1929 AGAIN?

Hawke's Bay Herald-Tribune, Volume 81, Issue 23, 20 October 1937, Page 5

1929 AGAIN?

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Wai! Street Crash CATASTROPHIC DROP Heavy Losses Accompany Big Seliing Wave 'BEAR' RAIDS SUSPECTED

(By Teleet-aul'

(Vr-priallt.l

(Received 20, 11.20 a.m.) NEW YORK, Oct. 19. A stock-market recession apparently of eatastropbic proportions began today, causing widespread fears that tbe 1929 debacle may be repeating itself. Saies to mid-day totalled . 3.890,000 shares, and if they could have been maintained to the end proportionately, would have totalled 10,000,000. The seliing pressure kept the tickers 20 minutes behind. The blocks of stocks hurled in totalled between 3000 and 4000, disorganising the machinery of communications with brokerage firms and in many cases resulting in offers without takers at any price. Before noon, the losses ranged to 13 points. Allied Chemical dropped 13 points, American Telephone ahd Tele•phone nine, Bethlehem Steel 8£. It is alleged that "bear" raids are responsible for the persistent efforts to degress the market. Congressman Sabatb has telegraphed President RoosCvelt asking for an investigafion intp the "Wall Street conspiracy."