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On the 1929 stock market crash, in the New York Times...



Item # 646743

October 23, 1929

THE NEW YORK TIMES, October 23, 1929 

* Stock market crash of 1929 begins
* Eve of the initial great selling spree


The stock market crash of 1929 did much to define America for the next decade, resulting in the Great Depression and all the trauma relating to it. It seemed common for many newspapers to put a positive spin on the on-going tragedy, so front page reports often conflicted with the reality of the time.
Given that the stock exchange is in New York City, the "Times" remains one of the most desired of all newspapers on the crash. The front page has column heads including: "STOCKS GAIN SHARPLY BUT SLIP NEAR CLOSE" "Vigorous Recovery Marks Most of Day and Many Issues Show Net Advances" "Market Gloom Lessened" "Banking Support, Ease of Money and Mitchell's Optimistic Statement Help Rally". The article takes most of a column and carries over to page 16.  Page 16 also has an interesting, related article with column heads: "MITCHELL DECRIES DECLINE IN STOCKS" "On Return From Europe, He Says Many Issues are Selling Below True Values" "Terms Conditions Sound" "Worry Over High Total of Brokers' Loans Is Ridiculed by Banker, Who Favors Cheaper Money". Charles Mitchell was chairman of the National City Bank, and--obviously--many did not agree with his stance on the stock market. (see for beginning). Note that Arthur Schlesinger, Jr.'s Book "Almanac Of American History" cities Mr. Mitchell in his entry for October 22, 1929.
Terrific to have an issue of the Times from the end of October. The next day a major collapse of the market would be called "Black Thursday".
The complete 60 page issue, disbound, great condition.

Category: The 20th Century