Wall Street Crash of 1929
The Wall Street Crash of 1929 known as the Stock Market Crash of 1929 or the Great Crash, is a major stock market crash that occurred in late October 1929. It started on October 24 and continued until October 29, 1929, when share prices on the New York Stock Exchange collapsed, it was the most devastating stock market crash in the history of the United States, when taking into consideration the full extent and duration of its after effects. The crash, which followed the London Stock Exchange's crash of September, signaled the beginning of the 12-year Great Depression that affected all Western industrialized countries; the Roaring Twenties, the decade that followed World War I that led to the crash, was a time of wealth and excess. Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with the hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector. While American cities prospered, the overproduction of agricultural produce created widespread financial despair among American farmers throughout the decade.
This would be blamed as one of the key factors that led to the 1929 stock market crash. Despite the dangers of speculation, it was believed that the stock market would continue to rise forever. On March 25, 1929, after the Federal Reserve warned of excessive speculation, a small crash occurred as investors started to sell stocks at a rapid pace, exposing the market's shaky foundation. Two days banker Charles E. Mitchell announced that his company, the National City Bank, would provide $25 million in credit to stop the market's slide. Mitchell's move brought a temporary halt to the financial crisis, call money declined from 20 to 8 percent. However, the American economy showed ominous signs of trouble: steel production declined, construction was sluggish, automobile sales went down, consumers were building up high debts because of easy credit. Despite all the economic trouble signs and the market breaks in March and May 1929, stocks resumed their advance in June and the gains continued unabated until early September 1929.
The market had been on a nine-year run that saw the Dow Jones Industrial Average increase in value tenfold, peaking at 381.17 on September 3, 1929. Shortly before the crash, economist Irving Fisher famously proclaimed, "Stock prices have reached what looks like a permanently high plateau." The optimism and the financial gains of the great bull market were shaken after a well-publicized early September prediction from financial expert Roger Babson that "a crash was coming". The initial September decline was thus called the "Babson Break" in the press; that was the start of the Great Crash, but until the severe phase of the crash in October, many investors regarded the September "Babson Break" as a "healthy correction" and buying opportunity. On September 20, the London Stock Exchange crashed when top British investor Clarence Hatry and many of his associates were jailed for fraud and forgery; the London crash weakened the optimism of American investment in markets overseas. In the days leading up to the crash, the market was unstable.
Periods of selling and high volumes were interspersed with brief periods of rising prices and recovery. Selling intensified in mid-October. On October 24, the market lost 11 percent of its value at the opening bell on heavy trading; the huge volume meant that the report of prices on the ticker tape in brokerage offices around the nation was hours late and so investors had no idea what most stocks were trading for at the moment, increasing panic. Several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor; the meeting included acting head of Morgan Bank. They chose vice president of the Exchange, to act on their behalf. With the bankers' financial resources behind him, Whitney placed a bid to purchase a large block of shares in U. S. Steel at a price well above the current market; as traders watched, Whitney placed similar bids on other "blue chip" stocks. The tactic was similar to one that had ended the Panic of 1907, it succeeded in halting the slide. The Dow Jones Industrial Average recovered.
The rally continued on Friday, October 25, the half-day session on Saturday, October 26, but unlike 1907, the respite was only temporary. Over the weekend, the events were covered by the newspapers across the United States. On October 28, "Black Monday", more investors facing margin calls decided to get out of the market, the slide continued with a record loss in the Dow for the day of 38.33 points, or 13%. The next day, "Black Tuesday", October 29, 1929, about 16 million shares traded as the panic selling reached its peak; some stocks had no buyers at any price that day. The Dow lost 12 percent; the volume of stocks traded. On October 29, William C. Durant joined with members of the Rockefeller family and other financial giants to buy large quantities of stocks to demonstrate to the public their confidence in the market, but their efforts failed to stop the large decline in prices; the massive volume of stocks traded that day made the ticker continue to run until about 7:45 p.m. The market had lost over $30 billion in the space of two days, including $14 billion on October 29 alone.
After a one-day recovery on October 30, when the Dow regained an additional 28.40 points, or 12 percent, to close at 2
Indigenous peoples of the Americas
The indigenous peoples of the Americas are the Pre-Columbian peoples of North and South America and their descendants. Although some indigenous peoples of the Americas were traditionally hunter-gatherers—and many in the Amazon basin, still are—many groups practiced aquaculture and agriculture; the impact of their agricultural endowment to the world is a testament to their time and work in reshaping and cultivating the flora indigenous to the Americas. Although some societies depended on agriculture, others practiced a mix of farming and gathering. In some regions the indigenous peoples created monumental architecture, large-scale organized cities, city-states, states and empires. Among these are the Aztec and Maya states that until the 16th century were among the most politically and advanced nations in the world, they had a vast knowledge of engineering, mathematics, writing, medicine and irrigation, mining and goldsmithing. Many parts of the Americas are still populated by indigenous peoples.
At least a thousand different indigenous languages are spoken in the Americas. Some, such as the Quechuan languages, Guaraní, Mayan languages and Nahuatl, count their speakers in millions. Many maintain aspects of indigenous cultural practices to varying degrees, including religion, social organization and subsistence practices. Like most cultures, over time, cultures specific to many indigenous peoples have evolved to incorporate traditional aspects but cater to modern needs; some indigenous peoples still live in relative isolation from Western culture and a few are still counted as uncontacted peoples. Indigenous peoples of the United States are known as Native Americans or American Indians and Alaska Natives. Application of the term "Indian" originated with Christopher Columbus, who, in his search for India, thought that he had arrived in the East Indies; those islands came to be known as the "West Indies", a name still used. This led to the blanket term "Indies" and "Indians" for the indigenous inhabitants, which implied some kind of racial or cultural unity among the indigenous peoples of the Americas.
This unifying concept, codified in law and politics, was not accepted by the myriad groups of indigenous peoples themselves, but has since been embraced or tolerated, by many over the last two centuries. Though the term "Indian" does not include the culturally and linguistically distinct indigenous peoples of the Arctic regions of the Americas—such as the Aleuts, Inuit or Yupik peoples, who entered the continent as a second more recent wave of migration several thousand years before and have much more recent genetic and cultural commonalities with the aboriginal peoples of the Asiatic Arctic Russian Far East—these groups are nonetheless considered "indigenous peoples of the Americas". Indigenous peoples are known in Canada as Aboriginal peoples, which includes not only First Nations and Arctic Inuit, but the minority population of First Nations-European mixed race Métis people who identify culturally and ethnically with indigenous peoplehood; this is contrasted, for instance, to the American Indian-European mixed race mestizos of Hispanic America who, with their larger population, identify as a new ethnic group distinct from both Europeans and Indigenous Americans, but still considering themselves a subset of the European-derived Hispanic or Brazilian peoplehood in culture and ethnicity.
The term Amerindian and its cognates find preferred use in scientific contexts and in Quebec, the Guianas and the English-speaking Caribbean. Indígenas or pueblos indígenas is a common term in Spanish-speaking countries and pueblos nativos or nativos may be heard, while aborigen is used in Argentina and pueblos originarios is common in Chile. In Brazil, indígenas or povos indígenas are common if formal-sounding designations, while índio is still the more often-heard term and aborígene and nativo being used in Amerindian-specific contexts; the Spanish and Portuguese equivalents to Indian could be used to mean any hunter-gatherer or full-blooded Indigenous person to continents other than Europe or Africa—for example, indios filipinos. The specifics of Paleo-Indian migration to and throughout the Americas, including the exact dates and routes traveled, are the subject of ongoing research and discussion. According to archaeological and genetic evidence and South America were the last continents in the world to gain human habitation.
During the Wisconsin glaciation, 50–17,000 years ago, falling sea levels allowed people to move across the land bridge of Beringia that joined Siberia to northwest North America. Alaska was a glacial refugium; the Laurentide Ice Sheet covered most of North America, blocking nomadic inhabitants and confining them to Alaska for thousands of years. Indigenous genetic studies suggest that the first inhabitants of the Americas share a single ancestral population, one that developed in isolation, conjectured to be Beringia; the isolat
Hugh D. McIntosh
Hugh Donald "Huge Deal" McIntosh was an Australian show-business entrepreneur born to parents of Scottish and Irish origin and modest means in Sydney's Surry Hills a ramshackle suburb with a reputation for crime and vice among the Irish immigrant population. His policeman father Hugh Fraser McIntosh died. According to an obituary, he was educated at St Marys Sydney, but in an interview for Triad in 1925, he gave a more colorful account, claiming to have run away to Adelaide as a silversmith's assistant at the age of seven, to have worked for BHP at Broken Hill at nine a variety of occupations culminating in working for a surgeon at twelve. By seventeen he was a chorus boy in a Maggie Moore pantomime Sinbad the Sailor in Melbourne. In 1897, while working as a barman in Sydney, McIntosh began selling pies at sporting venues, by the age of twenty-six was the owner of a catering company in an audacious leap, to become a trademark, embarked on sports promotion. First it was cycle racing, notably seven-day events, while he was secretary of the League of New South Wales Wheelmen.
He secured a contract with the American World Sprint Champion cyclist Major Marshall Taylor that saw him race in Australia between 1903 and 1904. Came boxing. Hoping to capitalise of the presence of the US "Great White Fleet" in August 1908, he hurriedly built a huge open-air stadium at Rushcutters Bay to stage a boxing match between local champion Bill "Boshter" Squires and World champion Tommy Burns. On Boxing Day 1908 he staged a world championship heavyweight title fight between Burns and Jack Johnson, he made a huge profit from a film of the bout, which he took to Britain and America. He sold his stadium business to his referee, the famous sportsman Reginald "Snowy" Baker who, with John Wren, went on to develop a chain of stadiums. Author Peter FitzSimons asserts that McIntosh attempted to sign a US management deal with the Australian boxer, Les Darcy but, when Darcy declined, McIntosh threatened, in retribution, to prevent any fights Darcy might attempt in the USA. FitzSimons suggests that when Darcy made his controversial trip to the USA, McIntosh made good his threat and enlisted the assistance of several state governors to ban the Darcy fights.
From 1914 to 1917 he sponsored the trophy "Hugh D MacIntosh Shield" for the New South Wales Rugby League premiership. In 1911 he headed a consortium that acquired the Harry Rickards Tivoli theatre chain, but was careful to retain Rickards' style, but adding an Adelaide Tivoli building a Brisbane Tivoli in 1915, designed by Henry White. To compete with the Fuller Brothers and J. C. Williamson he imported international stars such as Gene Greene, Lew Fields, Ada Reeve, W. C. Fields and George Gee and expanded the Tivoli repertoire to include musical comedy with the vaudeville, Lee White - Clay Smith revues and melodramas such as "The Lilac Domino". In 1920 he produced Australia's first musical comedy F. F. F. Written by Mildura-based dried fruit millionaire Jack De Garis with music by Reginald Stoneham, it failed to attract critical or popular support and may have been a factor in De Garis' eventual suicide. A transport strike caused him to lose money on an expensive production of Chu Chin Chow and he was forced to sell the lease to Harry Musgrove, though retaining his newspaper interests.
The Musgrove venture failed. In 1927 he took a revival of the 1909 Edward Locke play "The Climax" to London a good production, starring Dorothy Brunton, but in an inadequate theatre, it closed after three weeks. In May 1916 he acquired the Sunday Times newspaper, which became the major advertising medium for his theatres. With his purchase of the Sydney Sunday Times, McIntosh acquired the sporting weeklies The Arrow and The Referee. In 1915 he started advertising his own theatrical weekly The Green Room Magazine, nicknamed "The Tivoli Bible", employing Zora Cross as drama critic, he sold his Sunday Times interests in 1929. In 1929 J. C. Williamson Tivoli Theatres Ltd was losing money and ceased rental payments to Harry Rickards Tivoli Theatres. Interest in the "talkies" was waning and McIntosh returned to producing revues for the Tivoli and Princess, the Haymarket and St James in a desperate attempt to generate an income. "The Follies of 1930", "Pot Luck" "Happy Days" and "Sparkles", while trying to keep at bay creditors such as heiress Mrs Ben Shashoua as the value of his assets shrank with the advance of the Great Depression.
Hopelessly insolvent, Harry Rickards' Tivoli Theatres Ltd folded the following year. Mrs Shashoua's solicitor admitted to helping engineer McIntosh's bankruptcy. In December 1930, Sydney "Truth", a weekly newspaper founded by John Norton, published an article on the life and loves of McIntosh, calling him an "erstwhile pieman" who had "drained the life-blood" from the Sunday Times. McIntosh sued for libel but was awarded damages of just one farthing. In the course of proceedings it was revealed that he had transferred £66,703 from the account of Sunday Times Ltd, of which he was managing director, to Harry Rickards Tivoli Ltd of which he was governing director in an attempt to keep the Tivoli chain solvent. McIntosh championed NSW Labor Premier William Holman in his newspap
Galt is a community in Cambridge, Canada, in the Regional Municipality of Waterloo, Ontario on the Grand River. Prior to 1973 it was an independent city, incorporated in 1915, but amalgamation with the town of Hespeler, the town of Preston and the village of Blair formed the new municipality of Cambridge. Parts of the surrounding townships were included; the first mayor of Cambridge was Claudette Millar. There was considerable resistance among the local population to this "shotgun marriage" arranged by the provincial government and a healthy sense of rivalry had always governed relations among the three communities. Today, many residents refer to their area of Cambridge as being Galt or Preston or Hespeler; each unique centre has its own history, well documented in the Cambridge City Archives. No population data is available for the former Galt since the Census reports cover only the full area of Cambridge; the former Galt covers the largest portion of the amalgamated municipality, making up the southern half of the city.
It is located on the Grand River and has a long history as an industrialized area. The former Preston and Blair are located on the western side of the city, while the former Hespeler is in the most northeasterly section of Cambridge. In the late 1700s, developers began to buy land around the Grand River from the Six Nations Indians who were led by Joseph Brant. One speculator, William Dickson, a wealthy immigrant from Scotland, bought 90,000 acres of land along the Grand River in 1816. Dickson advertised in Scotland for immigrants. Dickson sold lots to these new settlers; the centre of the planned community was at the junction of Mill Creek and the Grand River called Shade's Mills. Absalom Shade, a carpenter from Pennsylvania was hired in 1816 by William Dickson to manage his lands in Dumfries Township, he operated a general store, a mill and a distillery in Shade's Mills, which became Galt. In 1819, he built a small bridge over the Grand River to serve customers on the other side. Shade supplied food and built roads for the Canada Company.
He helped establish the Grand River Navigation Company to help transport goods along the river and the Gore Bank in Hamilton. Shade helped develop railroads in the area and was among those who built Galt's Trinity Anglican Church in 1844. A new streetcar system, the Galt and Hespeler electric railway, would begin operation in 1894, connecting Preston and Galt. In 1911, the line reached Hespeler and Waterloo; the electric rail system ended passenger services in April, 1955. Dickson decided to name the Post Office Galt, in honour of John Galt of the Canada Company, developing this entire area. Agricultural in early years, Galt had attracted industry by 1840 and became the largest town in the Grand River area until the early 1900s. Galt was incorporated as a village in 1850, as a town in 1857 and as a city in 1915. Throughout that entire period, it continued to grow based on a large industrial base; the Canadian Gazetteer of 1846 discussed the community's water power, essential to power the local industries which were making the area prosperous.
At the time the population was about 1000, most from Scotland. There were five churches, a weekly newspaper, a fire department, a public library, a bank and a curling club; the post office received mail every day. Industries in operation included "two grist mills, two saw mills, two foundries, two carding machines and cloth factories, one brewery, two distilleries, one tannery..." A foundry had opened on Grand Avenue as Dumfries Foundry which would become Goldie & McCulloch, a major manufacturer of safes, wood working machinery and engines powered by steam or by gasoline. It would continue as a major operation under several other owners until 2000; the largest of the early schools in the community, the Galt Grammar School, opened in 1852 with William Tassie as headmaster starting in 1853 at the site of what became the Galt Collegiate. The school attracted students from across North America. By 1872, it had been recognized as a Collegiate Institute. Galt incorporated as a town with Morris C. Lutz elected as the first mayor.
By 1858, a "Town Hall and Market House" had been built with an "Italianate" Tuscan, influence. In years, the Town Hall became the City Hall and was extensively modified. Galt was incorporated as a city in 1915; the population in 1869 was 4000 and the community was said to be one of the principal manufacturing locations in Ontario. The railway reached Galt in 1879, increasing the opportunities of exporting local goods and importing others. In 1889, the former Dickson Mill on the Grand River was converted to a hydro electric plant which operated until July 1911 when a power grid from Niagara Falls reached the community. In the early 1870s, the Credit Valley Railway planned to implement several lines running west and north from Toronto and in 1873, built freight and passenger buildings in Galt. By 1879, the company had installed a bridge crossing the river and in December completed a preliminary test run with a train; the CVR venture was not long-lived however, in 1883, the line was taken over by the Canadian Pacific Railway which built a brick passenger building that still stands.
Not long after Galt had become part of Cambridge, in May 1974, flooding on
Marvin Hart was the World Heavyweight Boxing Champion from July 3, 1905 to February 23, 1906. Hart, nicknamed "The Louisville Plumber" because of his former trade, gained considerable prominence after a 1905 win over future champion Jack Johnson; that year, the heavyweight title was left vacant as a result of the retirement of champion James J. Jeffries and Hart's record earned him a chance to fight for the championship against top-ranked Jack Root, a much more experienced boxer, who had beaten Hart in November, 1902. Jeffries, the retiring champ, refereed the championship fight on July 1905 in Reno, Nevada. Hart knocked out Jack Root in the 12th round to win the vacant championship. After one successful exhibition match, Hart lost his championship to Canadian Tommy Burns on February 23, 1906 in Los Angeles, California. Burns won the 20-round fight by decision. Hart died the day after his 55th birthday of high blood pressure, he was interred in Louisville, Kentucky. List of lineal boxing world champions List of heavyweight boxing champions Marvin Hart - Cyber Boxing Zone Profile Professional boxing record for Marvin Hart from BoxRec Marvin Hart at Find a Grave
James Moir, better known as Gunner Moir and sometimes as "Ex Gunner" James Moir, was an English heavyweight boxer. He was British champion from 1906 to 1909 and challenged Tommy Burns for the world title. After retiring from boxing he took up appearing in several films in the 1930s. Born in Lambeth, Moir began his boxing career whilst serving in the British Army in India, when he returned to England in 1903 he was the Heavyweight Champion of the British Army in India, his first recorded professional fight took place in a win over Fred Barrett. After losing his next three fights he won his next eight, including a win over former Australian champion Peter Felix in 1905, which led to him challenging for the title of British Champion, which he won by defeating defending champion Jack Palmer in 1906. Moir's success led to commercial ventures such as the Gunner Moir boxing glove, he appeared in a newspaper advertising campaign for Phosferine tonic, which continued for several years, he trained the wrestler George Hackenschmidt.
He defended the title against Tiger Jack Smith, leading to a fight for Tommy Burns' world title on 2 December 1907 — the first world heavyweight title fight to be held outside the US. Burns subsequently claimed to have prolonged the fight in order to increase the value of the film rights to the fight, which he held. Moir's boxing career never recovered from the defeat, he lost his national title to "Iron" Hague in his next fight, which had the EBU European title at stake, he had eight further fights, winning only two, retired from boxing in 1913 after unsuccessfully challenging Bombardier Billy Wells for the British title. He went on to work as manager of the Canterbury Music Hall in London. In 1922 he was fined £500 for slander after allegations regarding motor-lamp maker William Nelson and Moir's son, James. Moir unsuccessfully appealed the verdict in 1923, he failed to pay, was taken to court by Nelson in 1924, where he stated that he was unable to pay, now earning only £7 a week and with a wife and six children to support.
He wrote an instructional book, The Complete Boxer, published in 1930, subsequently took up acting, appearing in films such as Third Time Lucky, Madame Guillotine, The Mystery of the Mary Celeste. He died on 12 June 1939 in hospital in Sutton, Surrey after a long illness, aged 60. Gunner Moir The Complete Boxer, London Boxing Career record, boxrec.com