- Stock market news moved from the financial pages to the
front pages as the number of first-time investors grew in the 1920s. Throughout
1929 daily papers reported that the future looked bright for investors
-- even after the devastating market crash in October.
-
- Read newspaper excerpts from three New York papers: The
World, The New York Herald Tribune, and The New York Times.
-
-
- Wave of Buying Sweeps Over Market as Stocks Swing Upward
-
- Radio Flashes High; General Motors and Steels Soar
- By Laurence Stern
-
- The atmosphere of doubt and caution which Wall Street
in recent weeks has come to regard almost as habitual on Thursdays was
swept away yesterday in a rush of buying...
-
- Perhaps the market's own strength weighed as heavily
with speculative minds as the logic of the situation, since the tape is
the one institution Wall Street does not argue with. At any rate, the market
appeared entirely confident from the opening gong. It was a firm, almost
buoyant, opening, many initial transactions involving large blocks at sizable
price advances...
-
- The advance was one of the most vigorous of the year,
amounting to a net gain of 6.97 points in the Dow Jones "average"
of thirty representative industrial issues...
-
- -- The World, March 15, 1929
-
-
- Stocks Soar As Bank Aid Ends Fear of Money Panic
- By W. A. Lyon
-
- The stock market strode out from under the shadow of
a panic in call money that so lately threatened, revived in all its old
strength yesterday. Assured that the New York banks were ready with their
boundless resources to prevent a money crisis, the public and the professional
trader set out to repair the damage done to prices on Monday and the major
part of Tuesday.
-
- Stocks in the aggregate, though bucking a 15 per cent
rate for loans, enjoyed the greatest advance they have known in a single
day in the last two years. Not even the surging bull markets of the memorable
year 1928 saw such a day of heavy buying.
-
- -- New York Herald Tribune, March 28, 1929
-
-
- Banker Says Boom Will Run Into 1930
-
- That at least a part of the great amount of money in
the securities market may represent temporary employment of funds eventually
finding their way into business uses, and that the prosperity of the present
business cycle will probably not end in 1929, is the belief expressed by
the J. Henry Schroder Banking Corporation in the quarterly review of the
London house of Schroder.
-
- -- The World, March 30, 1929
-
-
- Brokers to Open Offices on Ships
-
- The New York Stock Exchange decided yesterday to put
to sea. It gave two brokerage houses permission to establish offices with
continuous stock quotations by radio, on trans-Atlantic ships. Within a
few weeks business will be following the flags of three nations across
the bounding main.
-
- The American business man will be able to take a vacation
in Europe without stopping for a single day his transactions at the centre
of speculation...
-
- What the psychological effect may be remains to be seen.
Lady Luck always has been a favorite companion for diversions seekers at
sea, a fact that has provided good incomes to many generations of traveling
card players. Ships' pools and the "horse races" on deck always
have been popular. They may retain their popularity, but now they will
be outclassed.
-
- -- The World, October 4, 1929
-
-
- Public Liquidation Spurred by Bears, Hits Low Market
-
- Scare Orders From All Over Country Halt Ticker an Hour
in Feverish Day
- By Laurence Stern
-
- With speculative nerves rubbed raw under the persistent
hammering of bearish traders, a renewed wave of public liquidation swept
over the stock market yesterday, depressing prices severely and hopelessly
clogging the quotation ticker...
-
- ...To the majority of the market's followers, who now
must be counted in millions, the most significant aspect of the decline
is that it has carried the average level of the list to a lower point than
was reached on Oct. 4 in the sharp break that climaxed a month of gradual
recession.
-
- This raises a pertinent question, whether the bull movement
of the last five years has definitely given way to a liquidating market...
-
- -- The World, October 20, 1929
-
-
- Brokerage Houses Are Optimistic on the Recovery of Stocks
-
- Brokers in Meeting Predict Recovery
-
- A reassuring message to the stock market community went
out last night over the country-wide network of private wires operated
by brokerage houses. This was the result of a tacit agreement reached yesterday
afternoon at a special meeting of the partners of about thirty-five of
the largest wire houses of the New York Stock Exchange, at which the stock
market situation was canvassed thoroughly...
-
- ...Much of the selling of the last few days, the brokers
felt, was induced by hysteria. The views of all of the brokers present
were heard, and none knew of anything disturbing to the general market
situation...
-
- -- The New York Times, October 25, 1929
-
-
- Brokers Believe Worst Is Over and Recommend Buying of
Real Bargains
-
- Wall Street in looking over the wreckage of the week,
has come generally to the opinion that high grade investment issues can
be bought now, without fear of a drastic decline. There is some difference
of opinion as to whether not the correction must go further, but everyone
realizes that the worst is over, and that there are bargains for those
who are willing to buy conservatively and live through the immediate irregularity.
-
- -- New York Herald Tribune, October 27, 1929
-
-
- Gigantic Bank Pool Pledged To Avert Disaster as Second
Big Crash Stuns Wall Street
-
- Largest Financial Powers in the City Meet After Day of
Hysterical Liquidation Sinking Prices Below Thursday's
- By Laurence Stern
-
- After the stock market had come crashing down again in
a veritable deluge of forced and hysterical liquidation, word sped through
the financial district last evening that the largest banks in the city
were prepared to exert their organized power this morning to prevent further
disaster.
-
- Arrangements described as "fully adequate"
were completed at a conference at the offices of J. P. Morgan & Co.
at Broad and Wall Streets...
-
- Although no formal statement was issued, it was the consensus
of those at the meeting that the worst of the liquidation is over and that
a natural demand for investment stocks now available on the bargain counter
should go far toward an immediate restoration of trading stability.
-
- -- The World, October 29, 1929
-
-
- Stocks Up in Strong Rally; Rockefellers Big Buyers; Exchanges
Close 2-1/2 Days
- By Ferdinand Lundberg
-
- Revived by spontaneous investment buying and declarations
of large extra cash dividends by leading companies, and free of the delirium
that has recently gripped share owners, the stock market yesterday received
a fresh start and scored a record comeback. Volume on the Stock Exchange
totaled 10,727,320 shares, the third largest day on record.
-
- The high spot of the day from a stock market viewpoint
was the statement by John D. Rockefeller that there was no need to destroy
values and that he and his son, John D. Rockefeller Jr., had been heavy
buyers of stocks for investment in the last few days, and would continue
to buy at present prices...
-
- -- New York Herald Tribune, October 31, 1929
-
-
- Very Prosperous Year Is Forecast
-
- Guenther Analyzes the Report of Mellon Covering 1929
-
- That 1930 may be a very prosperous year, industrially
and otherwise, without the peak conditions that made 1929 and exceptional
year for business prosperity, is an observation made by Louis Guenther,
publisher of the Financial World, in a statement based upon Secretary Mellon's
fiscal report...
-
- "To grow too fast is often unhealthy because of
the suddenness with which a readjustment must be met. By far and large
the country would be better off were further progress made along more normal
lines...
-
- Fortunately, we have returned to a more normal mind in
appraising prospects. We are not looking for the Midas touch on everything
to which we turn. That makes us more satisfied with normal incomes and
normal profit returns."
-
- -- The World, December 15, 1929
-
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- http://www.pbs.org/wgbh/amex/crash/sfeature/sf_headlines.html#
- Click here: American Experience | The Crash of 1929 |
1929 Headlines | PBS
-
- http://www.pbs.org/wgbh/amex/crash/sfeature/sf_headlines.html#
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