"MOST DISASTROUS MARKET CRASH IN U.S. HISTORY"

U.S. STOCK MARKET CRASHES

New York City (JFK+50) On Tuesday, October 29, 1929, more than 16 million shares were traded on the New York Stock Exchange* "wiping out thousands of investors."  It would become known as "Black Tuesday."**

The day signaled the end of the rapid expansion of the stock market over the decade of the 1920s and the beginning of the Great Depression of the 1930s.

The crash was accompanied by declining production and high unemployment.  By 1932, stocks were worth 20% of their pre-crash value.  

One year later, half of the banks in the United States had failed and unemployment skyrocketed to more than 25% of the work force. 

 

*NYSE, aka "The Big Board," is located at 11 Wall Street in the Financial District of lower Manhattan.  It is the world's largest stock exchange.

**According to Corporate Finance Institute, the U.S. stock market did not fully recover from the effects of Black Tuesday until the late 1950s.  Oct 29 1929 is the most disastrous market crash in U.S. History.

 

SOURCES

"Stock Market Crashes on Black Tuesday," HISTORY, This Day in History, October 29, www.history.com/

"What is Black Tuesday?" Black Tuesday, The Stock Market Crash of October 29, 1929, www.corporatefinancialinstitute.com/

 

Crowd Outside NYSE 

New York City

October 29 1929

SSA Poster/US Government

WALL STREET LAYS AN EGG

Black Tuesday
October 29, 1929

         Outside NYSE on Black Tuesday


WALL STREET LAYS AN EGG


New York City (JFK+50) It's official.  The New York Stock Exchange has crashed.


More than 16 million shares of stock were sold off today representing the worst stock market crash in United States history.


Combined with yesterday's losses, the NYSE has lost a total of $30,000,000,000 in just 2 days.


The crash today follows a decade of wild speculation by hundred of thousands of Americans in stocks.  


Moreover, a large percentage of the sale of these stocks was "on margin" or bought with a small down payment.  The remaining balance then would be paid over time with interest.


*The Crash of 1929 was followed by a 12 year "Great Depression" which did not end until after FDR's New Deal programs & mobilization for WWII.


October 29, 1901


McKINLEY'S ASSASSIN ELECTROCUTED


Auburn Prison, New York (JFK+50) Leon Czolgosz, the assassin of President William McKinley, was executed today at Auburn Prison in New York.


Czolgosz, who shot McKinley in Buffalo on September 6, was an immigrant from Poland & grew up in Detroit.

                        Leon Czolgosz


President McKinley died from complications of bullet wounds 8 days later.


At his trial, Czolgosz refused to speak to his own lawyers.


He was convicted on September 24. 


Although Czolgosz refused to make a statement in court, his last words before execution today were that he thought McKinley to be an "enemy of the working people."


Czolgosz was buried on the prison grounds.


October 29, 1618


SIR WALTER RALEIGH BEHEADED IN LONDON


London, England (JFK+50) Adventurer & colonizer of the New World, Sir Walter Raleigh, was beheaded here in London today.


The execution came as a result of a sentence brought against Raleigh 15 years ago for conspiring against King James I.


His death sentence, however, was commuted & Raleigh was freed to lead an expedition to the New World.


When the expedition failed & he returned to England, Raleigh's sentence was reinstated.

          Execution of Sir Walter Raleigh


October 29, 1962


INDIA SET TO USE US WEAPONS ON CHINA


New Delhi, India (JFK+50) The government of India today, involved in a war with Red China, asked the United States to supply them with ammunition & weapons.


The United States has agreed with the request.


India has also asked for help from Canada, France & Great Britain.

                      Nehru & Gandhi (1946)


October 29, 1956


ISRAELI FORCES INVADE EGYPT

The forces of Israel invaded Egypt today.


The invasion follows the nationalization of the Suez Canal by Egyptian president Abdel Nasser.


Early reports indicate the Israeli attack has stalled.


The United Nations passed a resolution calling for a cease fire.*


*Israeli forces were joined by British & French forces.  President Eisenhower pressed the government of Israel to withdraw which they did late in 1956.

       Moshe Dayan, Chief of Staff
       Avraham Yoffe, Commander
                   Sharm el Sheikh