The 29 Market Collapse October 24th
The Stock Market Crash on Black Tuesday on the New York Stock Exchange . Billions of dollars were lost, wiping out thousands of investors, and the machinery could not handle the tremendous volume of trading. Partly due to the crash America and the rest of the industrialized world spiraled downward into the Great Depression of the 30's . Some of the closing prices from that day are listed below
US Steel 175
Westinghouse Electric 125
American Telephone 220
American Can 119
The peak of the 20's Bull Market September 3rd 1929
The Dow Jones industrial average closed at 381.17, this was the peak of the bull market that had been increasing at a massive rate during the 20's
Black Thurday 1 Week Before The Big Crash
One week before the Stock Market Crash on Wall Street in 1929 the markets had an indication on October 24th on "Black Thursday" when investors on the New York Stock Exchange dumped 13 million shares causing shares to plummit.
Wall Street Crash It started on October 24 "Black Thursday" and continued through October 29, 1929 "Black Tuesday", when share prices on the New York Stock Exchange (NYSE) collapsed. Shares fell over the 1930's by 75% and it was not until 1954 that shares rose back to the values of 1929 pre-crash.
What were the Causes : The causes were mostly from very high rising share prices which encouraged more people to invest, earlier in 1929 people were borrowing from banks hoping to be able to buy shares and resell at a large enough profit to pay back the loans and make a tidy profit.
Read more about it at Wall Street Crash
Scottish National Party Formed
Following the forming of the Irish Free State, Scotland men and women believe they should have the same rights and have formed the Scottish National Party whose candidates will stand for election in the next British Parliament Elections demanding a free Scotland run by Scots.
Academy Awards ( Oscars ) Started
The Academy ( Oscars ) Film Awards first presented in 1929
Alexander Fleming Discovers Penicillin
Sir Alexander Fleming discovers Penicillin after leaving a plate of staphylococcus bacteria uncovered, he noticed that a mold that had fallen on the culture had killed many of the bacteria.
New US Immigration Laws
New Immigration laws come into place next week with an increased number of immigrants from England and Ireland but decreases from many other countries in Latin America and Mexico where many of the quotas are already used up for the year.
Vatican City Independence
The Lateran Treaty is signed, with Italy recognizing the independence and sovereignty of Vatican City. The agreements included a political treaty which created the state of the Vatican City and guaranteed full and independent sovereignty to the Holy See.
St Valentines Day Massacre
Seven gangster rivals of Al Capone were murdered in Chicago when Jack “Machine Gun” McGurn ordered the kill of rival George “Bugs” Moran. ( Known as St. Valentine's Day Massacre ).
Three gangsters from Chicago were found murdered in May and riddled with bullets in retaliation for the "St Valentines Day Massacre" earlier, 2 are identified as Scarface Al Capones henchmen.
Wyatt Earp dies
Wyatt Earp dies in Los Angeles at the age of 80 best known for the famous gunfight at the O.K. Corral.
Alcohol Prohibition Introduced
New “Dry Bill” (Alcohol Prohibition) being Introduced to Congress
A new “dry bill” was introduced to the congress on this day (January 22, 1929) by Senator Bryant. The purpose of this bill was to place stiffer penalties on both buyers and sellers of alcoholic beverages, which were prohibited during this time in American History.
Those who possessed liquor would receive a fine for the first offense between $50.00 to $500.00. Those who were caught a second time with liquor on them would be fined $250.00 to $2,000.00.
Additionally, effort was being made by the State of New Mexico during this time to make it a crime to buy liquor. The possession of liquor for personal use by those in a state political office would also be prohibited pending the passing of new legislation.
Sunday sports permitted in Boston
Sunday sports were to be permitted in Boston as of this day. Therefore, the Boston Braves and the Boston Red Sox were allowed to play on Sundays after Mayor Malcolm E. Nichols had signed an ordinance regarding this matter.
This permission did not come without cost, however. The Braves were to be required to pay $2,500 for a permit and the Red Sox were required to pay $1,000.
The reason why they were required to pay different rates was because of the difference in renting capacity of the parks each of these two teams would play in. Apparently the Braves playing field was bigger than the Red Sox playing field.
1928Previous Year ---- ( Current Year Is 1929 ) ---- Following Year 1930