THE DAILY JOURNAL

Modern News Right At Your Fingertips - October 29th 1929

National News : The Stock Market CRASHES

Wall Street is in complete and utter panic after a major crash in the stock market, losing billions of dollars. This is the largest crash the stock market has ever seen! An estimated five billion dollars has been lost and 12,894,650 shares of stock have been sold to date. Police Reserves had to be called out as an uproar of angry business men backlashes. Thomas W. Lamont of the Morgan firm presided there with Charles E. Mitchell, chairman of the board of the National City bank; A. H. Wiggin, chairman of the board of the Chase National bank, and William C. Potter, president of the Guaranty Trust company to discuss the crash. They are currently discussing the best ways to address these problems and to best avoid a complete financial disaster. As the banks and the Stock Exchange work to control this crash, pandemonium is seen ahead.

Local News : Bank Withdrawals

Economists and financial planners are recommending that you withdraw your savings from the bank as quickly as possible in order to ensure you keep your savings. Banks only carry so much money and have loaned a majority of it to others in need, so if you are unable to get your money now, you may never see it again. The likelihood that banks will receive their loaned money back from others is slim, so get your money now! After the stock market crash some presume that banks will crumble due to majority of their investors pulling out their savings. Don't be the last and lose your money.

EXTRA'S

Editorial : Where is this crash taking us?

Looking at previous instances of this, on a minor scale, we can presume that this will cause chaos. Unemployment will most likely skyrocket and homelessness will continue to increase. Currently it seems President Hoover is concerned, but a bit oblivious to the situation and the severity of it. We went from a time of flappers and speakeasies, to now shantytowns and breadlines.

SPORTS - Dodgers versus the Mets

In the midst of all of this chaos last night in the baseball game of the Dodgers and the Mets the Dodgers beat the Mets 4-3. The Dodgers won in a walk off grand slam after entering the 9th inning scoreless down by 3 to the Mets.