The situation worsened yet again on the infamous Black Tuesday, October 29, 1929, when more than 16 million stocks were traded. When the markets reopened on Monday, October 28, 1929, another record number of stocks were traded and the stock market declined more than 22%. But over the weekend many investors lost faith in the stocks and decided to sell their shares. Their move led to a slight increase in stock price on Saturday, October 26. Morgan and a few other bankers attempted to bail out the banking system using their own money.
It was a record number of stock trades for the U.S. On that day, nearly 13 million shares of stock were traded. The most significant events started on Black Thursday, October 24, 1929. Instead, the stock market continued to plummet over the course of a few days setting in motion one of the most devastating periods in the history of the United States. When the stock market crashed in 1929, it didn’t happen on a single day. In late October 1929 the stock market crashed, wiping out 40 percent of the paper values of common stock. In: Eras in Social Welfare History, Great Depression Stock Market Crash of October 1929Ī solemn crowd gathers outside the Stock Exchange after the crash.
