Tuesday, October 29, 2013

On this Day in History - October 29 Stock Market Crash of 1929 Leads to Great Depression

Once again, it should be reiterated, that this does not pretend to be a very extensive history of what happened on this day (nor is it the most original - the links can be found down below). If you know something that I am missing, by all means, shoot me an email or leave a comment, and let me know!


Oct 29, 1929: Stock market crashes

Black Tuesday hits Wall Street as investors trade 16,410,030 shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors, and stock tickers ran hours behind because the machinery could not handle the tremendous volume of trading. In the aftermath of Black Tuesday, America and the rest of the industrialized world spiraled downward into the Great Depression. 

During the 1920s, the U.S. stock market underwent rapid expansion, reaching its peak in August 1929, a period of wild speculation. By then, production had already declined and unemployment had risen, leaving stocks in great excess of their real value. Among the other causes of the eventual market collapse were low wages, the proliferation of debt, a weak agriculture, and an excess of large bank loans that could not be liquidated.  

Stock prices began to decline in September and early October 1929, and on October 18 the fall began. Panic set in, and on October 24—Black Thursday—a record 12,894,650 shares were traded. Investment companies and leading bankers attempted to stabilize the market by buying up great blocks of stock, producing a moderate rally on Friday. On Monday, however, the storm broke anew, and the market went into free fall. Black Monday was followed by Black Tuesday, in which stock prices collapsed completely. 

After October 29, 1929, stock prices had nowhere to go but up, so there was considerable recovery during succeeding weeks. Overall, however, prices continued to drop as the United States slumped into the Great Depression, and by 1932 stocks were worth only about 20 percent of their value in the summer of 1929. The stock market crash of 1929 was not the sole cause of the Great Depression, but it did act to accelerate the global economic collapse of which it was also a symptom. By 1933, nearly half of America's banks had failed, and unemployment was approaching 15 million people, or 30 percent of the workforce. It would take World War II, and the massive level of armaments production taken on by the United States, to finally bring the country out of the Depression after a decade of suffering.

Oct 29, 1618: Sir Walter Raleigh executed

Sir Walter Raleigh, English adventurer, writer, and favorite courtier of Queen Elizabeth I, is beheaded in London, under a sentence brought against him 15 years earlier for conspiracy against King James I.  

During Elizabeth's reign, Raleigh organized three major expeditions to America, including the first English settlement in America, in 1587—the ill-fated Roanoke settlement located in present-day North Carolina. Raleigh later fell out of favor with Elizabeth after she learned of his secret marriage to Bessy Throckmorton, one of her maids-of-honor, and he was imprisoned with his wife in the Tower of London. After buying his freedom, Raleigh married Bessy and distanced himself from the jealous English queen.  

After Elizabeth died in 1603, Raleigh was implicated as a foe of King James I and imprisoned with a death sentence. The death sentence was later commuted, and in 1616 Raleigh was freed to lead an expedition to the New World, this time to establish a gold mine in the Orinoco River region of South America. However, the expedition was a failure, and when Raleigh returned to England the death sentence of 1603 was invoked against him. 

Oct 29, 1956: Israel invades Egypt; Suez Crisis begins

 Israeli armed forces push into Egypt toward the Suez Canal, initiating the Suez Crisis. They would soon be joined by French and British forces, creating a serious Cold War problem in the Middle East.  

The catalyst for the joint Israeli-British-French attack on Egypt was the nationalization of the Suez Canal by Egyptian leader General Gamal Abdel Nasser in July 1956. The situation had been brewing for some time. Two years earlier, the Egyptian military had begun pressuring the British to end its military presence (which had been granted in the 1936 Anglo-Egyptian Treaty) in the canal zone. Nasser's armed forces also engaged in sporadic battles with Israeli soldiers along the border between the two nations, and the Egyptian leader did nothing to conceal his antipathy toward the Zionist nation. Supported by Soviet arms and money, and furious with the United States for reneging on a promise to provide funds for construction of the Aswan Dam on the Nile River, Nasser ordered the Suez Canal seized and nationalized. The British were angry with the move and sought the support of France (which believed that Nasser was supporting rebels in the French colony of Algeria), and Israel (which needed little provocation to strike at the enemy on its border), in an armed assault to retake the canal. The Israelis struck first, but were shocked to find that British and French forces did not immediately follow behind them. Instead of a lightening strike by overwhelming force, the attack bogged down. The United Nations quickly passed a resolution calling for a cease-fire.  

The Soviet Union began to issue ominous threats about coming to Egypt's aid. A dangerous situation developed quickly, one that the Eisenhower administration hoped to defuse before it turned into a Soviet-U.S. confrontation. Though the United States sternly warned the Soviet Union to stay out of the situation, Eisenhower also pressured the British, French, and Israeli governments to withdraw their troops. They eventually did so in late 1956 and early 1957.

Oct 29, 1777: Hancock resigns as president of Congress

John Hancock resigns his position as president of the Continental Congress, due to a prolonged illness, on this day in 1777. Hancock was the first member of the Continental Congress to sign the Declaration of Independence and is perhaps best known for his bold signature on the ground-breaking document.  

First elected to the Continental Congress in 1774 as a delegate from Massachusetts, Hancock became its president upon the resignation of Peyton Randolph in May 1775. During his tenure as president, Hancock presided over some of the most historic moments of the American Revolution, culminating in the signing of the Declaration of Independence in July 1776.  

After resigning his position as president, Hancock returned to his home state of Massachusetts, where he continued his work in public service. After helping to establish the state's first constitution, Hancock was elected first governor of the commonwealth of Massachusetts in 1780 and served for five years. He declined to run for reelection in 1785, but returned after a two-year absence and was elected governor for a second time in 1787. He held the position until his death in 1793.  

Hancock will forever be remembered for his bold and defiant signature on the Declaration of Independence, but "bold" and "defiant" could also describe the way he lived. The wealthiest colonist in New England, Hancock risked losing everything he had for the cause of American independence. Nothing better exemplifies Hancock's defiance than the first words he spoke after signing the Declaration of Independence. In response to the bounty the British had placed on the heads of prominent revolutionary leaders, Hancock replied, "The British ministry can read that name without spectacles; let them double their reward."

Here's a more detailed look at events that transpired on this date throughout history:

06 - Mark Aurelius Valerius Maxentius proclaimed emperor of Rome
312 - Emperor Constantine the Great beats rival Maxentius
969 - Byzantines troops occupy Antioch Syria
1061 - Emperor disposes of bishop Cadalus & Pope Honorius II
1422 - Charles V's son succeeds him as king Charles VII of France
1467 - Battle at Brustem: Charles the Stoute beats the Luikenaars
1492 - Christopher Columbus discovers Cuba and claims it for Spain
1516 - Battle of Yaunis Khan: Turkish forces under the Grand Vizier Sinan Pasha defeat the Mameluks near Gaza.
1531 - Battle of Amba Sel: Imam Ahmad ibn Ibrihim al-Ghazi again defeats the army of Lebna Dengel, Emperor of Ethiopia. The southern part of Ethiopia falls under Imam Ahmad's control.
1538 - The first university in the New World, the Universidad Santo Tomás de Aquino, is established.
1574 - Prince Willem van Orange installs university
1595 - Battle at Giurgevo: Zsigmond Bathory of Transylvania beats Turks
1612 - Robert Dowland appointed court luitist of King James I
1628 - Hugenot bulwark La Rochelle surrenders to Cardinal Richelieu
1636 - Harvard University (Cambridge, Massachusetts) founded
1646 - 1st Protestant church assembly for indians (Massachusetts)
1664 - The Duke of York and Albany's Maritime Regiment of Foot, later to be known as the Royal Marines, is established.
1740 - Ivan VI becomes czar of Russia [OS=Oct 17]
1746 - Peruvian cities of Lima & Callao demolished by earthquake, 18,000 die
Explorer of the New World Christopher ColumbusExplorer of the New World Christopher Columbus 1776 - Battle of White Plains; Washington retreats to NJ
1790 - NY gives up claims to Vermont for $30,000
1793 - Eli Whitney applies for a patent on cotton gin
1834 - The Battle of Pinjarra occurs in the Swan River Colony in present-day Pinjarra, Western Australia. Between 14 and 40 Aborigines are killed by British colonists.
1846 - Pioneers suffer blizzard in Sierra Nevada; 42 die
1848 - The first railroad in Spain - between Barcelona and Mataró - is opened.
1858 - Macy's Dept store opens in NYC
1863 - Battle at Wauhatchie Georgia: 865 killed or injured
1864 - Second Battle of Newtonia (American Civil War), Newton County, Missouri
1864 - 2nd Battle at Fair Oaks, Virginia, ends with 1554 casualties
1864 - Battle of Wauhatchie, TN
1867 - Maimonides College in Penns is 1st Jewish college in the US
1882 - Athletics reveal $22,000 profit in their 1st season in the American Association
1886 - Statue of Liberty dedicated by Pres Grover Cleveland, it is celebrated by 1st confetti (ticker tape) parade in NYC
1890 - Last NL-AA World Series game Bkln ties Louisville 3 games & 1 tie
US President Grover ClevelandUS President Grover Cleveland 1891 - Quake strikes Mino-Owari, Japan kills 7,300
1893 - Pyotr Ilyich Tchaikovsky conducted 1st performance of "Symphony Number Six in B minor, "Pathetique"
1894 - German emperor Wilhelm II fires chancellor Leo von Caprivi & premier Botho zu Eulenburg
1900 - After over 5 months 2nd Olympic games in Paris France, close
1904 - St Louis police try a new investigation method-fingerprints
1906 - Belgian-British "Union Minière du Haut Katanga" mining company created in what is now the Democratic Republic of Congo
1911 - Bill Dobbie of Calgary Tigers kicks 10 singles in a game
1914 - German battle cruiser Goeben enters Black Sea
1914 - Omega Psi Phi Fraternity, founded at Howard University, incorporates
1915 - Richard Strauss' Alpensymfonie, premieres in Berlin
1918 - Czechoslovakia gains independence as Austria-Hungary breaks up
1919 - Volstead Act passed by Congress, start prohibition over Wilson's veto
1921 - Amsterdam's Tuschinski movie theater opens
1922 - 1st US coast-to-coast radio broadcast of a football game
1922 - Benito Mussolini takes control of Italy's government
Italian Dictator Benito MussoliniItalian Dictator Benito Mussolini 1924 - French-Russian trade agreement signed
1924 - White Sox beat NY Giants 8-4 in Dublin, less than 20 fans attend
1927 - Josip Broz (Tito) begins 7 months jail sentence in Croatia
1927 - KLM-plane "Homing Pigeon" leaves Neth-Indies after 1st regular flight
1928 - Bradman scores 131 NSW v Queensland, 212 mins, 14 fours
1928 - Indonesian child laws enfoced in Bahasa Indonesia
1929 - Dow Jones plummets 38.33 pts (13%) to 260.64
1934 - Brooklyn & Pittsburgh play a penalty free NFL game
1935 - Sidney Kingsley's "Dead End," premieres in NYC
1936 - FDR rededicates Statue of Liberty on its 50th anniversary
1938 - Farewell parade of International Brigade (Barcelona)
1939 - Anti-German demonstrations/strikes in Czechoslovakia
1939 - Spitfire shoots German Heinkel-111 down above Scotland
1940 - Greece successfully resists Italy's attack
1940 - Meeting between Adolf Hitler and Benito Mussolini in Florence
Dictator of Nazi Germany Adolf HitlerDictator of Nazi Germany Adolf Hitler 1942 - 6th day battle at El Alamein: British offensive under Montgomery
1942 - Train crashes into bus, killing 16 & injuring 20 (Detroit Michigan)
1943 - U-220 sinks
1944 - Russia & Bulgaria sign weapons pact
1946 - German rocket engineers begin work in USSR
1948 - Flag of Israel is adopted
1949 - Georges Bidault elected president of France
1951 - US performs nuclear test at Nevada Test Site
1952 - Babe Didrikson-Zaharias wins LPGA Women's Texas Golf Open
1953 - Bud Grant of Winnipeg Blue Bombers intercepts 5 passes (record)
1953 - Red Barber, resigns as Dodger sportscaster to join Yankees
1954 - Major league owners vote down sale of A's to a Phila syndicate
1954 - N Richard Nash' "Rainmaker," premieres in NYC
1954 - Nobel prize for literature awarded to Ernest Hemingway
1955 - Egypt & Saudi-Arabia sign defense treaty
Nobel Laureate Author Ernest HemingwayNobel Laureate Author Ernest Hemingway 1956 - Pope Pius XII publishes encyclical Luctuosissimi eventus
1957 - WMVS TV channel 10 in Milwaukee, WI (PBS) begins broadcasting
1958 - Angelo Giuseppe Roncalli, elected Pope, taking name John XXIII
1958 - Pete Runnels wins Comeback Player of Year (avg went from .230 to .322)
1959 - Buffalo Bills enter AFL
1959 - Jean Genet's "Les Negres," premieres in Paris
1961 - "Fiorello!" closes at Broadhurst Theater NYC after 796 performances
1961 - Ground broken for Municipal (Shea) Stadium for NY Mets
1962 - Nikita Khrushchev orders withdrawal of missiles from Cuba, ending crisis
1962 - NY Giant YA Tittle passes for 7 touchdowns vs Wash Redskins (49-34)
1962 - Radio Moscow reports nuclear missiles in Cuba deactivated
1962 - USSR performs nuclear test at Eastern Kazakh/Semipalitinsk USSR
1962 - Cuban missile crisis ends after JFK and Khrushchev make a public and secret agreement
1965 - Gateway Arch (630' (190m) high) completed in St Louis, Missouri
1965 - Pope Paul VI proclaims Jews not collectively guilty for crucifixion
First Secretary of the Communist Party of the Soviet Union Nikita KhrushchevFirst Secretary of the Communist Party of the Soviet Union Nikita Khrushchev 1966 - Belgium's Gaston Roelants runs 12-4/5 miles in 1 hour
1970 - NBA Cleveland Cavaliers 1st home game, lose to San Diego 110-99
1970 - US/USSR sign an agreement to discuss joint space efforts
1971 - Great Britain becomes 6th nation to have a satellite (Prospero) in orbit
1971 - John & Yoko record "Happy Xmas (War is Over)" in NYC
1972 - "Mother Earth" closes at Belasco Theater NYC after 12 performances
1973 - Elmore Smith of Lakers blocks 17 shots in a game (NBA record)
1973 - Sharon Miller wins LPGA Corpus Christi Civitan Golf Open
1974 - 1st time 2 Islanders hat trick in same game-MacMillian & Westfall
1974 - Luna 23 launched (landing on Moon)
1974 - US performs nuclear test at Nevada Test Site
1975 - Calvin Murphy (Houston) begins NBA free throw streak of 58 games
1975 - Cleveland Metroparks assume operating responsibilities for Zoo
1976 - Billy Martin named AL Manager of Year (NY Yankees)
1976 - Train collision at Goes Neth, 7 die
1978 - Don Ritchie runs world record 100k (6:10:20)
1979 - Dick Howser (best Yank mngr win-lost pct .636) replaces Billy Martin
1979 - USSR performs nuclear test at Eastern Kazakh/Semipalitinsk USSR
1981 - Edward M McIntrye elected 1st black mayor of Augusta Georgia
1981 - NY Yankee George Frazier loses 3 World Series games
1982 - NASA launches RCA-E
1982 - Spain's socialists win/communists lose elections
1984 - 14th NYC Women's Marathon won by Grete Waitz in 2:29:30
1984 - 15th NYC Marathon won by Orlando Pizzolato in 2:14:53
1984 - Hollis Stacy wins LPGA Nichirei Cup Team Match Golf Tournament
1985 - Ravi Ratnayeke takes 8-83 for Sri Lanka v Pakistan
1986 - KOB-AM in Albuquerque NM changes call letters to KKOB
1986 - KOB-TV in Albuquerque NM's final transmission
1986 - The centennial of the Statue of Liberty's dedication is celebrated in New York Harbor.
1988 - Jurors award $147,000 to Tacoma parishioner seduced by her minister
1988 - Microsoft cofounder Paul Allen gives $10 million to University of Washington library
1989 - Oakland A's sweep SF Giants in earthquake/BART series
1992 - Lee Jang Rim predicts that today would be the end of the world!
1993 - Cleveland Metroparks lease Brookside Park from Cleveland for 99-years
1993 - Dutch Antilles government of Liberia-Peters resigns
1994 - Japanese space probe Sakigake passes Earth for 3rd time
1995 - Atlanta Braves beat Cleveland Indians in 6 games in World Series
1995 - Horse Racing Breeders' Cup Champs: Cigar, Desert Stormer, Inside Information, My Flag, Northern Spur, Ridgewood Pearl, Unbridled's Song
1996 - Goa upset Karnataka to win their 1st Ranji Cricket Trophy game ever
1997 - NBA announces hiring of Dee Kantner & Violet Palmer as 1st women to officiate a major-league all-male sports league
1998 - An Air China (Mainland China) jetliner is hijacked by disgruntled pilot Yuan Bin and flown to Taiwan.
2005 - Plame affair: Lewis Libby, Vice-president Dick Cheney's chief of staff, is indicted in the Valerie Plame case. Libby resigns later that day.
2006 - Funeral service for the peace of the executed at Bykivnia forest, outside of Kiev, Ukraine, with reburial of 817 Ukrainian civilians (out of some 100,000) executed by Bolsheviks at Bykivnia in 1930s - early 1940s.
2009 - The 28 October 2009 Peshawar bombing kills 117 and wounds 213.
2009 - NASA successfully launches the Ares I-X mission, the only rocket launch for its later-cancelled Constellation program.
2012 - Syrian ceasefire collapses and 128 people are killed in ongoing civil war violence
2012 - 15 people are killed and 33 injured by a series of Baghdad car bombings
2012 - Sebastian Vettel wins the 2012 Formula One Indian Grand Prix
2012 - San Francisco Giants defeat the Detroit Tigers in game four to take the 2012 MLB World Series

2012 - Pablo Sandoval is named MLB 2012 World Series MVP.

1618 - Sir Walter Raleigh was beheaded under a sentence that had been brought against him 15 years earlier for conspiracy against King James I.   1652 - The Massachusetts Bay Colony proclaimed itself to be an independent commonwealth.   1682 - William Penn landed at what is now Chester, PA. He was the founder of Pennsylvania.   1863 - The International Committee of the Red Cross was founded.   1901 - Leon Czolgosz, the assassin of U.S. President McKinley, was electrocuted.   1923 - Turkey formally became a republic after the dissolution of the Ottoman Empire. The first president was Mustafa Kemal, later known as Kemal Ataturk.   1929 - America's Great Depression began with the crash of the Wall Street stock market.   1940 - The first peacetime military draft began in the U.S.   1945 - The first ballpoint pens to be made commercially went on sale at Gimbels Department Store in New York at the price of $12.50 each.   1956 - Israel invaded Egypt's Sinai Peninsula during the Suez Canal Crisis.   1956 - "The Huntley-Brinkley Report" premiered on NBC. The show replaced "The Camel News Caravan."   1959 - General Mills became the first corporation to use close-circuit television.   1960 - Muhammad Ali (Cassius Clay) won his first professional fight.   1966 - The National Organization for Women was founded.   1969 - The U.S. Supreme Court ordered an immediate end to all school segregation.   1973 - O.J. Simpson, of the Buffalo Bills, set two NFL records. He carried the ball 39 times and he ran 157 yards putting him over 1,000 yards at the seventh game of the season.   1974 - U.S. President Gerald Ford signed a new law forbidding discrimination in credit applications on the basis of sex or marital status   1985 - It was announced that Maj. Gen. Samuel K. Doe had won the first multiparty election in Liberia.   1990 - The U.N. Security Council voted to hold Saddam Hussein's regime liable for human rights abuses and war damages during its occupation of Kuwait.   1991 - The U.S. Galileo spacecraft became the first to visit an asteroid (Gaspra).   1991 - Trade sanctions were imposed on Haiti by the U.S. to pressure the new leaders to restore the ousted President Jean-Bertrand Aristide to power.   1992 - Depo Provera, a contraceptive, was approved by the Food and Drug Administration.   1995 - Jerry Rice of the San Francisco 49ers became the NFL's career leader in receiving yards with 14,040 yards.   1998 - South Africa's Truth and Reconciliation Commission condemned both apartheid and violence committed by the African National Congress.   1998 - The space shuttle Discovery blasted off with John Glenn on board. Glenn was 77 years old. In 1962 he became the first American to orbit the Earth.   1998 - The oldest known copy of Archimedes' work sold for $2 million at a New York auction.   2001 - KTLA broadcasted the first coast to coast HDTV network telecast.

1682 William Penn arrived in Pennsylvania. 1787 Mozart's opera Don Giovanni debuted in Prague. 1923 The Republic of Turkey was proclaimed under Mustafa Kemal Ataturk. 1929 The New York Stock Exchange crashed on Black Tuesday, precipitating the Great Depression. 1956 Israel invaded the Egyptian Sinai Peninsula during the Suez Canal crisis. 1966 The National Organization for Women was founded. 1998 John Glenn, the first American to orbit the Earth, returned to space at age 77. 2004 European leaders signed the European Union's first constitution.

The following links are to web sites that were used to complete this blog entry:






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