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AT&T profited during the stock market crash...

Item # 645452

September 19, 1929

NEW YORK TIMES, Sept. 19, 1929 

* Pre stock market crash of 1929

This issue offers an interesting diversion from the typical narrative of the millions lost in the stock market crash of 1929, which would happen just over a month from this date. The bottom of the ftpg. has: "A.T.& T. Valued in Market at $4,047,241, 500, Up $138,198,500 in Day, With Shares 307 1/2". There was a speculative bubble in prices of a few firms before the crash. Note that AT&T traded for $169 per shale in August, 1927, and post-crash in November, 1929 it traded for $222 per share. So what would seem to be a dramatic loss from 307.5 evidenced by this issue 40 days prior to the crash to $222 would seem to be dramatic loss, it was actually a 31% profit for those who bought in 1927 before speculative fever (often fueled by the companies themselves; now illegal). Similar situations existed for General Electric, IBM, and Hershey.
The ftpg. also has column heads: "Lindberghs Start 10,000 Mile Flight" "Aviator and Wife Land at Charleston, S.C. for Night on Way to Miami" with more (see).
Complete in 64 pages, this is the "rag edition" printed on very high quality paper meant for long-term institutional holdings, so in great condition.

Category: The 20th Century