Show If - The Herald Journal Logan Utah Monday October 29 1979 Crash of ’29 lasted -- Both had trouble with brothers 34 months and cost $74 billion James A White UPI business writer - When the NEW YORK (UPI) tidalwave receded from Will Street that Oct 29 of 50 years ago it was the trading volume that revealed the damage The New York Stock Exchange had endured more severe price tumbles dive in the Including the 3833-poiDow Jones Industrial average the day before Black Tuesday That loss still stands as the worst on record The drop on Oct 21 of 3057 points in the Dow Industrials seemed almost an Improvement But the volume of Black Tuesday was unprecedented 16410030 shares an increase of 27 percent from the previous record 12094650 shares set only a few days earlier on Oct24 ‘ At a time when 6 million-shar- e trading days were the norm the turnover was staggering The early activity was so frantic that volume would have reached 33 million sharea had the pace not subsided The Western Union stock ticker with a capacity of 285 characters a minute 'tapped out trades for hours after the official 3 pm close of the NYSE Conditions were no different on the Curb Exchange predecessor of today's American Stock Exchange where the day's trading totaled nt - shares v With the onslaught of the Depression ?:and a search for explanations history Zwould attach a greater Importance to events of Black Tuesday than was t the assumed at the time stock of New York were a rarity and the -- ibreak in priees had an immediate I effect on no more than the 15 million holding brokerage ac- counts at the time On Wall Street however the wreckage that almost no one thought ! remotely possible a few weeks earlier : was everywhere - The Dow industrial average having : hit an e high of 38117 on Sept 3 was tumbling but the drops were Outside - Speculators all-tim- considered temporary Economist Babson’s prediction of a stock ‘ Roger market crash was discounted Prices rocked up and down in the Jack Anderson - Like RichardifNixon before to be his Carter has tried him WASHINGTON then-regul- -- 7 096300 By first weeks of October on a pickup in volume Bankers brokers and buslnesmen offered assurances that nothing out of the ordinary was occurring But the shocks became both more severe and more frequent On Oct 23 the Dow lost 2046 points to 30585 and the on following day -Black Thursday — panic selling swamped the market until bankers meeting in the offices of JP Morgan It Co managed to turn the stampede The bankers pooled funds and sent Richard Whitney the acting NYSE president on his famous "walk” to the exchange floor to bid up prices This boosted confidence enough to hold the Dow industrial loss for the day to 638 points despite the record volume of over 12 million shares Trading Friday and during the Saturday session was comparatively quiet but the rush to sell was renewed Monday setting the stage for Tuesday’a rampage The Dow industrials finished at 23007 on Tuesday down almost 40 percent from their Sept 3 high American Telephone & Telegraph which opened the day at $225 a share dropped 628 to 6204 putting it 610625 below its high for the year US Steel fell 612 to finish at 6174 off 66775 from the year’s high Auburn Automobile had the most violent of swings — dropping 660 to 6130 at the opening rallying to 6175 and then finishing back at 6130 This was down 6364 from its yearly high In an stocks lost some 69 billion in market value on Oct 29 about 10 percent of their total value but it did not stop there The market managed to finish 1929 above its Oct 29 level only to have the slide resume with the momentum of the Depression in the early 1930s On July 8 1932 the Dow bottomed at 4122 The loss amounted to 90 percent of the Dow’s September 1929 high of 38117 a level the average would not reach again for a quarter century In the 34 months between the heights of September 1929 and the depths of July 1932 the market value of NYSE stocks plummeted by 674 billion — 6600 for every American By Merry-go-round ar Jimmy quietly futilely brother’ keeper Both presidents used the federal apparatus to keep an anxious watch on their errant brothers In the lineliness of the Oval Office Nixon and Carter shared a personal penchant for secrecy and sublimation Yet both had their souls tested by overindulgent overly talkative brothers whose loud cracks and voracious appetites caused political embarrassment The two wayward brothers Donald Nixon and Billy in common They shared a weakness for easy money and an indiscretion about how they acquired it Both also recognized the financial advantages of having a brother in the White House In fact both got their names linked with Robert Vesco who allegedly skipped the country with hundreds of millions of dollars belonging to other people Apparently he was willing to share a few million with Insiders who had the right White House connections In the early 1970s President Nixon asked White House aide John Ehrlichman to keep tabs on Donald The harassed Ehrlichman did his best to prevent Donald's indiscretions from bubble-guming in his brother's face In the late 1970s President Carter asked White House aide Tom Beard to try to keep Billy out of trouble Beard's most delicate task was to Billy's dealings with the Libyans who have granted arms and asylum to some of the world's most notorious renegades We have just learned for example that the White House was alerted a year ago that Billy had accepted an trip to Libya There was worry inside the White House over his intentions and his traveling companions So in the strictest confidence Beard asked the State Department to monitor the visit and if possible to restrain the fun-lovi- beer-swilli- Billy Instructions were flashed to the US embassy in Today's almanac By United Press International Carter also had much m soft-ped- al Today is Monday Oct 29 the 302nd day of 1979 with to follow The moon is moving from Its first quarter to its full phase The morning stars are Mars Jupiter and Saturn The evening stars are Mercury and Venus Those born on this date are under the sign of Scorpio American statesman Thomas Bayard was born Oct 29 1828 On this day in history: In 1618 Sir Walter Raleigh was executed in London charged with participating in a treasonable plot to oust King James I from the British throne In 1901 Leon Czolgosz was electrocuted for the assassination of President William McKinley In 1929 pandemonium reigned on the New York Stock Exchange as collapsing prices set the stage for the great depression of the 1930s In 1974 former President Richard Nixon went into shock after surgery to combat a potentially lethal blood clot and was pronounced in critical condition 63 Libya "to greet Georgia delegation to learn members' names and to alert them to sensitive nature of US'Libyan relations” Billy arrived in grand style with eight Georgia politicians and businessmen They traveled first-cla- 19 The White House was gratefuL This was passed on to Eagleton in a letter marked "Secret” and signed by Leonard Scensny then the country officer for Libya “The White House was pleased with how Billy Carter's trip came out” wrote Scensny "Tom Beard who worked with us on this said that they appreciated your efforts to brief Mr Carter and to keep the whole trip on a very low key" Halloween costumes to mass? Berry's world RI CUMBERLAND (UPI) — The pastor at St Joseph's Church wants children to wear their costumes to mass this Halloween The Rev Francis J said the Keefe HaUoween night mass wUI be held to observe the Roman Catholic All Salnt'a Day Nov 1 It will focus on "why people wear costumes on Halloween and what the meaning of All Saints Day is” Keehe has invited children to wear costumes — but not their masks — to the mass He plans to award prizes to the best outfits In four age groups As to why people wear IM costumes - Keefe ex- plains All Saints Day Is a descendant of All Souls 'I've just come from my home and nothing works - appliances cars NOTHING!" - Day VISION GLASSES SINGLE ‘INCIUOINC FRAME ONE LOW PRICE CLEAR LENIESANO INCIUOEO m FOUR CHOICE CASE STVlE r ant lata piicf FRAME AMT OF ANO COLOR IM OUR URGE INVENTORY CUM IMPACT CIASS CASE RESIST ARlT ill INCIUOIO la' tiiyki adfihanal ik NOT BIFOCAL GLASSES ONE LOW PRICE MINI CHOICE If RISES These two little stripes are tl out to change the way you bank COiORS OF IINSES OTHER SIFOCAl SITUS THIFOCAI IFNSIS OVIRSIFO IINSES PLASTIC 'INC1U0ING FRAME CLEAR LENSES AMO CASE SOFT CONTACT LENSES Crmriii nhi low riico biloif you BAVSCIt U LOMU SOFT CONTACT IINSES boy 1333503 With your stripes you can cash personal checks for up to $200 at any of our more than 800 affiliated bank offices throughout the 11 western states tlboio oSveititt toll coniotl lonsct bat ra nol Ibo famous Biusch A tomb 60 With walker’s Soflios Tha Iihosi ai lbs lowest rhcs SINGLE VISION PIASTIC CONTACT LENSES HARD CONTACT LENSES Wa bavo said honduds ol thousands ol bard contact lansas Too can bt soie yao ora sttiH tbs finest auality at the lowest possible puce STTtTnMMlTMiiirsiStSU 33 N M C rttiui TELEPHONE 752 9246 aututT ii DAY & NIGHT TELLER you have Instant access to your money 24 hours a day at any of Walker Bank s 12 automatic Day & Night Teller machines And soon you’ll have the through the Day & Night Tellers at affiliated bank offices And you can combine all these great services with a visa or Master Charge card to give yourself the most powerful money card in the West: western Bancard Apply for yours now Walker Bank A Western k’ throughout the west muanit I'nie MAIN STREET ooweawTioo Check Guarantee symbol on your card your personal check is guaranteed for merchandise and services tip to $100 anywhere In Utah ss stayed at the beat hotels and were shown around Tripoli in chauffeur-drive- n cars The Libyans picked up all the bills and banded out gifts The cost was estimated at over 650000 Meanwhile embassy officials dutifully took Billy aside and cautioned him about rocking the diplomatic boat Charge William Eagleton cabled back: "Billy Carter has told us that he will refrain from making any political comments and this has been borne out thus far For example in reply to a long welcoming speech at the airport Billy shook hands and most amiably said 'Thank you”' Intelligence sources told us that Billy spoke to the Libyans privately about lifting the freeze on eight transport planes which the Libyans had purchased from the United States but which Washington had blocked But nothing leaked out that was embarrassing to brother Jimmy At last Eagleton reported in a confidential cable: "Billy Carter and the Georgia delegation left Tripoli for Rome We accompanied the Georgia delegation As from the VIP lounge to the door of the aircraft far as we ean see there has been no negative fallout from Billy Carter’s visit to Tripoli In fact on the local scene we would rate it as a very positive event Bancorporalion Bank at Walker Bank |