See how it looked in 1929

Stocks Crash Again | Some To New Low Level

Lack of Promised Banking Support Caused Losses of 5 to 45 Points

By AP

NEW YORK –

Deprived of the banking support which many traders understood had been arranged for last week, the stock market plunged downward in spectacular fashion again October 28 as “bears” renewed their assault on the market, and thousands of weakened speculative accounts were thrown overboard. Prices of scores of issues broke 5 to 15 points, with most of the lenders selling below the low levels reached in the last Thursday’s record-breaking session.

Trading was again in enormous volume, with the ticker falling an hour behind the market by early afternoon. Total sales crossed the 8,000,000-share mark before mid-day, with indications that the day’s total would exceed 8,000,000 shares.

Indications that bankers might again be called upon to stem the tide of selling were seen in the visit early this afternoon of Charles E. Mitchell, chairman of the National City Bank, the country’s largest banking institution, to the offices of J. P. Morgan & Co. Unless the tide of selling is stemmed, other bankers probably will be called into conference.

With the market undergoing another drastic “cleaning out” process little attention was paid to the day’s news. Nothing happened over the week-end to alter the views of President Hoover and leading bankers that fundamental business conditions were sound, and that there was no sign of a general recession in industrial activity.

Directors of the General Refractories Company have declared an extra dividend of 25 cents and raised the annual rate from $3 to $4. Wall Street is fervently hoping that good news will be forthcoming from the quarterly meeting of the United States Steel Corporation after the close of the market tomorrow. Several weeks ago, there were rumors of a possible stock split-up or extra dividend on Steel, but these gradually disappeared as the date of the meeting approached.

General Electric was the hardest hit in today’s selling, breaking 43 1/3 points to 254, as contrasted with a low of 383 last Thursday. Westinghouse Electric Broke 29 ¼ points to 150, Western Union fell 27 ½ points, Johns Manville 26 ¼, and Case Threshing 25. American Can, Standard Gas & Electric, Underwood Elliott Fisher, Eastman Kodak, Allied Chemical, Peoples Gas, American Telephone, International Business Machines, Air Reduction and A. M. Byers were among the many issues to sell 15 to 20 points lower.

U. S. Steel common broke 10 ½ points to 193, carrying it fractionally below the low level established last Thursday.