14 The Stock Market Crash—And After
first two hours’ trading on the 12th witnessed a turnover
 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 comment
 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 common
 sense. The market’s character and the further
heavy break in prices (on transactions nearly twice
as large as Monday's) strongly suggested other selling
 than necessary liquidation [that is, ‘short’ selling].
 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 forcng
 them to a sale *

Plateau of Stock Prices Maintained
This comment might have referred to the conviction
 of a major bear raid in process. It is sig-