29 October 2015

On This Day: Stock Markets plummets

The stock market crashed On This Day in 1929 sending the United States and the world into a Great Depression. Over 16 million shares were traded on that day, now known as Black Tuesday. 

“Stocks Again Take Nose Dive” screamed across the front page of The Hutchinson News, out of Kansas, On This Day in 1929. Associated Press financial editor Stanley W. Prenosil wrote “The flood of selling, which has wiped out at least 25 billons of dollars …” That was on a Tuesday. 

Wednesday, the Oakland Tribune, out of Oakland, California, reported that the New York Stock Exchange (NYSE) would be closed Friday and Saturday. Thursday would be a short session. The San Francisco Stocks and Curb exchanges would operate on regular hours Thursday but would be closed Friday and Saturday as well. 

Sources
Oakland Tribune, 30 October 1929. Oakland, California. 

Stock market crashes. 29 October 1929. History.com.  

The Hutchinson News, 29 October 1929. Hutchinson, Kansas 

 
On This Day is a prompt to further explore historical events.
                

© Jeanne Ruczhak-Eckman, 2015
Locations listed are located in Pennsylvania (USA), unless otherwise noted in post.