8 The Stock Market Crash—And After 
logue of accounts cleaned out, with thousands of 
individuals who had lost their entire speculative 
capital. 
A Rich Man's and Poor Man's Panic 
This was not simply a poor man's panic. Prob- 
ably it began by the “big fellows” trying to get out 
from under, followed by short sales in large blocks 
by “bears.” Only after the first sharp break were 
the “little fellows” ruthlessly sold out, when they 
were unable to meet new demands for increased 
margins. 
That rich men were involved in the heavy liquida- 
tion was shown by the recessions of bank stocks, 
largely held by the wealthy. Although small bank- 
stock dealers found themselves “long” of bank shares 
at high prices, because of their price and the limited 
extent to which they might be bought on margin, 
bank stocks are in great measure bought by rich 
traders. But these issues became, at the later stages 
of the panic, bargains in the counter market, sold 
and bought through dealers in unlisted securities. 
Being unlisted, they were especially subject to abnor- 
mal fluctuations. First National fell off on October 
28th by $500 on the bid price, Bank of the Manhattan 
Company by $150, and there were great losses in 
such issues as Bank of America, Bank of United 
States, Chase National, Chatham-Phenix, National 
City, and Fifth Avenue—all standard bank securi- 
ties. Trust Company and insurance shares lost 
ground with the bank issues.