WALL STREET CRASH.

Press, Volume LXV, Issue 19813, 28 December 1929, Page 10

WALL STREET CRASH.

i MANY PEOPLE RIINEI). BIG BANKER'S SI HIDE. I iraoii ota o*» coaaafivosiiafcT.i I SAN VKANCImO, NoM'inl.or 11. j \Y»ll Street's 'i.'"'' earried many ! lit tie people to deM i m-t i"»- Thou»;» ntl--* 1 ..Vo l.rokoo h.arted. «nrs.ii y their folly; ~„,„.. unimportant, kill.-l es, while others disappeared. J„ the acuelH t., the tina?' .alt ■■ - • ; , , irM ..fit;" v.,-tun of tlo i .11,...,.,- when .1. Ktord.ni, head stoek eoltiipi«« . "">» 1 lt the important foui.ty I nihl lot. ■■ ,„v in New York. th.»njl»'« '" . 1k I Satouslv wealthy and *^»" .-,00 000 dollar* to n national vtiiipiiip. . , ■ i.' i . .t0..! Ii Now« ot lin shot hitim-lt to «t«aui. " i t ,.i,.i.10 ins without tor sensational suuiin '" , nearly a day to p" y"\ i,.,,.,,5ed run on the bank "f wlu.h the ..h.«w'l l, ( „,ker was president. lviordan. who was a personal tinto of ..x-tiovernor Al. 6»mitli. was totttid dead in tl.o bedroom ot' J.m with a .38 calibre 10l r. oh. , w > 0111 . ,hamber disfharg-d. He «^" l, ' ,, '> .hot himself while B ittii»« on a «"■ „„ Bil , e a .leak and fell mrward to th. I "ThvMeians .tute.l thai U'erdau had l,e«-..\... the verge of a mental bveal. down for .lays, during the heigh ot tho s tpek crash on Wall street. Ml08!,C8 wore supposed to have unsettled llis mind. . . , 1,, Cauden, New Je.>.y. a b ink , letk. "8 vears old, with a small salary 01.,.. doliars a week, gave himself up ~ h< police, saying he had .stolen . ..,o<>o <!olara for stock gambling, meaitiiig to r. - turn it. He could not sleep «nd wanted to tro to iiaol. Included in Wall Street wreckage wa» Miss Marearet Shotwell, talented youiiu niinist She inherited I>oo,o<H> dollars in Keynolds Tobneeo Mofk, us good as cold in the estimation of American Lamiers. She used her Heynolda atock as ma i gin for stock >£»'" l >)'»R. BnJ " i„ all gone, wiped out. and she owes I her broker .10,000 dollars beside. Heine a philosopher the young lady aava: am through playing the market, and am going to play the piano to repay my broker the 50,000 dollars 1 owe him. Overworked StaffsWith tha Ktoek Exchange in New York comparatively quiet and «P*«t.inß only three hours a day, some ..0,000 men and women, boys and girls who comprise the daytime population of \\ an Street, were slowly but valiantly digging their way out of the debris of the fateful stock craah, and its subsequent bargain buying of millions of hysterica I speculators" all over the world. It was stated officially that it will take some of the workera on Wall Street months to get eaught up with the work of selling over sixteen million shares of stock in one day. One typical clerk said: "It isn't too tough if you can sleep at home now and then, and have dinner with the family every other night or so." And some of them were attacking the job of straightening things out with the impetus inspired by generous flnan cial reward from their employers who had reaped fortunes in commissions In handling hundreds of thousands of shares daily when the craze for bargains was at its height. One firm granted all its employees a fortnight'a extra pay for overtime during the ruah. For yeara to come old-timers in the banks and brokerage houses of the financial distriot will be telling youngsters about these last two weeks —an entire fortnight during which some of them never got home at all. 7a-Houx vigil. In one big office there was an order clerk who worked 72 hours straight without sleep. That was during the week of the "Wild Thursday." He said: "Sleepyt I didn't dare get sleepy. I'd have been 'sunk' if I had. But it's lightening up now. I only had to work until 3 o'eloek yesterday morning, and to-day being a holiday I ought to be out of here by 9.30 to-night." They tell the story of another clerk who, one night during the rush, after working 4J hours at a stretch, fainted away. They stretched him out in a beaeh-chair —office managers resorted to beach-chairs after the supply of eota and hotel rooms on Brooklyn Heights had given out—cjlled a doctor from the .Stock Exchange medical department, which had stayed open all night for just sueb emergencies, and presently brought him to. "Now get your hat and coat and beat it home and get name rest." tho office mannger told him.

''The heck, I will!'' retorted tlm young man. And he went right burk to work. And thfie is another story about * young man who was lying on a couch in nil office, hound u*loep, when nlpng tnuif* a iiKWspupcr |ihotogr«phcr. The picture appeared in one ot the New York dailies and a lew dnys later he received an enthusiastic loiter Irom some |»irl in the Southern Stalew. Straightening out "open orders" m a job tltat has occupied a Root! bit of time. "Open order*" are order* that, during the confusion on the floor those wild days, got mixed up. A member would sell 300 shares of bmnrthing and in the din caused by ;tSOO men and Im.ys all yelling at once—would |„j) to get tho name of the purchase! Nervous on Trade Slump. Jt is. evident that the leading bankers of the country are exlremely nervous that the outsfdn world should nurture the idea that America's period of prosperity has come to an abrupt end. These bnnker« and'other financiers of the Tinted Ktatna fcotwd loudly almost daily statements that "Ameri- . JJBBggng tic?, and instanced the Colonial Dovelopment Act, the preservation of the Empire Marketing Hoard, and the promine of an Imperial Economic Confer-en.-o as proof of the Labour Government 's sincerity in contributing toward* it. Conservative Views. Lord Cu.henduii speedily made it clear that he ruled out. LorVl Heaverbrook 's proposal* an a practical policy. He wan quito unconvinced that they would appeal to the Dominion*, and observed that protagonist* of Empire trade never even mentioned them j,i their advocacy. He remembered hi* own experience between ]»OQ an,] 1!»10 in fighting four unauceeaaful electiom on Mr Chamberlain'.h policy, and he doubted whether the Hrifish ol,rt„ n ,te would over be perauaded to regard Km '■ pile free trade a* other than a modern and equallj objectiririablo edition of it Therefore, though he had the fill!,*,' nympalhy with T.0r.l Heavcrbrook' principle, he could no, p |„ dj , 0 ~>,„„, « the new value whid, «-„ H(> „ la S ,? V f,' V « tn thn l >hr «»« "Free i Irade." Fmally, he tuned «„ ,J* j .overanMnt and aaked them to tran« ! late their expre.aion. of -yir.pathv fo, Lmpire trade into » practica deel.ra fon of their policy toward! IwSSi preference. '>i>«nai ine empire Jfree frade movement in. tended to do for the Briti.l, f„„or Pr.oae„tly the deba.-, di e d away Lord Beaverbrook describes "his ...». pa.ga a. . political one , bul "A"™ Party on«. °* *

■0.m.1." (hoc rumw, br «TSSS hey declare but ~, t*„ hwVSft do, 1ama!,,,,,, tin- lad ««,««, JJ in innntitin-ttiii-, and have < «- I Ti'' 1 i »'"■»■ "V!" 11,,rr " °« , «* r?i.r |,.»v i».n 1,,0 m iitl. t -.1, »nd tl,« ltt _,.i cry ~t the -r.t,.,, ,l„l,- .Iroltr tLtT ~ imahlc 1., r-- In* M'tl^wfr^^ , 1 ... .-II ot.-r "- ...murv. fr, r Tl v, ,v i.iet tb.it ibc i.,,.|»1.. nn« ,J,,m in oulering n.-iy motor-ear*. J^ |r> tlii-Mniir*', t'i" iitmnnaetiirer* j.rr *\ m vl,,n in bnue.mc ..in i!,„„. t(i ', |t Ui,„|,-!v Nunc <.t (1.. .1. alev, nr ». h(i»i wi *: ■■' , "''''" wl ":"" ,l "'. ' ,, r ,, " t '"*** :■,■,■ 1., it,,.: oil,-red t,> :. li-il,*, tmhho ■* ~,!,;,-t.cn, ol In-.n l«l t * >.M | k -,- ,itl ,t.ilii'.nr'l I'll' 1 - " „> Tlii- ii. tn.i. .■!' rudin mmi.jini,., ,luting Hit' price* >'t their »'t» 1„ *|.J_.?y lar„P degree 1.«» brought al.mil J>)». of further icdm-noi,* ,n pric-,,, «,/ J| t , urii'.i. Wall Mred liaa heard that «utk> <th of liik ll !"■!'■ ''-I mot oi ears will cut their price*, stiff competition In I*4 tittlr I" 'l" wiili ~,i» . »n<l it in Hlioced the iml.hr have been wurneij l f the sltxk trash lu mive their money fr ? ,»,,. , M ,0.-ted impeding h>an ttm«« ia 11,.- , oimfv. In order 1,. forte H \ n ~f automobile, and radin net* th« Manilla, ttnvr, evidently ar- Irving to u»pl ~,v,v,'.j.. ciivo i'Mf, baser* by •Mrattlva prices. At. indication of tli.' extent »f U* dicrotic! selling m the stork muta ,Im,„ K the ].M,t f, w weeks. » M at. ,-,,,,|„,i in Now \ «r\ in n tepoftfil M l, „(■ i.sii,7H(» ~),;,.,.h of W«'i.at»ir-EWii|afcr, Ineorpontted. Mo, k, nl -J. 12 dollir, % share lit miM ion, Th" atoi'V, Whlo| i, li-itrd on tliv N<w Vorl. I«t«<:k Baoaajiff, was pvisiiod up f" lin x» dollari % shiiro i-.-Tl.v Him v,,i, ),,• » h O M fBBj, wliirli hlko li«',l tip tlif floatili| tnifp! T of llio !.tn< K. A f. « >l«yp agfl it, pij r.! -) ilollnr* ••» <'» Hi* l KWhU^t, l.iii is now lHt'tl al around nlnt ioU !.it>. Many rrriclu'"! in Um slump on tlti» Ktfkmj, (or all i*lf»«*Vih, Uut 1lt«» wiMprrfi a«tag the l.rnkrrriß.' l<nm'n nrn (liflW<W|' t* \ rutin.- ;mi.i «.,.inio).. i« vi-'w of tli, maiiv wrong llify hav«> m»<J, «( n-i'ont \M'ol»Roal Wo.iltli Untotifiliai, An iiup.'>Hi:il snrvrv of" the Pit Halloa rr\rals that it' thero won any «l||r)* fnotor dial h»«l t.nil»»<l to m»r tlia «i> col 1, nt lotin term on I look for America* l.tmincaa us « whole, tlmt fgrtor trip Hxi voltuiio nf ipecuhtfion. lf tbera wai any p'>«'l rrnsoti to bo optimistic fot Mil Aiiiori.-iin luinincis mitlotik thrfl* tnoathi ajj... now tlmt this npnrulallnn It u thlkf of the past, the outlook |g tjn«n»«|t|«nt \y l.ottor, in the opinion of ROlHn ttf the ItnaiM'ial writers. Hurh in the eh»t» iiiK thoiißhl n-jriMprod by tho Anil»' Lmnlon ranji Hanking Com party of Rat Francisco in its financial bulletin. It furtiifrhos n pood answer t.> thott who iiro inclined to feiir more thai a totiiportirv (Mirtailment, «hie to the |«. inodlate ofTei-ta of thp atoeit mtraet dael in I*.

The ri'\ieu. »>> Mi|>|nitl mj; Hm ilHinit* j)Ost"l»'i«>n above rmirdcd, roinmka that tllp tiit t hli"«lli| imt W I»h1 (MrM «f 11ml, regardless nf hnw jurrr n drop mar occur in tho price i'f iinv given c.taa* of aeenritie,*. .«mh pwely tlnnnna) trannat'lioil!* ii" tint dcMrny the rrnl Wealth of the nation 1" tin- esleitl of fvro • single dollar. The review mvh. *' A * ii ■well knows to ovtm lie in"«t siipetncinl aludftllf of tliu current aitnntion, t|if nor. nially high Irvil of inti'i.ct ratna which )i!i\p* prevailed (m ihe i>**t >w bat threatened to ltpm-1 ""! only i)tiuimti« busim-aa condition*, but nlan thf fltiAiJ. rial stability of nlnicnl the f tit ire wntld.

" I'ndei Ihe influence »t »n ulinwt insatiable demand for more, and *H|l money to carry on the need« uf ip*aw> lation. New York woa neiinp im a b«r* niagni't. dr.-iininff Iho en-.!ii reaonrm of* the entire world. "Thia flow of fund* toward N»» Yoi Is \v»h eniming n verj real credit sfiiiiftenry in other financial erntfwi, with llie reiiilt thnl the improved worldwide bnaliicaa condition* of Ihe put few vrara were nertciimlv threatened '"flip bunding of the ppt«ut«t ive hublile ii :in enning of thin credit yt rinjjeiii-v miml the ittipifi <-rl conditio** wlii'-h in.-iy lie cxpei ted nhroad ihonrd benefit nur export, trade to »n fStWI that may well be felt throughout th« enlue country. "Now that th«t building tradw art enabled to finanrn thonwlve* nn a fir e.lmnpsr tuiaia, one of ll» grenleat f**» tor* which ha* euii*«d t ßm t»»M*l*f slump of the pmt. tix month* may wtll be removed.'' Railway eompnmoi are eipertcd, with improved conditions for ftnuneiili l»Mi» tn'plnco "hug« order* far lo»m»l1*«f and freight earn" and dovelopmttltt la the electric power industry »« *»* rated by the banking review.