14 The Stock Market Crash—And After 
first two hours’ trading on the 12th witnessed a turn- 
over of 4,200,000 shares, and of 6,452,770 shares 
in the three-hour market. On the following day, 
November 13th, a renewed break in stocks under the 
push of heavy trading occasioned the following com- 
ment by the financial editor of the New York Times: 
“Yesterday's stock market calls for comment of a 
different kind than was required on other recent days. 
It pointed urgently to the exercise of financial com- 
mon sense. The market’s character and the further 
heavy break in prices (on transactions nearly twice 
as large as Monday's) strongly suggested other sell- 
ing than necessary liquidation [that is, ‘short’ sell- 
ing]. If the stocks which were pressed at a sacrifice 
on yesterday's unreceptive market had actually all 
represented ‘distress holdings’ taken over by strong 
banks and individuals two weeks ago, then the man. 
ner of marketing them yesterday would have been 
most injudicious. It is a cardinal maxim of such 
emergency relief that liquidation of shares thus taken 
over should be cautious that it should be pursued in 
close conformity with the state of the market; that 
the stocks should never be thrown over hastily in 
face of crumbling prices. A prudent holder, under 
such conditions as yesterday, would not think of forc- 
ng them to a sale * 
Plateau of Stock Prices Maintained 
This comment might have referred to the con- 
viction of a major bear raid in process. It is sig-