1929: The Great Crash Page #2
- Year:
- 2009
- 922 Views
But one man saw an opportunity that would
change the face of the financial world.
Charles Mitchell, president of National City
Bank, spotted a lucrative gap in the market.
Mitchell saw that investors had purchased a
lot of government bonds during World War I,
and so, he said, "Now we
have an investing public there,
"all we need to do is market other
products like corporate bonds,
"common stocks, and just tell people
these are respectable investments. "
Mitchell was a natural salesman
with a big ambition.
If people were willing to buy bonds
to raise capital for the government,
surely they could be tempted to buy
stocks and shares,
to raise capital for private companies
listed on the New York Stock Exchange?
And they could make a profit
for themselves in the process.
Gradually, people who never dreamed that
they would invest in stocks were doing so,
and stocks lost a lot of the stigma.
Historically, stocks had been considered
much too risky for ordinary people,
whereas in the 1920s, there was a sense that,
investing in stocks was, in fact, not only safe
but reliable and respectable.
The idea took off.
And to exploit this lucrative new market, Mitchell
opened brokerage offices all across the country
where people who had the money
but not the investment know-how
could speculate in
stocks and shares.
This speculative frenzy embraced all
kinds of people, not just professionals.
Ordinary people began participating,
as well, in unprecedented numbers
all across the country - not just in New
York City but in cities and small towns -
were in love with the Stock Market.
Technology made it all possible.
The latest share prices flashed from Wall Street
could be printed out within minutes across America
using telegraphic
ticker-tape machines.
in night clubs in railroad depots,
in beauty parlours, on ocean liners.
The market became a pervasive part of
America's play culture in the 1920s.
I eat sleep, dream, talk stocks,
the only way, I believe,
to make money. It's exciting.
I love it
17,000 dollars' profit
on 3,500 dollars' capital.
Not bad!
There were wild speculations
in all kinds of securities -
movie company stocks, aeronautical
stocks, all the auto company stocks.
One of the hot stocks of the 1920s
was Radio Corporation of America.
It was a lot like today's Google.
It was cutting-edge technology.
They had this idea that you could
put radios in cars - imagine that(!)
The American investing public began
to connect the products they were using
that were coming from
corporate America
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"1929: The Great Crash" Scripts.com. STANDS4 LLC, 2024. Web. 23 Apr. 2024. <https://www.scripts.com/script/1929:_the_great_crash_1587>.
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