Black Thursday at the New York Stock Exchange, 1929

From the New York Times, October 25, 1929. 1,3.

[from page 1]

The most disastrous decline in the biggest and broadest stock market of history rocked the financial district yesterday. In the very midst of the collapse five of the country's most influential bankers hurried to the office of J.P. Morgan & Co., and after a brief conference gave out word that htey believe the foundations of the market to be sound, that the market smash has been caused by technical rather than fundamental considerations, and that many sound stocks are selling too low.

Suddenly the market turned about on buying orders thrown into the pivotal issues, and before the final quotations were tapped out, four hours and eight minutes after the 3 o'clock bell, most stocks had regained a measureable part of their losses.

The break was one of the widest in the market's history, although the losses at the close were not particularly large, many having been recouped by the afternoon rally.

It carried down with it speculators, big and little, in every part of the country, wiping out thousands of accounts. It is probable that if the stockholders of the country's foremost corporations had not been calmed by the attitude of leading bankers and the subsequent rally, the business of the country would have been seriously affected. Doubtless business will feel the effects of the drastic stock shake-out, and this is expected to hit the luxuries most severely.

It was by far the biggest market day in the country's history. Total sales on the New York Stock Exchange were 12,894,650 shares, as compared with the 8,246,000-share record set on March 26, and on the Curb were 6,337,415 shares, as compared with the 3,715,400 record established Monday. A total of 974 separate issues were dealt in on the Exchange, this figure, of course, establishing a new record. Bonds, which were strong, reached a volume of $23,233,000, the biggest day in that market since April 23, 1926, and unlike stocks, the fixed investments were strong, with the exception of the convertible issues, whose fluctuations synchronize with the selling price of the stocks to which they are prior. . .

[from page 3]

Wierd Roar Surges From Exchange Floor During Trading in a Record Smashing Day
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Brokers in Uproar as Market Boils
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1,000 Mill Madly on Floor of Exchange and Thunder of Voices is Heard Outside
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Furious Pace Before Gong
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Then Perspiring Traders With Torn Collars Stand Limply of Jump and Laugh
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Crowds Surge in Street
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Movie Men Take Pictures of Excited Thronge--50,000 Clerks at Work as Wall St. Stays Up All Night
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The big clock above the Stock Exchange trading floor registered one minute to 3 o'clock yesterday. A short, slim man tensely watching the dial from a small balcony hunched forward in his seat. Below him more than 1,000 brokers and as many more helpers milled madly about the trading posts.

The wierd roar compounded of the voices of thousands of shouting men held to its steady volume. It never rose, it never fell, but rumbled to the high ceiling in mighty monotone. It was the voice of the Street, now hopeful, now tragic, making audible the history of a momentous day in the market. It coulod be heard on the Broad Street sidewalk.

The hand of the clock crawled on. William R. Crawford, superintendent of the Exchange's reporting department, stood up in his balcony. He looked oddly like a judge about to charge a jury or deliver an oral decision. The brokers below were rushing about even more intensively as they realized that only seconds were left in which to execute orders.

Brief Silence Follows Gong

Suddenly Mr. Crawford seized a gavel and as the minute hand touched three he sounded the gong, ending trading for the day. In long, quivering notes the cease-business warning clanged throught the medly of noise. Thrice Mr. Crawford sounded the gong. There was a second of silence, during which the telegraph wires sped the news of the close of trading to all points.

Then the roar from the floor was resumed, swelling to a new height and then gradually receding. As it faded, a singular cacophony welled from the floor where more than 12,000,000 shares had changed hands, and where paper fortunes had vanished.

It was a mixture of groans, of boos, and of sights of relief. The final chorus had an eerie quality, like chords from a primitive requiem. And it meant the end of a day of pressure, of worry and of strain such as the exchange had never experienced.

Third brokers, their faces streaming perspiration, their collars torn, leaned against the posts. Others, their hands full of unexpected orders, stood as though dazed. Yet others, reacting to the trials of the session, laughed and jumped about, while handfuls of torn paper, or memorandum pads were thrown into the air. . .