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President Hoover and Treasury Secretary Andrew W. Political and financial leaders at first affected to treat the matter as a mere spasm in the market, vying with one another in reassuring statements. DuPont fell from a summer high of 217 to 80, United States Steel from 261 to 166, Delaware and Hudson from 224 to 141, and Radio Corporation of America (RCA) common stock from 505 to 26. American Telephone and Telegraph dropped 100 points. General Electric fell from 396 on September 3 to 210 on October 29. Prime securities tumbled like the issues of bogus gold mines. The Dow lost another 12 percent and closed at 198-a drop of 183 points in less than two months. On Black Tuesday (October 29) more than 16 million shares were traded. The panic began again on Black Monday (October 28), with the market closing down 12.8 percent. View archival footage of the impoverished American population in the aftermath of the stock market crash of 1929 See all videos for this article Any warnings of the precarious foundations of this financial house of cards went unheeded. In the midsummer of 1929 some 300 million shares of stock were being carried on margin, pushing the Dow Jones Industrial Average to a peak of 381 points in September.

People sold their Liberty Bonds and mortgaged their homes to pour their cash into the stock market. The spectacles of the South Sea Bubble and the Mississippi Bubble had returned. Billions of dollars were drawn from the banks into Wall Street for brokers’ loans to carry margin accounts. The prices of stocks soared to fantastic heights in the great “Hoover bull market,” and the public, from banking and industrial magnates to chauffeurs and cooks, rushed to brokers to invest their liquid assets or their savings in securities, which they could sell at a profit. It continued for the first six months following President Herbert Hoover’s inauguration in January 1929.

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