values, there was a turnover during the panicky hours of 6,, shares. The activity of business on the Curb can best be mirrored in comparing yesterday's sales of 6,, shares with previous high, a trading of 3,, shares in one day's business.

It was at noon when the fury of the break was felt the hardest, and in the afternoon there was a rally, but it was of slight strength. The day's trading was hardly an hour gone when the break was beginning to tell. At mid-day, sales of 1,, shares were recorded, and when the day's debacle was ended, there was a record turnover of 1,, shares. The tickers were so far behind sales that their usefulness was negligible, and traders depended on board quotations.

Outsiders were literally outsiders, for with the ticker crippled they could not trade. So destructive was the midday crash that the afternoon rally served only as putty in healing the break. Losses continued in the afternoon and ranged from 2 to 10 points on the active issues, while the less active stocks carried along with 30 point drops. Natural gas stocks, such as Dixie Gas and Utilities, Arkansas Natural Gas, Southern Utilities and Lone Star Gas suffered losses of from 3 to 17 points.

These securities have been following the trend main utility markets closely this year. Nor were investment trusts exceptions to the day's diving antics. Goldman Sachs dropped 15 points to 70; Insull Utility Investment, Middle West Utilities and Southwest Utilities joined the ranks of securities which made record lows for the day. The New York Federal Reserve bank adjourned without announcing any change in its rediscount rate, but the bank statement showed a tremendous improvement in its ratio position, which is better than it has been at any time in the last year.

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Forced liquidation brought about spectacular losses in over-the-counter trading. The most severe losses occurred in the higher priced bank shares, notably the First National of New York and United States Trust, which were forced to declines of points each.

Other bank issues which were forced down and their declines were: Fifth Avenue, ; Manhattan company, ; Brooklyn, 80; Bank of New York and Trust, 50; Murray Hill, 40; Equitable and Guaranty, 30; Central Hanover, 20; Public, 18; Manufacturers Trust new, Insurance groups were carried along in the downward rush. Others which dropped from 10 to 5 points were: City and Aetna Life, United States Merchants and Shippers and Northwestern National. This year's activity, in which the last three months declined as trifle, is shown in these figures: Operations during the third quarter averaged Fear excited throngs in the financial district may get out of control in the event of a fresh break at opening today, led Commissioner Grover Whalen to order additional police to report for duty in Wall st.

Uniformed men will keep the crowds moving and detectives will mingle with pedestrians. The latest and best equipped police emergency trucks will be held in readiness at the Old Slip station. With bookkeepers in the brokerage houses lost in a maze of records, and clerical forces working through last night in an effort to catch up with the vast lists of selling transactions, there was some likelihood that the Stock exchange may declare a holiday tomorrow.

It is freely predicted in the Street that a lowering of the rediscount rate is probable at the meeting next week. Since the tremendous break in the market Wednesday and yesterday are not included in this week's statement, a far more drastic decline is indicated for next week. Many people in Wall Street had hoped that directors of the United States Steel company would declare an extra dividend at their meeting after the close of the exchange, but evidently the directors thought it unwise to take any action at this time because the only statement was that adjournment had been taken until Thursday.

The following table lists fifteen of the most active stocks traded on the Stock Exchange and is appended to give an idea of how drastically values have been shrinking since Columbus day. The following table shows the decline in points of the same list of stocks and is interesting because it represents a cross section of the premier investment issues on the list.

Other issues have had far more drastic declines but these are tabulated to show how severely the most conservative holdings have depreciated:. The bewildering feature of yesterday's debacle was that there was absolutely no general business news to justify it. Previous panics have all been caused by tremendous shrinkage in business but nothing like that existed yesterday. There has been some slight curtailment in a few of the basic industries but it has been nothing more than seasonal letdowns, and nor corporations have had to take any large inventory losses.

However, the business outlook for the balance of the year, especially for the so-called luxury commodities, is none too good. The crash in the stock market has flattened pocketbooks in every community of the country and jewelers, radio dealers, automobile manufacturers, and others in similar lines are bound to suffer. The wave of selling also carried bonds on its crest.

In some cases these issues gained, as rails formed the keystone of what buying there was. It required a definite statement by a group of the country's leading bankers to reassure to the public, and many in Wall Street thought the statement should have been forthcoming Wednesday instead of yesterday noon. New York Daily News news. Follow Us Facebook Twitter Instagram Pinterest YouTube.

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Get the latest breaking news, entertainment, sports and more. Subscribe to the newspaper, our e-edition, or both. Select Sport Football Basketball Baseball Hockey Soccer Golf College More Sports Crime U. World Politics Share This facebook Tweet email. Stock market crash causes chaos and panic in Black Thursday: Stock market crash causes chaos in Friday, October 23, , In this photo, crowds panic in the Wall Street district of New York due to the heavy trading on the stock market.

Cover of the New York Daily News on October 25, The New York Daily News published this article on Oct. New York Daily News The New York Daily News published this article on Oct. New York Daily News. Crowds move past the New York Stock Exchange building, during a crash in stock prices in this Oct. Paul Levine A frantic crowd buying newspapers in front of the New York Stock Exchange on Broad Street to find out information on the unstable market. Paul Levine With the ticker still running four hours after the close of the Stock Exchange in , it was impossible for thousands to get accurate knowledge of price levels.

Stockbrokers are working the phones the day after the great stock market crash in Herb Breuer People gather across the street from the New York Stock Exchange in New York Oct. AP Book Project archive brokers read newspapers after the Wall Street stock market crash in Get Daily News stories, delivered to your inbox.

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