Watch The Crash of 1929 | American Experience | Official Site Newsreel Announcer (archival): The tremendous crowds which you see gathered outside the stock exchange are due to the greatest crash in the history of the New York Stock Exchange in market prices. Narrator: December 31st, New Year’s Eve. The crash and its terrible consequences were still in the future. John Kenneth Galbraith, Economist: The United States is afflicted with new eras. Craig Mitchell, Son of Charles E. Rita Mitchell Cushman, Daughter of Charles E. Craig Mitchell, Son of Charles E. Rita Mitchell Cushman, Daughter of Charles E. Craig Mitchell, Son of Charles E. Rita Mitchell Cushman, Daughter of Charles E. That was the whole tenor of the day. Rita Mitchell Cushman, Daughter of Charles E. Narrator: This was the first time that many ordinary Americans had begun to invest in stocks. Michael Nesbitt, Grandson of Michael J. Narrator: Here was a whole new way to make a fortune. Rita Mitchell Cushman, Daughter of Charles E. Craig Mitchell, Son of Charles E. Manly P. Reuben L.
A Selected Wall Street Chronology | American Experience | Official Site 1653: Early History Dutch colonists construct a wooden stockade across lower Manhattan to protect the north side of their settlement against attacks by the British and Indians. By the turn of the 18th century, the British have taken over the colony and dismantled the barrier, turning it into a paved lane called Wall Street. September 21, 1776 A devastating fire, probably the work of colonial arsonists trying to disrupt the British occupation of the city during the American Revolution, destroys hundreds of structures in the vicinity of Wall Street. January 14, 1790 In his landmark Report on the Public Credit, the young nation’s first treasury secretary, Alexander Hamilton, proposes a method for the U.S. to handle federal and state debt by issuing government bonds, and establishes the principle of free trade for securities in the marketplace. 1793 The locus for securities transactions in New York moves to the Tontine Coffee House, across the street from the Merchants’ Coffee House.
Headlines | American Experience | Official Site The Crash of 1929 | Primary Source Stock market news moved from the financial pages to the front pages as the number of first-time investors grew in the 1920s. Throughout 1929 daily papers reported that the future looked bright for investors — even after the devastating market crash in October. Read newspaper excerpts from three New York papers: The World, The New York Herald Tribune, and The New York Times. Wave of Buying Sweeps Over Market as Stocks Swing UpwardRadio Flashes High; General Motors and Steels Soar By Laurence Stern The atmosphere of doubt and caution which Wall Street in recent weeks has come to regard almost as habitual on Thursdays was swept away yesterday in a rush of buying… Perhaps the market’s own strength weighed as heavily with speculative minds as the logic of the situation, since the tape is the one institution Wall Street does not argue with. — The World, March 15, 1929 Stocks Soar As Bank Aid Ends Fear of Money Panic By W. — New York Herald Tribune, March 28, 1929