A beautiful stock certificate from one of Philadelphia's vast array of trolley companies - the Empire Passenger Railway Company of the City of Philadelphia ... [ View ]
Today in 1929 was Black Thursday - the first taste of the Great Crash. At the opening bell, 150,000 shares of Cities Service, the oil company, trade hands for $8.4 million, the largest block trade of stock ever yet recorded. By 10:30 a.m., even the blue-chip stocks are dropping $5 to $10 with each trade, and the ticker tape is running 16 minutes late. By lunchtime, RCA is down 35%, and Montgomery Ward has nose-dived 39.9%. Then a bankers' pool is formed to put a floor under the plunging market. At 1:30 Richard Whitney president of the New York Stock Exchange and lead broker for J.P. Morgan & Co. marches up to the trading post for U.S. Steel and bids $205 for 25000 shares. That's $10 higher than the last bid and the panic breaks. Still the Dow closes down 2.1% on record volume of 12.895 million shares. The bull market of the 1920s is about to end and the Great Depression is waiting in the wings.
POB 223     |     Cold Spring NY 10516
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