The Crash of ’29

1 minute read
By TIME

October 29, 1929, a.k.a. Black Tuesday, brought the roaring twenties to an end, ushered in the depression and changed the American economy forever

Hysteria on the Street

On the day of the collapse, the exchange lost $14 billion in value, ten times the annual budget of the federal government at that time.Bettmann / Corbis

Black Thursday

Selling was triggered in part by a huge sell-off the preceding Thursday. Despite the efforts of brokers the following day (when this photo was taken) shares continued to decline, a trend dramatized by the newspapers in their weekend editions.Bettmann / Corbis

Trading Floor

As the slide continued, trading increased. Over 16 million shares were traded, a record not broken until 1969. During the panic, clerks worked for 48 straight hours.Bettmann / Corbis

Anxious Investors

Brokerage house customers flock to the financial district as news of the crash spread.Bettmann / Corbis

All Nighter

Exhausted clerks from the exchange catch some sleep in a nearby gym.Bettmann / Corbis

Headlines

Despite the optimistic headline, the news from Wall Street would not get any better.AP

Desperate for Cash

A speculator tries to sell his car after losing all his money in the market.Bettmann / Corbis

Run on the Bank

Panicked by the collapse of the market, customers of a bank in New Jersey race to Passaic to claim their deposits.Bettmann / Corbis

Depression

The crash led to untold bankrupties and business closures, causing many Americans to lose their jobs.Bettmann / Corbis

More Must-Reads from TIME

Contact us at letters@time.com