Archive for October 29th, 2012

Fortunes were Being Wiped Out . . . Every Attempt to Stem the Tide Met with Failure

October 29, 2012

Fortunes were being wiped out, millions lost hourly, financial disaster threatened .  .  .  .  . The picture above, of the floor of the New York stock exchange, was sketched by George Clark, staff artist for NEA Service, while the greatest speculative crash in recent history was at its height. Traders shown mulling about the oval-shaped “posts” where the nation’s leading stocks are bought and sold. In the background, upper center, can be seen a giant ticker-tape, moving behind glass, which gives the marked quotations. No photographs of the interior of the exchange ever are allowed and visitors were barred from the gallery during the frenzied trading.

Fitchburg Sentinel (Fitchburg, Massachusetts) Oct 30, 1929

(Special by Leased Wire to The OAKLAND TRIBUNE)

WALL STREET, NEW YORK, Oct. 29. — Engulfed in the greatest selling wave in the history of the New York stock exchange, prices were carried down today under a torrent of liquidation from every quarter of the globe. The losses of Monday, huge as they were, were doubled.

Up to 2:10 o’clock 13,838,000 shares had changed hands on this record-breaking day. The tape at that time was 82 minutes late.

Stocks of all kinds crashed together. Along in mid-afternoon there was a rally from the lows which brought prices back from the minimum. It still left them down enormously on the the [typo?] day. A report that the board of governors were considering closing the exchange was denied semi-officially and it was announced that various investment trusts and banking interests were buying stocks.

Total sales on the stock exchange today were 16,388,700, a new record high.

Right at the end there was a sharp rally, with Steel selling at 175, General Motors at 45 and Anaconda 85 bid.

Call money, renewing at 5 per cent, was advanced to 6 per cent in the last hour, suggesting that the investment trusts were withdrawing funds from the call markets to buy stocks.

Up to midafternoon every attempt to stem the tide met with failure.

Oakland Tribune (Oakland, California) Oct 29, 1929