LYCOS RETRIEVER 
1929: Stocks
built 233 days ago
By 1929, the Fed raised interest rates several times to cool the overheated stock market. By October, the bear market had commenced. On Thursday, October 24 1929, panic selling occurred as investors realized the stock boom had been an over inflated bubble. Margin investors were being decimated as every stock holder tried to liquidate, to no avail. Millionaire margin investors became bankrupt instantly, as the stock market crashed on October 28 th and 29 th. By November of 1929, the Dow sank from 400 to 145. In three days, the New York Stock Exchange erased over 5 billion dollars worth of share values!
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[I]n 1929, the bubble burst and stocks started down an even more precipitous cliff. In 1932 and 1933, they hit bottom, down about 80% from their highs in the late 1920s. This had sharp effects on the economy. Demand for goods declined because people felt poor because of their losses in the stock market. New investment could not be financed through the sale of stock, because no one would buy the new stock.
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From 1921 to 1929, the Dow Jones rocketed from 60 to 400! Millionaires were created instantly. Soon stock market trading became America’s favorite pastime as investors jockeyed to make a quick killing. Investors mortgaged their homes, and foolishly invested their life savings in hot stocks, such as Ford and RCA. To the average investor, stocks were a sure thing. Few people actually studied the fundamentals of the companies they invested in. Thousands of fraudulent companies were formed to hoodwink unsavvy investors.
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Since the crash did not occur until late in the year, the major lighting companies were already geared up for a big selling season, and their offerings for 1929 were lavish. Needless to say, there was a lot of leftover stock. Many sets first made in that year were never offered again after the stock sold through. Other sets were revised, soon to be made of less expensive materials.
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This 1929-1930 Theater Log Book includes the end of the silent movie era, the period of stock market crash, detailing films, attendance, ticket prices, etc., in the Broadway Theatre, in Mt. Pleasant, Michigan. Two fairs, a Central Michigan University homecoming are ... covered here:
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