ch 23 sec 1
TRANSCRIPT
Thursday, October 24, 1929, Page 1, Col. 1PRICES OF STOCKS CRASH IN HEAVY
LIQUIDATION, TOTAL DROP OF PAPER LOSS $4,000,000,000
----------2,600,000 Shares Sold In The Final Hour In Record
Decline----------
MANY ACCOUNTS WIPED OUT----------
Bankers Confer On Steps To Support Market - Highest Break Is 96 Points
Stock PricesCompany 3/3/28 9/3/29
American Can 77 181
AT&T 179 304
General Electric 128 396
Montgomery Ward 137 466
Union Carbide 145 413
The Depression
• Run on Banks – people withdrew all their money causing the banks to run out of money and they had to close
President Hoover’s Plan
• Hoover didn’t believe in a dole (or handout)• Wanted people to work for their money• Also wanted to try to keep the US budget
balanced
• Reconstruction Finance Corporation– Loaned $2 billion to businesses for projects and to
employ more people
Bonus Army
• Group of WWI veterans who were promised a bonus who wanted it early
• Douglas MacArthur was sent in to get rid of the army