PAPER Topics

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Although the Prohibition controversy was absorbing, public interest in the first year of the Hoover administration became diverted by an event that shook the very economic foundations of the nation, namely, the stock market panic of 1929. The U ....

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... bull market during the first six months of the Hoover administration. In this period, individuals invested billions of dollars in the stock market, obtaining the money for such investments by borrowing from banks, mortgaging homes, and selling sound government securities, such as Liberty Bonds. In August 1929 stockbrokers were carrying on margin for their clients approximately 300 million shares of stock. By October 1929 the feverish wave of buying had exhausted itself and gave way to an equally feverish wave of selling. Prices dropped precipitously, and thousands of people lost all they had invested. This collapse frequently meant comple ...