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NEW YORK 'CHANGE
Panic Spreads Quickly
NEW YORK, Oct. 28.
The New York" stock market crashed again to-day under an avalanche of offerings. Banking support, which came in to protect the market last week, was unable" to prevent to-day's disastrous break.
Even stocks In which the wealthier class has been trading were smashed downward. Breaks of 10, 15, ond 20 points reductions were re- corded in a brief period.
The break began mildly, but gathered momentum with sweeping vigour. Stock after stock broke through the resistance levels, and the leaders sank under the low records reached last Thursday. Besides United States Steel, General Electric bore the brunt of sell- ing. Westinghouse, General Motors, and Johns and Manvllle also suffered. It was the last straw for many holders, who had been patiently waiting action from the huge bank- ing pool formed last week. They threw their holdings down for what they would bring.
The big banking pool held a further meet- ing shortly after 1 o'clock, after which it issued buying orders. The appearance of Mr. J. P. Whitney, of the J. P. Morgan house, and others on the floor purchasing stocks tem- porarily restored confidence. A slight rally ensued, but by 2 o'clock the bankers were unable to stem the tide, and the bears sent the market crashing again in a new selling
FACTORS OF COLLAPSE.
Various prominent bankers, commenting on the collapse of the market, indicated various factors, namely, lack of support, exhaustion of margins, selling by frightened persons who owned stocks outright, and the recurrence of the wave of uncertainty which swept the market last week, Bankers declared that the reaction had been excessive, and many stocks were worth more than their market prices on the year's earnings alone.
The president of the Chase National Bank said: "We are reaping the natural fruit of the orgy of speculation in which millions of people have indulged. It was inevitable, be- cause of the tremendous Increase in the number of stockholders in recent years, that the number of sellers would be greater than ever when the boom ended and selling took the place of buying."
Opinion is divided whether it would be beneficial at this time to revise downward the 6 per cent, rediscount rate.
SOME OF THE LOSSES.
The market suffered a loss of 10,000,000,000 dollars. Sales reached 9,212,800. The com- modity and kerb markets also witnessed frenzied scenes as prices slipped.
Generals Motors closed at 47½, a fall of 63; Johns and Manvllle at 132, a fall of 28½; Montgomery Ward fell 59½; New York Central fell 222 points; Radio Corporation 18½; Stand- ard Oil (New Jersey) 8 points; United States Steel 17 points; Union Pacific 16, and West- inghouse 34½.