Panic selling ensued from "summary" of The Great Crash 1929 by John Kenneth Galbraith
The great break came very suddenly and with dramatic force. The market had been declining for a week or more, and then came a moment when it could no longer be denied that the decline had assumed the shape of a panic. Panic selling ensued. The stocks that had been most inflated in the previous upward movement, and hence most vulnerable, suffered most. These had been the glamour stocks, the issues with exciting possibilities — the radio shares, the lighter-than-air stocks, the famous Shenandoah and the equally famous Akron, the investment trusts with their extraordinary leverage. The selling was savage, but the buying was almost as savage. The popular bargains were no longer bargains. They were simply to be had almost for the taking. And no one could tell when the bottom would be reached. It might be that they would go still lower the next day, and they did. It might be that the speculator who bought today at 50 would find the same stock selling at 40 or even 30 the next day. Indeed he would. The margin trader was caught. He had to put up more money or sell. He sold. And wh...
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