7 DAYS BEFORE THE CRASH “Stocks Slump Again, but Rally at Close on Strong Support,”
The New York Times, Oct. 22, 1929

Amid scenes of wild confusion and drastically lower prices, the stock market continued yesterday to pay the piper for its long dance of advancing and inflated prices. . . . Trading was so confused, the market was so big and broad, and the [ticker] tape so late, that most traders in stocks had no idea where they stood at any particular time. At any rate, in those stocks which reflected vulnerability, the losses of open market value ran into the hundreds of millions of dollars.

Five major factors are considered mainly responsible for the market’s wide break, which now has lasted through three days of trade and has cut billions off open market values. These are:

The readjustment of prices to a lower level more commensurate [equal] with earnings and immediate prospects.
Unanswered margin calls [buyers must come up with cash to pay back loans immediately] by thousands of small traders whose stocks were sold at the market.
The catching of a multitude of stop-loss orders also added to the confusion.
Foreign liquidation [selling] on a large scale, especially in the railroad stocks, as foreigners had to protect their interests at home.
Impressive hammering at the market by bearish traders [investors taking advantage of the falling “bear” market], with especially skillful short selling by many wealthy individuals.
The development of a wave of apprehension [fear] among stockholders, many of whom still had profits.

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