Stock market crash begins, Oct. 24, 1929
A U.S. stock market crash this week in 1929 marked the onslaught of The Great Depression, a worldwide economic downturn that would last more than a decade and lead to a peak U.S. unemployment rate of 25 percent. The market lost 11 percent of its value on Thursday, Oct. 24, rallied briefly on Oct. 25, then dropped an additional 13 percent and 12 percent, respectively, the following Monday and Tuesday.
An Oct. 27, 1929 article in The Ogden Standard- Examiner of Ogden, Utah, indicated that some investors were still hoping to profit amidst catastrophe.
“The cagey old-timers of the stock market made some money out of this big weekend crash in the stock exchange,” noted special correspondent Lemuel Parton. “Virtually everybody else lost. It was the calm and cold strategist waiting patiently for the plums to fall into his lap who gathered whatever pickings there were in this unprecedented slump.”
Read more about the crash of 1929
A prematurely optimistic article in the Nov. 25, 1929, issue of the Joplin News-Herald of Joplin, Mo., pointed to evidence of underlying strength in the U.S. economy. Crash Proves Nation’s Prosperity
In a Dec. 3, 1929, editorial column in the Morning Avalanche of Lubbock, Texas, the Chairman of the Senate Banking Committee predicted the crash would not lead to hard times, as previous financial panics had. Firing Line at Nation’s Capital