The Stock Marke: Crash 13 
with the tape seventy-two minutes behind the floor. 
The banks gave support which helped the rally, while 
blocks of from five thousand to seventy-five thousand 
shares were thrown into the market. 
It was on November 7th, that the National City 
Bank Shareholders’ meeting rejected the terms of 
the merger with the Corn Exchange Bank as pro- 
posed September 19th by the National City Direc- 
tors and accepted by the Corn Exchange share- 
holders. By this proposed merger the creation of 
the largest bank in the world had been announced. 
The proposal had agreed on cash purchase by the 
National City Bank at 360 of Corn Exchange shares 
that had not been exchanged for National City stock. 
The prices of Corn Exchange stock had fallen to 
160 at the beginning of November. 
But stocks broke again in a new rush to sell on 
November 11th, with United States Steel at the 
year’s low in an 1134 point drop to 1594 that was 
succeeded by further declines on two successive days 
and recorded losses of from one to twenty-five points 
in other active issues. In the burst of liquidation 
during the final hour of trading the market was over- 
borne by the dead weight of realizing sales—mani- 
festly representing “distress” selling carried over 
from the October crisis. Still, call money and rates 
on collateral time loans remained at 6 per cent, the 
time-money rate being at its lowest since August, 
1928. But leading stocks offered when there were 
no buyers again encountered ‘‘air pockets.” The