The Brooklyn Daily Eagle from Brooklyn, New York • Page 2

SI 3 THE BROOKLYN DAILY EAGLE," NEW "YORK, TUESDAY, OCTOBER 29, 1929. SPEEDY CRUISER LAUNCHED IX GERMANY 3D DROPPED-BY" GURBs FAILED George F. Baker's Losses Are Put at $14,009,000 lie ASSAILS SLOW ACTION IN CONNOLLY CAS! LOSES MILLIONS i iff Iff; A i. MARKET BREAKS AG1 HID THEN fiALLlESSLIGHTLY Continued From Page 1. to stem the tide of selling.

Overnight assurance was given that the bankers would upport the market. The renewal rati; on call money was on the grievous ills of the stock market. All kinds of efforts had been made announced at 5 percent, an hour ahead of schedule, to allay fears. Banks reduced their Etrict rules on loans to give confidence. But the ceaseless tide of selling rolled on.

Conferred on Closing Exchange. Powerless, the biggest financiers stood and wRtched the highest grade investment stocks drop 10 points or more with no bottom in sight. By 1:30, 12,662,000 shares had been sold for whatever they would bring. This was only sllThtly- short of the full day recorl of Thursday. For a time consideration was given to close the Exchange.

Ah informal meeting of the board of governors was hastily called and it was decided not to close. Another meeting is to be held tonight. All the resources of institutions with which the bankers were connected were called in to stem the decline by the purchase of stocks. Investment trusts announced that chey were buying. But all to no avail, untid terrifHc damage had been accomplished.

1 MX yVi2'A! IIMlWWgPWgfgg Here is the new German cruiser Leipzig just after it tasted launching at Wilhelmshafen, Germany. It will be one of 1 water for the first time after the speediest cruisers afloat. "How would you silence Senator Borah and myself in the asked Senator Walsh. Your own great understanding should indicate the proprieties, answered Grundy. Did the founding Fathers make a mistake in giving two Senators to each State?" asked Senator Walsh.

"They did the best they could under the circumstances," replied Grundy. "It's been a very great misfortune that each State was given two Senators. It's an unequal division." LAGUARDIA FLAYS McCOOEY IN CHOICE OF SCHOOL LAP Congressman Fiorello H. LuGuar- dia, the Republican candidate for Mayor, turned his guns back on Democratic County Leader John H. McCooey today when he alleged that a new school in Brooklyn is about to be constructed on land opposite a gas tank became the laud is owned by a friend of the "boss." It only goes to show," said La- Guardia at his headquarters in the Hotel Cadillac in Manhattan, "that if Mr.

McCooey's friends own the land you can stick a school and children in front of a gas tank. It is not only injurious hut common thievery of the worst kind." The record? at the Bord of Edu cation show that a site for P. S. 246. the school mentioned by LaGuardia, is being acquired "in the vicinity of Erasmus Halt," There Is nothing to show the site has been pur chised.

McCooey was not In his ornce. Tli Cwressn also allceH to day that Paul-Block, the publisher. whose paper, the Standard t'nion. is suiDortin Mayor Walker, was the one who suggested Grover Whalen for Pollre Commissioner "to to "et the neople's mind When informed of Mr. LnOuar- dln's statement.

Mr. Block said: "The more Mr. LaGuardia talks, Hi more he shows his irresponsi-billtv and his unfitness for public confidence and public office." CITY WINS ZONING CHANGE FOR TALL NEW COURTHOUSE The city itself was an applicant before the Board of Standards and Appeals today icr a modification of the provision of the roning law concerning the height of buildings in connection with the new Brooklyn Centl Courthouse. The petition. S.it'1 new courthouse at Schermerhom, fmlth and State was granted.

Ilr" um he city has made such a request for chanpe of zone. SAMUEL ORANGE DISBARRED, FOUR ARE SUSPENDED Continued from Tage 1. before official referee Blac.kmar. The Court declared that being young ana Inexperienced and weak l.i character, he took refuge In falsehood. This, however, the Court, ruled, was not palliated by Rnd inexperience and that, as he was completely lacking in the essentials necessary for a lawyer, It was necessary to disbar him Had thew traits been disclosed at the time of his appllea-tion for admission to the bar, tne court declared, he would never hae become a lawyer.

Alexander bolins, who was li off with a five-year suspension, had oeen recommended for disbarment in the report of Official Hyeree Ulackmir. IX'ltns, who was admit ted to the bar In 16)5. trafficked Yesterdays headlong crash of stocks failed to attract huge crowds to the Wall st. district. Many familiar laces were absent from the throngs In the trading rooms: Brokers wrere worried because they were unable to save star accounts.

Many traders who were counted out last week have been unable or unwilling to get Daet into the market, and as a result they were not present when yesterday's crash came along. Telegraph, cable, telephone and radio facilities, were all taxed to trie utmost because of the high pressure in the Stoek Market. Telephone officials said a 5 percent increase ovt normal business was taken care bl. Telegraph companies had increased business New York brokers tried to keep touch with out of town clients. Radio companies which re port stocks to ships at sea were also forced handle 5 percent more then normal business.

George Fv Baker Losses Put at $14,000,000. The crash cut at least $14,737,000 from the fortune of George F. Baker, chairman of the First National Bank, and one of the leading stock investors This total represents his losses in but three stock holding. Losses taken by Mr. Haker in railroads and other holdings could only be conjectured.

A North Carolina girl became a Standard Oil Company stockholder yesterday, 'even though her good fortune was not traceable to the Wall Street situation. She has been working in tobacco fields to earn money and sent the company $4 some time ago asking them to invest it for her. The Standard Oil Company couldn't do that. Then rtoekholders began to send In small amounts of money to her credit and yeMerday the company notified the girl she had a share of stock. Cutten's Neighbors Lose Millions.

From Guelph, the birthplace of Arthur W. Cutten, Chicago grain there were more than 1C0 men and about half a dozen women sitting or standing, their eyes seemingly transfixed on the ticker screen. Most of them seemed awe-struck by the sheer magnitude of opening transactions. The same condition prevailed at the Brooklyn offices of Wade Bros. is Court and others.

Brokers pointed out that trios of the weaker holders had been shaken out and that the stronger class was responding well to tnargin -calls- At the height of the opening panic it was almost impossible to get brokerage offices -by phone. Downtown exchanges were swamrred. Offices were filled with people, Telegraph messengers Were hurrying here and there with messages, usually calls for more margin. Others were bringing -money tct the sorely distressed The break in stocks was reflected in a four cent decline in wheat prices at Chicago, where December wheat opened at 123. 7,.

From Chicago came word from Arthur chairman of the Continental Illinois Bank and Trust Company. He said: have Just been in communication with New York and the banks there are determined to support the market at this point. There cannot heia but be a tremendous short Interest, and this should give the basis for expecting a sharp recovery the moment the turn can be accomplished." European Markets Up. The market here was preceded by an upward movement in prices on the European exchanges in American shares. Cities Service rallied 6 points on the Amsterdam Exchange to 33, while higher prices were seen for Bethlehem Steel, Drited States Steel.

American Smelting, Unioa Pacific and others. Prices in London were steady to higher in many in-tances. One of the most important factors in the trend of prices was a by Alfred H. Wlrgln, head of the Chase National Eank, a man who rarely speak3, but whose words carry great weight. Mr.

was quoted as saying: "We are reaping the natural fruit of the orgy of speculation million's of people have Indulged in. Because of the tremendous increase in the 'number of stockholders during recent years it was Inevitable the number of sellers would be greater jihan ever when the Doom ended and iseliin; took the place of buying. "I would like to say this, however, that none of the corporations inr.titiitlnns nm ennnertorl with lis selling storks at this time. We nre, rather, buying. I am convinced genuine bargains are available at his moment.

Cut Margin Requirements. trusti. of which we nave heard so much, could mako investments right now. I don mean that Investment trust; or anybody else should buy Indiscriminately or lock up every dollar Its always well to have a grxxily reserve on hand. But, while I never make predictions about what bnsl-nens or stocks will do In future, I lo ray that, regardler of what may or may not happen, there are available very attractlvt investments to-elay." Many Rumors Afloat.

Business conduct committers of both the Stock Exchange and Curb held meetinys after the close yesterday to discuss various situations arising out of the unexpected and unprecedented crash late yciterday. Although nothing was disclosed ns to the action taken or the conclusions reached at these meetings, all kinds of rumors were afloat. Washi'ittoii desixitches described high Government oillciala at not being Surprised at yesterday's "sec-andary" reaction, Although tivr; wete no direct quotations, one cifl-rlal was noted ns that is a good time to buy stocks If you 'now which ones to buy." The eonsriwts In Government circles, It was said, was that the patil represented dumping ol stocks by frightened traders who had he'd on through last weed's break and the view wrs expressed that It tiMild net cnntlri'ie ini'eh lrwer. It, ws etnnTld that the business situation of the country was ittll as sound as it we.s a few weeks One of the most ne mirei-hi notes in the bvrieet nf ppws was word tht a grourj of the nsf powertul bankers In th enuntrv fuel held another meeting at the offices of J. P.

Morgan Co, which lasted 1 0 PAY DE1ND5: Exchange Suspends John J. Bell Firm When En-gageinents Are Not Met. This morning's terrific wave of liquidation oa the stock market i brought about the first failure ol the current break when the brokerage house of John J. Bell 40 Exchange Manhattan, was sus-. ponded from the New York Curb Exchange lor failure to meet its engagements.

jonn j. iseti. tne neaa oi tne nrm, was said to have hand'ed accounts for several of his friends. The com- pnny was not engaged in a general commission business. Bell, a floor racier was admitted to the exchange on June 24, 1921.

Because the concern was not eh gaged in a general commission busi ness there were no speculators In the ofiice at the time the order of suspension was received. The 17 runners employed by the uiii.pii.y wrrc uiftiiiioaeu, uui euc- hookkeepln? staff was retained to straighten out the company's affairs. It was said that a statement would be issued as soon as the offi- cials had surveyed the situation. Bell was a partner in the com- pany with Frank G. Bennett and O.

Taylor. nl.ov.nn Tl Wnn. a rumbling and gossip about it uowever. Out in the street several police men scann, reaciy lor mcy noa t. Know wnai ii is, out, in the financial district today there are several squads made up of a ser- geant and five patrolmen doing-special duty.

Four men are watch- in? the Stock Exchange. Others i are constantly patrolling Ercad stand Wall st. Thft strpef. crowds pnnarenltv ar- no more than usual. It is in the brokerage offices that the crowds are gathered.

There Is where humanity is feeling the pinch. And that is where the suckers nnil the lambs are being squeezed by the raids on the market. "Oh, Mr. Bailey, Mr. snouts someone In Hnuvler a om pany's cfllce.

Scenes lu a Broker's Office. A tall man who had been slttlner over by the window but not looking, out of It strolls into a private of- xies txiKie uiavue iu muiuiC. Ke comes out, goes into the cus tomers' room for his overcoat and leans over the man in the next chair. 'Well, they sold me out." sava Pailey as he sort of stumbles to the elevator. Up in the front row sits a little old woman who acts as if she were lingering a catalogue looking for a bargain instead of figuring on Hank paper how her account in the company's stock stands.

A man comes out of an Inner office and whispers to her. She shrugs her shoulders and squares her Jaw. This little voman is holding on. Every time blackboard boy putt up a Chang? in price the figures her account ail over again. More Margin.

And a florid faced individual conies in to desk in a great hur ry. He drops a lot or very uirty money on the counter "I'm bringing in $500. It's all I could raise," he shouts. "Is it enough?" Perhaps it was. Interest in him was only passing, however, because the boys were still marking up prices.

Steel Jumps up to 183. There is no cheer. No real noise'. Just one corner. The crowd didn't do much trad-" ing.

There were times when some stock wavered and fell off that small lelling orders went in. But in Bouvicr Co. and in several other brokerage houses Uxlay, there was no buying. The selling was merely a fraiitlc effort to save a total crash. There was one major outstanding effect today, however, of the market's collapse.

It was almost impossible to make a telephone call tn lilC llI.UULIHl UIJ1.111.V. All w.id iiay station phones, girls didn't answer lor three or' four or fivf minutes. Eiokerage lines were all busy, There were long delays in making calls and several times the company was so tied up that it had to hold up calls from the district." That was because thousands of (peculators wanted to get undercover. Ihry pretty nearly over- wurlmcd the telephone service. Ai Ar Mptolian 901 Mnn.

tngue Ihe air was filled as Usual wita (i.iar smoke, and every square inch of space was Jammed with speciAtors, but there was a subtle oi attitude in tne air. A small plump man of about C5. pushed back Rc.Ain.st the wall in the Jeokerane office and yanked the sleeve of his neighbor. What'll I do, mister? he said. "I ottii 11 shares of Radio outright I've get them rilit here.

Bought iii-m nt Di)." O.i the board Radio had Just been list, at the new low cf 23. "I had a with my wife last he continued. "She said not (n I do?" The man consulted had listened in'rntly. "You own tlie shares outri-rlit, did you set out of hcie atiU thte plr.ee. That stock will rune up am so.ue day, Mid the rrs too." Ore co arnctor pointed out 'n 11 r.inoklyn broke i.ie hou-e was to tiavo lost, n3l 0t'3 h) the last Even he did not on tha vvrc ef or staci.ln, and It was to be irve the yarn.

Vi imen P-. st Loners. Those who toe It their looses today A tn irost ap-nrrnt ron-ern weie At Hmriy McLellan ouo In the row, who he.s jci-ur-'-ed tt-e same ci utahle seat ninn'1)', chevod a pencil leivonsiy today and kept running cr hnnd w.t i a weird gesture hiou th bobbed hair, the ass s.i to be a heavy loser The most patheilc case was an Vd man of 7) ir to, who wss said 'o 1 tve rert'ed from a lifetime of oniy t-va months i 'o ood who i-'M't up $:,1.000 be-t-P' six ni't-ed-cd His for 'nre 1 as no fsd jjerce jtlbly and he cannot. It Is wid. make up his iittii "t- failure and i-ii, or A-ks Decision en Appeal! Before Election Lauds Eale Attack of Delay.

CounoMy Convicted Mor? Than Year Ago; No Decision on Appeal y.s.p 22, -Mauri. s. Oon.iOily indicted. rVpt. 25, 1P2H Placed on trial 17, and ecu in cr.e year in peni-y 1928 Released under 18.

1920 Five months ippeal reached on cuurt calendar; delay asked. April 1929 appeal 1-iief filed. iUy 23, 1929 Appeal argued and submitted to Appellate Division. Cxt. 29, 1929 One year and 1.

days since convieiion; live and six days after ar-sumi-iit before Appellate Division. Brooklyn Daiiy Eagle: nnt to congratulate you on the forceful way that you nre sing- the httention of the public he fact that there has been Just Jelay alter another regarding file of the former Boro of Queens. Maurice E. Connolly. I am sure that all good citizens only of this boro but all over 'lie State i.re aroused and indignant because of this delay.

There seem to 'ce no T-ason for it. I there will be a decision rise berore Election Day after. rimipt Action Needed. a case in which there is easin for prompt action. A was convicted of huge against the people who him.

It is difficult to secure convictions in the face of clever lawyers, the weakness of our laws and the frailties of juries. But tne public a great and just victory. I hope Ihe good efTcts of this triumph will not ue destroyed by delays. How disappointing it would he to the American public if there shcld be a delay of a year or more after the conviction oi Albert B. Fall before the higher court should act on an appeal in his case.

Jurists have stressed the importance of oromnt- ness in crime involving betrayal of the public bv ofiVials. When will the. Connolly ca.se be disposed of? G20ROF. TT. HARVEY.

President of the Oct. 23. Boro of Queens. WARDER'S CASE MAY DE SENT TO JURY TOMORROW Continued frir.i Fage 1. disciplinary measures recommended by the examiner.

Instead, the juiy heard from the of move than in "pher.y" paper and hi fictitious trroi-rn cied called to War der's attention, and ignoied by the lauch wis on the stand all forenoon, and the case strayed far from 1h- indictment on which Warder is bemx that he rcelved frcm the late F. M. Ferrari, City Trust liad. for holding up the examination L'f the tottering bank, as required by law, in September, 1023. Second Motion for Mistrial.

A second motion for "a mir-trial dur'" the forenoen was made by Ciifl when Justice Tompkins relinked him for "not knowing better" than to object to Pleura's cross- turning up to the Jury the failures of the Warden rn; me to hcert tne rtanser signals Tri-st reports It was prou.p'.ly E.amiiier Rauch Called. Rauch, the examiner in charge ol the City Tru.st last November, vas lecalled to the jy trie as tociaye s'-shun i I CuJ covered ti v.itr.ess with a b-i-ri!" of 'jiK stions on the tnotil- the examination ar.ci his i (ieici.ce's aim was an to more t.t nlacc the the SfU-OiiuW bank oliapsc iK'h's im shoulder, desp te viiip sizzlli.B report vH'dei t.nltd 'o act upon, 'AT to the 1923 rx.iml--the cne vVateVr is charged oiT from September to Novem.r lor a 10.0o,i bnb i'uu Hke1: you are responsible for examination?" "I eordiieted It "And; ljie.td, is not the ri ity ol il.e up your rt nurt Tiiiipk.i..-, teat the wtttifs to tl.o m.swpr ourt Points Ont ru(v. "It irrfiiiily is," t'oc Court. "The is r- for th.e cenduet of his fitxivdinriVs it rl f.e;! Hie rmne briek. 'r.

it i r. 'he In -a bhi.l-ed. tin e1 and wh s-i" to jf Cuff's -He i a bit par.ieky 1 PERSONAL ''i NS.kN Avur.1 Vn' -Jlr? I'm .1 i r. nr rtt I i e.i. 'If n'- II I.

I if In w'tn Clt hd i i I I as about half of the jury box turned its eyes on him. Rauch went on to cite an apparent surplus of $856,303 and a reserve of $543 after the November examination. Pecora Asks About Notes. The prosecutor made up for Cuff's omissions in bruiting up the methods of the mooted examination. He first turned up that Rauch had reported that some 50 percent of the bank's notes, amounting to several hundred thousand dollars, were doubtful psper.

"How did you classify these in your report?" Fecora asked. "As danger signals." Pecora relentlessly led the witness to pronounce phony some $300,000 listed a "due from foreign banks." Here Cuff's uneasiness at the Slate's "taking over'" hi3 witness began to assert itself. He jumped up. Cnff Overruled. "I ask your honor to instruct the jury that the defendant is not on trial for failure to discharge the duties of his office," he moved.

"Overruled," responded the Court. Warder didn't brighten up a bit at his counsel' show of fright. The Warder methods of supervising bank examinations began to appear even more nebulous as Pecora drew admissions from the witness that six-figure notes and transactions of the looked bank weren't even scrutinized. The witness, Pecora brought out, did not have his suspicions aroused by the Ferrari bank's purchase 'of the building for the Harlem branch a deal which, it was brought out at the inquiry, enabled the banker to clean up $250,000. One of the remaining ten Indict ments against Warder alleses he lecelved $25,000 from the late Chev- alier for approving the sale of the building to the bank for $350,000 Ferrari, records show, bought the buildiiiy through one his real esta'te enterprises for $100,000, and turned around and sold it to the bank for the fancy $350,000 figure.

Examiner Made Note of Deal. "Did you make any reference to this Pecora asked. "I said it wasn't good banking practice to have C5 percent of cap ital invested In a building." "Did you look into the ssle?" Pecora went on. "No. The directors and the Superintendent of Banks had ap-proced it." The 1J27 examinuticn, Rauch testified to Peecra's questioning, revealed nearly $310,000 in slow and doubtful paiMT in the bank.

"Wat: it reported to the superintendent?" he asked. "It. was." "Dvi you report to the miperin- tenant tha tn7 bkT showed need lor immediate crrec- live measures?" "Exr.jtiy that." Tells of Phoney Notes. "Now, in your 1928 examination, did you fmci these conditions you had called attention to in 1927 ag-EtUavnted?" "I did." They were "aggravated," the witness exp'alncd, to the extent of increase of some $400,000 in phoney rotes brlngir? this total to W0, ard the famous fictitious "due from toiomn bunks" entry' of 003 GRUNDY ASSAILS TARIFF MEDDLING OF "POOR" STATES Continued From Page Fta'es which should have little or to say aoout tne twin, Cinir dy's regret trat each State ha lo Senators if, taaed on the that the larger, richer Slater, i-hdild dominate economic leel.wa- lion 'in the best interests of the country "Old Joe" said it was a UagiC mls- fortune, bttt ho didn't sutrgest I vi-ion of American system of I govrrnn.t nt I "if the senators from Montani I were re. ponslve to sentiment in pi lmsvlvnnitt 3 si'pvcse it woni-J be ail rr ht.

Sena'ov -I'Ai. their li.ull Ls they don't sup-I norl the iiest Interests of the reun-I try." renllid Urunrlv. "Their sense I i.f projxu tion tell thun when to kee-i quiet Orutidy d' scribed In why Idaho and Arkansas are "backward States." Walsh brought out that Grundy's statement that Pennsylvania supported these "backward States" wa ci.oi.eous. He showed. for exe.mple, that Federal taxation pays only 7 percent of the cost of good roads, while the States pay 83 percent.

"A backward" State, according to Grundy, is one which is not industrialized and which contributes little In propotrion to the United States Treasury in the form of taxes. "The wet nurse of the Republican party," as Senator Blaine of Wisconsin called him, promised to prepare a list of "preferred and common Senators," to be known, at Senator Caraway's suggestion, as "Grundy's List." For the first time Senator Borah took an active part in the interrogation. In the statement which he put into the record lat week Onindy attacked Senator Borah vigorous terms and referred in contemptuous language to the inferior size, resources and tax contributions of Idaho. Borah today was out to get back at Grundy. Questioned on Schedules.

Questioned as to his tariff activities, Grundy said he was especially interested in the schedules on wool (his own business), metals including pig iron, carpets, lace, upholstery "in fact innumerable schedules." Borah demanded Grundy should place In 'the record a complete list of schedules in which he had been "interested," which he promised to do. At one point Senator Borah referred to "ex-Senator Vare" of "I wouldn't go that far yet," replied Grundy. "I prefer to call him 'Senator-Elect Works Through Organizations. "Has the Pennsylvania Manufac turers Association spent money on this tariff?" asv-ed Senator Walsh. "No, we confine ourselves to the State, and work through national organisations here in Washington replied Grundy.

Senator Walsh brought out the activities of the Pennsylvania Mamlfacturers Assoclatloll Rt te sessions of the State Legislature at Harrisburg. Grundy admitted that the funds of the association were sometimes used to elect Democrats as wjII as Republicans, "if their line of thought goes along with ours." "In other words, if you can't beat a Democrat, you take him into camp," said Senator Caraway of Arkansas. Urutidy, under examination of Senator Walsh, explained that the Stales which "are most vocal and T'n" S'L iwr It is an ur.tortiinRte provision in the Constitution which elves each State two Senators." Grundv went on. "These smaller States wouldn't be heard, if it came to resources, wealth and tax contributions. Hits Western States.

"These men," said Grundy, referring to Western Senators, "whose States mean so little in tie national economy, should not be permitted to destroy the great reservoirs ot taxation which the larger States build up. It is a tragedy. This ourtht to be pointed out to the American people. Junior Red Cross work for those backward States is all right, but wnen these smaller States raise their voice In these great matters of legislation, there is something wrong somewhere. "These States could have a vote, but should not be allowed to throw a monkey wrench Into the machinery 24 hours a day.

"They should talk darn small," concluded Grundy. "Do you think that Idaho should have as much to say Pennsylvania?" arked Senator Wslth. "Honestly, no!" replied Grundy. Amplifies List. Pressed to give list of States whose Benatoia should "talk darn small." Grundy ramed Arkansas Georgia, Mississippi and the two Dnkotos.

He promUd to amplify the list The rich States, Grundy said, shouid receive greater consideration In such matter as the tariff. On an Important matter like the tariff," iiald Grundy, "tr States which pay and support the Govern ment should Robrv-t A. Inch on July 2. 1928. hrn she pleaded guilty to a con piracy Indlrtiv.t nt In Uu1 drug ease.

Anient Bones, alias 'Robes," a boarder" in her apartment, bar- lusv i IV. ASSOC tATVO t4WOCe.VOJD KAKE.R. and stock market speculator, came word that his old neighbors have losn between 61,250,000 and $3,000,000 as a result of the drop in so-called Cutten securities in the New York market. Reports were that Cutien had told his friends to hang on if they could as the stocks which have figutcd in the decline would recover Investors in the market w-ho were at sea on the Leviathan when the bottom dropped out of the market last wrck, got prices faster than investors in New York end apparently tha same thing held good in yts-tcrday's crash. Only 120 stocks ari quoted on the Leviathan, and these Were quoted never more than -live minutes behind the Tht ticker-tape in New Ydrk, however, wits hours behind.

well after 6 o'clock Monday evening. This group included Charles E. Mitchell, chairman of the National City Bank; Albert II. Wiggin, chairman of the Chase National Bank; William C. Potter, president of the Guaranty Trust Company: Seward Prosscr, chairman of the Bankers Trust Company; George F.

Baker Jr. of the First National Bank of New York and Thomas W. Lamont of the houte of Morgan. GIANNINI STOCK DROPS 32 POINTS III COAST OPENING San Francisco, Oct. 29 Trans-America Corporation stock broke 32 points on the opening sale of 17,500 shares at a.m.

today alter trading In the shares had' suspended on the San Francisco Exchange 50 minutes to allow book- 1. 1. 1 S'r Trans-America In 10 minutes hsd climbed to 45 as support came into the market, and 8.800 shares Thanked hands. The supiort wis attributed to an appeal bv A. P.

Gienninl to his friends and to l.ls stckholders to buy the stock on Its investment character, he said, was the stock market cataclysm. In 20 minutes 10.O00 snares crossed the board, the price rl--in to 47, making up more than half of its loss. Others Show Declines. Other stocks which tumbled precipitately were Cetrpillar, dovrn 9 to 52; tSandard Oil of California, down 9 to 56; Union Associates, down 4 to 42'4; Shr-il Union, down 2 to 23: Pacific Lighting, down 10 to 72: Pacile Gas, down 6 to 65; Parafflne, down 9V4 to 65: Mana-vox, down 1 point, or a 33 percent loss, to $2 a share; Bank of California, which "Jropped 35 points on a stoU turnover, to 315, and Byron Jackson, down 5 points, to 20'i. Takes Larger Drop Here.

Trans-America Corporation opened en the New York Curb Exchange at 520.23, a break of $13.30, and about below its opening wrice on the Snn Francisco Stock Exchnnce. The lnlt'al transaction was 25.000 sa'es. The market was unsettled at the opening that the specialist re-lised to tal.e orders in rhe stack until after the opemng In San Fiati-Cisco. The break In this Lsiue recalled the collapse of Eancitaly stook, prcvlouslv the nucleus of the Gtan-ninl holdings, more than year ao. THOUSANDS WATCH TICKERS IN BROKERS' OFFICES AND Ii0PE Continued From Pago 1.

Service at 85. I'm trying to flrttre out whether to hold on or seil I houeht it as an investment tn installments But if it drops fltiv lower, whAt can I This from a stout man who carried a hivy tin sample case as went ciuu the levilcr to teeming st. It's a silent crowd that jiazc moodllv at the big in i the brokere houses In It seems too much deprrJsf-1 e.r. I to a ray in the itiai I It Just looks and cloudy eves as the bovs mceliBnl-tl'y si sown prices end fl the Jiid iniiKnl'led ticket keeps I x'opg its way No excitement, no shoutins. no n.hlilri'T aBO'it.

Very little Very fe drrs to sell or buv. li st 50 or ISO tersons pi -ked In each cuMuiners'. renin watching end altln anci In the Sto Frchan-e j- ir'f thrro is ten-ion, too. But with the market leap'ng and cavorting as It there much time to realize it The traders on the Poor have too much else to do, es selling ori'i-rs flock In, to drive records out ef s'l rraooti. The prirM are and Ihe roar of the trad.n; keip-time.

It l.ti't ouh't. thee, of course. It never Is. There is merit rushing sbout, much Bui it a'l there is that In-" ciecirlo fcell'n something miy happen at eny moment. A broker-Be house over on the Curb Is and word comes to tlie Ex- I The Juggernaut of speculation was riding high.

The Frankenstein of High Finance had turned on its builders. Favorable developments in the credit situation were entirely overlooked as speculators, fear ridden and forced to sell, dumped their holdings. Investment issues like New York Central and Southern Pacific crashed as badly as the most volatile issues. There was llttte attempt to hold anything. Announcement that the Curb brokerage house of J.

3. Bell ft Co. had fai'ed and had been suspended from the Curb, added to the uncertainty and hysteria. This was the first failure. Reassuring Statement.

A reassuring statement tame from the office of J. P. Morgan to effect that leading banks had agreed to demand only 25 percent margin on stocks. This was regarded as a constructive step as it prevented some brokers from dumping over stocks ot distressed traders. Reports from Washington indicated that officials there expected that there would be a decrease in the discount rate of the New York Reserve Bank to 5 percent from the present 6 percent with later a rate of 4 percent.

While the market was slipping in spots during the noon hour the Federal Reserve Board in Washington was in session. Governor Harrison of the New York Reserve Bark was not present, but the board was in communication with officials here. A reduction in the discount rate was exnected to come from the meet'ng, although it probably would not be announced until after the close. Further declines in the rates on bankers' acceptances were announced and time money rates were easy. There wa3 an abiindant sup-pioy of money.

At noon the ticker tape was 43 minutes late and the volume of trading had reeched 8,378,000 shares by 12 o'clock, the largest trading on record. Buying on Rig Scale. Brokers who act for the Important banking groups reported that they were buving stocks on a big scale for the bankers. But their buying did not seem to have much effect. "The market has gotten beyond them," the brokers staled.

"They will keep on having to stem the tide, but they have to do a lot more," they ventured. During the day announcement was made that the American Founders' group of Investment trusts was actively buying stocks. This is one of Ihe largest groups, with resources of tiundreds of millions. The Calvin trns.s were also reported to be buyinj tock: others', about which no aa nouncement was made, were be lleved to be doing the seme thing. lilt a niv; biiimuii.

vvi.u. tlon at the opening mav be gleaned from tne lIwt tne flrit hour 3.2"9,0C0 shares were dumped overboard. Some ol the ooenirtg sales are: Twentv housnnd Montgomery Ward at 52. 25,000 Union Carbide at 70'i, 45.000 Consolidated Gas at 95. 50,000 Cl.rvsler at 33 35,000 Chrys ler at 10.000 U.

S. Steel at 183 10.0P0 Canadian Parifle at 300, 30.000 Radio at 30, 10,000 Foreign Power at 68. 10,000 Katy at 38'4. The la-p-e blocks represented Punched selling orders from ail parts of the country. The buying came from the short Interest, Investment trusts and bankers Interested In cl erking the The price nt which the storks sold 'is result of dickering between the big buyets ami big sellers.

Curb Market Panicky. The Cuvh market ojieped In a panicky condition at huge blocks of stock were thrown on the market at price declines from 5 to 20 points under Monday's closing levels. American Superpower was the feature In point, of volume, opening at 17 down 7, on a block of 54.000 'hares. Ooldinan-Haclis open-in1? fansaction vta at 45'i. oil 14, on a volume nf 21.000 shares.

AV'ed down 12 points, on an initial of shares. Itittial transaction E'ectnc Bond and Share wss at 51. off 31 oolntfc from Monday's cloce, rn a b'ork ni Sn.otio shires At this price it is off 13!) points from Its tilth of the year, recorded about two months at o. Ti manner In the hi 'host "rade stocks reacted Indented that It not the small fry trader who was beln hurt, but the larger mil-'lotiairn trader Brokfrs' Offices Jammed. Brokers' office were Jammed by hundreds of persons at the opening.

Many were merely curious, havlnt sold out loni a to, while others still had a stake in the Solemn und tense faces prevailed, with little di.st'cM'I'in for convention. There was an absence of the hysteria which characterized last week's crash. At the Brooklyn offices of Boody, 6i 201 Montague I with ambulance chasers both ltiPoer tmd l.iTht started at 31 Alien Shakedown Prisoner Revealed as Drug Leader Manhaltan and Brooklyn, and did business with Tony Sagona, known ps the king of the ambulance chasers. The suspension was voted by Justices LaiauBky, rich, Kap-per and Bcudder. Justice Hagarty voted ft disbarment, in accordance with the report of the referee Doctor Brought Cased William V.

Burke who was admll- ted to the Bar 23 years giro, as suspended lor FrHnk Gra- ha. ii, John Cahlll and Dr. David Sherman to bring lilm negligence rn.vs. Tlie court poinied out thut I one tlreo se-re'a'-y tn the lute Wil- plain J. Oaynor when the latter 'was a Justice of the Supreme Court Mae 3fi.

of HI Prospect t-cutnc't, held yesterday with t-vii in ball of $5,000 each ijy Coiiimii.iioner Fay on ehan-'cs of down" aliens ll'e Uv liere, v.ts di rloeil today by Fcl' tal Attorney Wllllom 1' Co in as the buxom and c.melv M'irliin iVleClclltind, wh-j Irurn 1W4 in pi'i ii ir.ml e.rc'er b'-. ss Iro.u 170 Pio.s'K-ft mthv i rt. Ma'mn SiidIIiio, Mi'. as I Irs. McClelland.

relved tue-var suspr-tiued sen'enie which la efltLt from Fedeial with the Gov irnment for the i Di. Sherman brotudit in enres sentence for M.iilon. He mainly In the interest of medical ii' aded guilty to Nilnj the "brains" lees. the rliif and Is now ervlug 10 1 James P. Kohlrr has rx'en a mem-ye Sirs In the Federal Penitentiary nt her of tee Bsr for almost TO years itlDiita.

Oh. More than 100 persons It was hrought nut at the hearing 'ere orres'ed throughout the United I that Kohlor had obtained several In tint c.i'. I through a re'ntlve who wa Va'ton's present I rmn'iv'rd in his o'ricf. v-as at "re Ionilnlck "ana 27, of 'trnrv and Edward Cnlclrlno of 127 6th st. Both have police records,.