All Monday, Wall Street was flooded with rumors that a house would fail. Tuesday morning stories of pending insolvencies were thicker, more persistent. At 1:30 President Richard Whitney mounted the rostrum of the Exchange. Trading was supplanted by a tense silence. Then an excited roar greeted the announcement that J. A. Sisto & Co. Inc. were unable to meet their engagements. Selling pressure increased. By the close of the market 34% of the common stocks listed were at least 20% below their old 1929 bottoms, while 59%...
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