TIME Covers Wall Street
1929: Stock Market Crash
"Promptly at 10 a. m. on Thursday Oct. 24, sounded the gong of the New York Stock Exchange and 6,000 shares of Montgomery Ward changed hands at 83 its 1929 high having been 156. For so many months so many people had saved money and borrowed money and borrowed on their borrowings to possess themselves of the little pieces of paper by virtue of which they became partners in U. S. Industry. Now they were trying to get rid of them even more frantically than they had tried to get them. Stocks bought without reference to their earnings were being sold without reference to their dividends. At around noon there came the no-bid menace."
From: Bankers v. Panic, Nov. 04, 1929