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 proposed
 September 19th by the National City Directors
 and accepted by the Corn Exchange shareholders.
 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 overborne
 by the dead weight of realizing sales—manifestly
 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