1934-11-09 — Page 17

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THE HONGKONG TELEGRAPH.

FRIDAY,

NOVEMBER 9, 1934.

BIRD'S EYE VIEW OF DEPRESSION PIT SHUDDERING DEPTH OF MARKETS' FALL

LOOKING BACK TO '29

New York, Nov. 2.

Five years ago Wall Street witnessed the greatest panic in stuck market history. To-day the Stock Ex- changes of the country are under federal regulation, trading has slowed down to a snail's pace, and speculators -bored by a lethargic ticker-amuse themselves by re- calling details of the "Black Tuesday" of 1929.

:

It is easy to joke now about the crash that cut billions of dollars from security values within a few hours. The investment fraternity has long since accepted its losses philosophically, and five years of business depression have bred a stoical appreciation of bad news. But in the Fall of 1929 the wide-open break in the stock market generated a stark fear throughout the nation.

The speculative fever ot the jed that it had been bad while It Coolidge and Hoover prosperity lasted, but that it was all over swept atack prices to a record high new. Ofein! Washington issued early in September of 1929. There more favourable statlalies on busi. was an irregular decline during the month of September, but hun dreds of economists, business men and politicians assured the country. that the market was only taking n breathing spell before reaming ita upward flight. Prosperity, they said, was here to stay.

October 29. The Stock Market Then came the fatal Tuesday, opened with a roaring wave liquidation that assumed tidal pro- portions as the day grew older.

ENORMOUS LOSSES.

of

But the decline was necelerated in the early weeks of October, and on the evening of October 29, the When the tickers finally stoppert the antion began to be seriously worried. Everyone award stocks

Stock Exchange reported the 'day's at that time, from office hoy to

enter as 16,410,030 shares, an all- president. Most of them held have since estimated that, includ- time record for volume, Omelal their shares on margin, and as the market weakness persisted brokersons, the day's total was plage to Joy unrecorded odd-lat transRe- broadens Insistent demands their customers for more money. A large majority Wan unnblo respond and when their boldings

on

Mr. Donald Richberg, Secretary of the Executive Council of the United States, and a right .❤d man of Pre- sident Roosevelt.

were thrown on the market forced sales prices dipped more sharply.

FEW BUYERS.

in even

The situation was patently seri- ous on October 24. Huge blocks of securities were offered with few takers. Then Richard Whitney wow president of the New York Stock Exchange-entered the scent dramatically. U.S. Steel common was being offered at.195. Whit- ney, acting as a broker and sumably on behalf of J. P. Morga and Company, was said to have bld 205 for 25,000 shares of steel. The story is probably apocryplul, but at the time It was enough to inspiro

sharp rally. Prices soared. A nation laughed, remark-

F

pre-

Another instance of the dreadful carnage wre ight by fire in crowded Chinese tenements was wit- nessed when this Shanghai ballding burned recently and 14 were known to bava parished out of a total of twenty inmates,

Unusual Dogs On Display

SALUKIS RUN AT EXPRESS SPEED

CRYSTAL PALACE

EXHIBITION

There is good

news for

the

amateur dog breeler-ho is coming 22,000,000 shares,

into his own. The professional, Despite a late rally that lifted ¦ will have to look to fils laurais, Jones industrial prices from the lows, the Dow The Fard Kennel Club Show, average al the which opened at the Crystal Palace jeluse on October 29 was 230.07 as recently, was remarkable for the compared with 260.61 on the pre-umlag of entries of smooth-hatred coding day. Losses of murs than Fox Terriers. There were 248 of 30 points were common among

them compared with the 162 wir such market leaders as Du Pom haired terriers. and Allied Chemical. Auburn Aule dropped 60 on the General Electric Jost 28, and U.S. day. Stoel closed at 174, of 12 points.

The excitement in the financial

For years past, he who has hid the honey carld trim a dog to lung like murel

Perfect trimming has been the treat asset of the show dog. 1

district reached a burning inten-lines could be "faked." But this

#ity.

On October 30 and 31 there was

year great breeders are reverting

to the pure lines of the smooth

a strong rally on the stock market, dog-and the amateur can compot o htt the recovery was merely a ou an equal footing. prelude to the protracted decline that was to carry the Dow Jonesines of the new Welsh cattle dogs.

industrial average down to a low

a high of 381.17 on September 3.

There can be no doubt of the

the Welsh Corgis, one of which too Duke of York has recently bought,

of $1.22 on July 8, 1932, as against or the first time the hennef Lith divided these into two varieties... the Cardigansture and

1929.

Like -

It is ensy, at this perspective, thickesare, seorter in body and kegs see that the stock market crash and the subsequent business de- and glien red-and-wtuto in cviour. pression were inevitable. In the the Samust. For stamina and Aper

tirterest courating has hooted | Fall of 1929, however, no onese gå åre Babçatanie. foresaw the extent of the break.

ROCKEFELLER'S ADVICE.

4473

run at over 40 m...

1 hey

One of the best dogs was also The New York Times, it

the enviest in the show, Airs. B. 4, editorial on October 30' ou

Olivers Cardinal o feingly, an stock market panie, said that “if]

theist, masti, champion of his etniss. present conditions are fulfilled. Ch. Scylla, who weighs bb. This

One of the test bienes sundant conservative Industry little loot-lung, will not be shaken as it used to greyhound is not a toy-nog sa way- Inot-ga, Itaal be on such ocensions."

Mr. John D. Rockefeller Sr., who shunned personal publicity, never- theless issued a statement on Octo. ber 31. 1929, in which he declared that fundamental conditions were sound and that he and his son were therefore buying "Sound common atoeks,"

Long but ANNA

THREATENED KATE WAK

STEAMSHIP LINES AVERT CLASH

Wan

"There is nothing in the busi- warrant the destruction of values nesa situation," he added, "ta, that has taken place on the ex- changes during the past week." stocka are to-day selling, at one-

Many of those "sound" common fears of an imminent fare-cutting It was recently revealed that

third their price of five years ago, services have been eliminated as a war among the North Atlantic yet even at these low levels the result of an 8-hours meeting of the averages are more than twice the North industrial average at the end of depression lows. The Dew-Jones ference in London.

Atlantic Shipping Con- The main business of the con Inst month was 92.61, as compared ference was to discuss the position with 343.16 on September 30, 1929, of the Cunard-White Star Co., and 41.22 on July 8, 1932.

which, as the result of the amal- gamation, automatically excluded itself from the conference,

AVERAGE SALES.

ure

More vivid comparisons with

Sir Percy Bates, chairman of the 1920 may be found in volume of line, was it the meeting with other trading. Nowadays brokers

representatives of the company and * glad when a day's sales on the after a long discussion he agreed Stock Exchange exceed a half mile to Cunard-White Star jolalug the Bonaharos. Total sales September

conference.

American and french members

With laurels already won as premier flyers in the American outh west, these winsome sky riders are on the trail of new honggrs, the goal being a new woman's refuelling endurance record. 100 Over 10 Chicago World's Fair groundi. Jean La Rons, is on the loft and Mr. Mary Owens Campbell, right. She is a

licensed transport pilot.

onte

Hopeful of vindication, Samuel Insul), fallen ouer of a highty utility ampire, took the first days of his trial in Chicago with smiling complaisance. The 74 year-old "falian Crossus is shown leaving Federal court, under police escort, during a recess in his trial with 16 associates on federal indictments charging use of

.mails to defraud.

last were only 12,635,980 shares. were partlestarly anxious as to the the smallest for any month since outcome of the meeting, for the FAVOURITE 1921. in September, 1929, sales aggregated 100,056,120 shares.

scene was set for a repetition of events of two years ago when the

however, is to see at once, thut this In not what Ilamlet meant. fle

of excessive drinking when

MISQUOTATIONS was referring to the Dana'a habit

To my mind-though I

native hero,

Go back to September, 1929, United States itne sought to leave when the market was near its peak, the conference anil institute a Hore is what a few of the market lower scale of passage rates. lenders, weru selling for then, to-

What quotation is the most-mis said: gether with prices for the same strong move among certain mem-"A little learning is a dangerous quoted? It has been suggested It is understood that there is a that the most abused Is Pope's line,

·legues at the end of lust Septembers of the conference for a sub thing." Nine- times out of ten bor:

stantial reduction in North Atlantic "learning" is turned into "know- Sept. 30 Sept. 29 fares, but this will be strongly ledge." opposed in other quarters,

American Can -

1929

1934

168

98

Amer. Smelting &

Refining

112

31

Eastman Kodak

American Tel. &

Tel. Atchison. Top. &

Goneral Electric

293% 111

General Motors

221 3GB

GG%

2702 '420

61 26

151

29% U.S. Steal

188

90% Woolworth

A Cracho Slovakian Sim company is 9. Fe R.R. making pictures with people picked Auburn Auto out on the street and who have had Consolidated Gas no training whatever. Hers is one Du Pont do

of the new "itars""

Nemours

New York

Contral R.R. Pennsylvania R.R.

that be the most common mis- quotation, it is closely run by, Shakespeare's More honour'd in. 994 the breach than the observanco.". 184% But misquoiation in this instance 2934o not consist in using a word.

not in the original but in giving the Ho

219%22% 101% 28% 2224339

07 48%

United Press.

ho

And to the manner born-It in a

custom

More honour'd in the breach

than the observance. This heavy-headed revel, cast

and west,

Masus traduc'd, and taxed

of other nations:

They cope us drunkards.”,

There seems to bo no cause for a wrong meaning alto- dublety about Hamlet's moaning. gother. Almost invariably, it le Ho merely meant that the custom 2sed to signify that a custom or was so bad that it was more a law in more often broken than honourable to break it than to keep observed. To read the context.It

m

PRICES BASED ON THE NEW VALUE OF

THE DOLLAR

is not just a catch phrase but an actual statement of our policy. Our prices have been reduced all round: hats are down by $1.50 to $2.50 each. Summit Collars down by a dollar a dozen, Sum- mit Dress Shirts, show at least a dollar reduction, and so on- throughout the entire stock: and in-no Instance is quality sacrificed.

We do not ask you to believe that we can adjust prices to every fractional fluctuation, but wo have endeavoured to strike a liberal average on which to base our current prices.

MACKINTOSH'S LTD. ALEXANDRA BUILDING

HAIG in the Home

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Don't be Vague

ASK FOR

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