On Tuesday, March 26, came the biggest stock market crash in Coolidge-Hoover history. For a week the market had been unquiet and harassed. Beginning with Wednesday, March 20, the market had registered falling prices, small recessions every day.
On Monday, when the market reopened, speculators were nervous−their biggest bugaboo, the Federal Reserve Board, was to meet that afternoon. The usual Monday morning rally, produced by the accumulation of buying-orders during the weekend, failed to come. Call money was renewed at 9%. The rush of selling began. The bears pressed hot on the heels...
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