FEARS OF 1929

Evening Post, Volume CXXIV, Issue 96, 20 October 1937, Page 13

FEARS OF 1929

WALL STREET UPSET STOCK PRICES FALL BEAR RAIDS BLAMED (United Press Association—lly Electric Teleu'rapii—Copyright.) (Ueccived October 20, 11 a.m.) NEW YORK, October 19. A recession of prices in the New York stock and share market, apparently of catastrophic proportions, began today, causing widespread fears that the 1929 debacle may be repeating itself. Sales towards mid-day totalled 3,890,000 shares. If this rate of selling were maintained to the end of the day it would have totalled 10,000,000. Selling pressure kept the tickers twenty minutes behind. Blocks of stocks totalling 3000 to 4000 were hurled into the markets, disorganising the machinery and communications of brokerage firms. In many cases offers without takers at any price resulted. In the forenoon, it was estimated that the losses ranged 13 points. Allied Chemical, 13 points, American Telephone and Telegraph, 9 points, Bethlehem Steel, points. Washington has intimated that bear raids were responsible for a persistent effort to depress the market. Congressman A. J. Sabath has telegraphed to President Roosevelt, asking him for an investigation of "the Wall Street conspiracy."