Stock Market Crash of the 1929
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Letter

Dear Mom,

 

Hi Mom. I know it’s been a while since I last talked to you, but I have a valid and depressing reason. I guess it’s more of an excuse. Anyways, its getting so bad over here in New York. People who used to be able to afford almost anything are homeless; people are packing up and leaving to go to other states. No one can afford food, or shelter, it’s saddening. My husband, Mike, I don’t think you’ve met him before, but he has to go out and stand in bread lines just so we have something to eat that day. Sometimes when he’s out there, he stands for 3 to 4 hours at a time, in the freezing cold and sometimes in the blazing heat. I don’t know what happened over here, but its not good. There are no jobs for anyone, not even Mike. We cant pay our bills and the kids need new clothes and shoes. The money we had in the banks just disappeared. Well, it didn’t really disappear, people just took it out before we got to, and basically we have nothing. I cant take this anymore mom. I swear if things are like this next year, I'm moving back home with you, if that’s okay with you. I don’t want to impose. I have been looking for a job for about 6 months now, ever since the depression started. No on, and I mean no one wants to hire a married women wit 4 children. Its really prejudice. Anyways, how’s dad? I heard through the grapevine that he had some kind of terminal illness. I hope its not true. Please mom, tell me it isn’t true.

 

 

 

 

I cant get 800 words.. 

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New York Herald Tribune, March 28, 1929 (Primary Doc. 3)

 

 

The stock market strode out from under the shadow of a panic in call money that so lately threatened, revived in all its old strength yesterday. Assured that the New York banks were ready with their boundless resources to prevent a money crisis, the public and the professional trader set out to repair the damage done to prices on Monday and the major part of Tuesday.

Stocks in the aggregate, though bucking a 15 per cent rate for loans, enjoyed the greatest advance they have known in a single day in the last two years. Not even the surging bull markets of the memorable year 1928 saw such a day of heavy buying.

— New York Herald Tribune, March 28, 1929

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New York Times (October 25,1929) (Primary Doc. 1)

This is a Document about the stock market crash in 1929. It states that basically a lot of people lost a lot of their money. People were buying high and selling too low. People were scared that everything they had was going to be gone. 

 

 

 

 

 

 

 

The most disastrous decline in the biggest and broadest stock market of history rocked the financial district yesterday. In the very midst of the collapse five of the country's most influential bankers hurried to the office of J. P. Morgan & Co., and after a brief conference gave out word that they believe the foundations of the market to be sound, that the market smash has been caused by technical rather than fundamental considerations, and that many sound stocks are selling too low.

Suddenly the market turned about on buying orders thrown into the pivotal issues, and before the final quotations were tapped out, four hours and eight minutes after the 3 o'clock bell, most stocks had regained a measurable part of their losses.

The break was one of the widest in the market's history, although the losses at the close were not particularly large, many having been recouped by the afternoon rally.

It carried down with it speculators, big and little, in every part of the country, wiping out thousands of accounts. It is probable that if the stockholders of the country's foremost corporations had not been calmed by the attitude of leading bankers and the subsequent rally, the business of the country would have been seriously affected. Doubtless business will feel the effects of the drastic stock shake-out, and this is expected to hit the luxuries most severely.

The total losses cannot be accurately calculated, because of the large number of markets and the thousands of securities not listed on any exchange. However, they were staggering, running into billions of dollars. Fear struck the big speculators and little ones, big investors and little ones. Thousands of them threw their holdings into the whirling Stock Exchange pit for what they would bring. Losses were tremendous and thousands of prosperous brokerage and bank accounts, sound and healthy a week ago were completely wrecked in the strange debacle, due to a combination of circumstances, but accelerated into a crash by fear.

Under these circumstances of late tickers and spreads of 10, 20, and at times 30 points between the tape prices and those on the floor of the Exchange, the entire financial district was thrown into hopeless confusion and excitement. Wild-eyed speculators crowded the brokerage offices, awed by the disaster which had overtaken many of them. They followed the market literally "in the dark," getting but meager reports via the financial news tickers which printed the Exchange floor prices at ten-minute intervals.

Rumors, most of them wild and false, spread throughout the Wall Street district and thence throughout the country. One of the reports was that eleven speculators had committed suicide. A peaceful workman atop a Wall Street building looked down and saw a big crowd watching him, for the rumor had spread that he was going to jump off. Reports that the Chicago and Buffalo Exchanges had closed spread throughout the district, as did rumors that the New York Stock Exchange and the New York Curb Exchange were going to suspend trading. These rumors and reports were all found, on investigation, to be untrue.

 
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A 1929 stock market crash comparison to today's stock market chart

A 1929 stock market crash comparison to today's stock market chart | Stock Market Crash of the 1929 | Scoop.it
In the previous article a comparison was made on two previous economic periods in which the stock market crashed and then rallied back in a big way just like it

 

The trading chart says that the market is almost basically the same as it was in 1929. 

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Stock Market Crash of 1929

Stock Market Crash of 1929 | Stock Market Crash of the 1929 | Scoop.it
This article discusses the stock market crash of 1929, including Black Thursday, Black Monday, as well as some of the events leading up to the crash.
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Definitions for Stock Market Crash

Definitions-

 

Stock Market: a stock exchange

 

Banks: A financial establishment that invests money deposited by customers, pays it out when required, and makes loans at interest.

 

Credit: The ability to obtain goods or services before payment, based on the trust that payment will be made in the future: "unlimited credit".

 

Great Depression: the economic crisis beginning with the stock market crash in 1929 and continuing through the 1930s.

 

Okies: Okie is a term, dating from as early as 1907, originally denoting a resident or native of Oklahoma.

 

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FDR: Nickname of President Franklin Delano Roosevelt

 

Stock: The goods or merchandise kept on the premises of a business or warehouse and available for sale or distribution.

 

New Deal: The economic measures introduced by President Franklin D. Roosevelt in 1933 to counteract the effects of the Great Depression.

 

Depression Relief: helping in the depression

 

10. Bonus Army: The self-named Bonus Expeditionary Force was an assemblage of some 43,000 marchers—17,000 World War I veterans,

 

 

 

 

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John J. Raskob, Everybody Ought to be Rich (June, 1929) (Primary Doc. 2

(3) John J. Raskob, Everybody Ought to be Rich (June, 1929)

If a man saves $15 a week, and invests in good common stocks, and allows the dividends and rights to accumulate, at the end of twenty years he will have at least $80,000 and an income from investments of around $400 a month. He will be rich. And because income can do that, I am firm in my belief that anyone not only can be rich, but ought to be rich.

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Deflation: 1929 vs. Today

Deflation: 1929 vs. Today | Stock Market Crash of the 1929 | Scoop.it
The Great Depression years 1929-33 featured a large and prolonged deflation. January 2009 reversed a deflation pattern for 2008 that was ominously similar to 1929's, an economist writes.
Makiyah Loren's insight:

In 2008 there was a deflation pattern similar to 1929's. And just like in 1929, consumer prices became increasingly high. 

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The Stock Market Crash of 1929 | Stock Market Crash!

The Stock Market Crash of 1929 | Stock Market Crash! | Stock Market Crash of the 1929 | Scoop.it
Learn about America's Stock Market Crash of 1929 and how it led to the Great Depression.
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Breaking News, Analysis, Politics, Blogs, News Photos, Video, Tech Reviews - TIME.com

Breaking News, Analysis, Politics, Blogs, News Photos, Video, Tech Reviews - TIME.com | Stock Market Crash of the 1929 | Scoop.it
Oct. 29 marks the anniversary of Black Tuesday: the biggest market panic in U.S. history
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