European Stars and Stripes (Newspaper) - March 19, 1968, Darmstadt, Hesse Tuesday Morch 19, i960 the stars and stripes Page 5 4 we a sold Hun i recalls depression then on Black tuesday the Bottom fell out editor s note the Rush has made Runato buy Ope probably More interest Jthn financial news than the have been since the Depres son the following Story by Aman who was also a reporter sen tells what happened whence Bottom fell out of the Stock Market in 1929 and recalls theh i Yean. Until the United Stales recovered m by Sid i nipple staff write everybody was getting Rich in 1929. Herbert Hoover tha Eood conservative economist was in the White House. The National wealth was approaching $450 billion and National income was estimated at $90 billion. Happy Days were Here again you could t go wrong on the Road to wealth. Close your Eye Sand Jab a pin in the Stock list. Buy whatever Stock the pinhole indicated. Buy it on margin. Buy As much As you could because tomorrow it would be higher. Everybody was in the men poor men the Farmer and the Mechanic the Butcher the Baker the Butler the maid and the Shoeshine boy on the Corner. Billions were being withdraw from Banks in Loans to brokers to cover margins. Farmers we remortgaging their land to b u y stocks. By Midsummer 300 Mil lion shares of Stock were being carried on margin. Then the dam burst and Al the nation s paper wealth Tum bled through the breach. This was on oct. 29, a Black tuesday indeed. General electric dropped from 396 to 210. That Blue rib Bon Stock at to lost 100 common a hot number at 505, fell to an abysmal 26. By the end of the year Stock values had lost at least $15 Bil lion and by 1931 had been further reduced by about $50 billion. The great depression was Here government officials tried to cheer up the despondent losers. Prosperity is just around the Corner the Public was told. This is just a spasm. Don t Sel America Short but Fine words failed to fill empty pocketbooks. Banks began to Call their could not pay and the Banks were broke. By tens an then by hundreds the Banks folded up Small businesses failed industries curtailed production and the ranks of the Job less increased. The nation s buy ing Power was took a hand in the sum Mer of 1930. A heat wave an drought swept Over 18 Stales from Virginia to Kansas killing livestock and ruining the crops of 18 million 1932, toward the end of the Hoover administration world War i veterans jobless and de sparing of getting the govern ment to pay them promised horizontal 1. Machine port 4. Minor Prophet 8. Couches12. Money of account 13. A sport 14. Plant Angle 15. Traded 17. Fastidious 18. Electrified particle 19. Akin 21. Signify 24. Operate 25. Girl a name26. Cunning 28. Eva 32. Tropical fruit 34. Small Rug 36. Except 37. Portents39. Unruly crowd41. Seine 42, obscure 44. Withdraw 46. Ripened 50. Possesses 51. Culture medium 52. Pleases greatly 56. Simple 57. Soon 58. Female sheep 59. Fruit drinks60. Unchaste 61. Put on vertical 1. Male Swan 2. Macaw 3. To Pickle 4. Deputies5. Deface 6. Hebrew measure 7. Jewish Home festival 8. Tropical fruits 9. Means of egress 10. Gaming cubes 29. 30. 31. 33. Answer to yesterday s Puzzle. Avent Ilyf of Volution 24 my nuts 11. Snow vehicle 16. Also 20. Haul21. Decorated baseboard 22. Dutch cheese 23. Graceful tree 27. Sweet potato exiled above network bears35. High Hill 38. Title of address 40. In Back of 43. Commemorative disk 45. Child same 46. Mother 47. Old 48. Biblical Weed 49. Sand Hill 53. Moo54. Cardinal number 55. Japanese Coin Fao 24 44 40 50 4s 41 54 bonuses were Selling apples i front of the new York Public Library. A Bonus March was staged on Washington and 20,000 sex soldiers camped in hovels an tents until they were dispersed by cavalry acting on the presi Dent s orders. Along the Hudson just North of Riverside drive with its palaces of the Rich and mighty a squatters Village of tin shacks and Rotten boards arose to Housea ragged and starving collection of derelicts. It was called Hook Erville. All the ills of the nation in fact were blamed on Hoover who could no More have stemmed the speculative flood that preceded the disaster than he could have stoppered a vol Cano or prevented an earthquake. Franklin d. Roosevelt the spectacular governor of new York swept All but six states inthe november election of 1932, and was invited to the Whitehouse to discuss the crisis with Hoover. He declined and the nation stumbled through another Winter of discontent and White Collar gentlemen of the United press where this writer was then engaged were invited to take a "voluntary"10 per cent salary Cut until subscribers to the service we Reable to pay their Bills. Well nine tenths of a loaf was better than no bread at All. The banking frenzy reached i speak eight Days before for s inauguration on March 4, 1933.More than $1.5 billion had been withdrawn from the Banks that were still open. On the morning of March 4, gov. Herbert leh Man of new York closed every Bank in the state and by noon every Bank in the nation had shut its , by proclamation declared a four Day Bank Holiday and for Many weeks the nation went through the strange experience of living almost entirely on credit. You could t Cash pay checks because no Banks were open to Cash them. Friends who had been foresighted enough to stash away dollars Lent Money to solvent but cashless neighbors. Grocery stores extended moderate amounts of credit to Good customers. So did the Speake Asies. In an extra session on March 1933, Congress passed the emergency banking Bill with out the formality of a Roll Call. This gave the Secretary of the Treasury the right to appoint conservators receivers Fornall the National Banks and to re open them at his by such catchwords As we have nothing to fear but fear itself Public Confidence re turned. Deposits again poured into the Banks particularly with Roosevelt s Assurance that Bank ing reforms would do away with All the assorted evils of Wal Street. By an amendment to the Agri cultural adjustment act the government was empowered to issue$3 billion in paper currency and to reduce the Gold Content of the Dollar by not More than 50 per cent. No greenbacks were Issue but on april 19 the government abandoned the Gold Standard by forbidding the Export of Gold. In the following january that Manin the White House reduced the Gold Content of the Dollar to 59.06cents. Gold Reserve notes we recalled in. People were forbidden to possess Gold except in the form of jewelry or for professional purposes such As filling Teeth. Emergency Relief schemes pump priming the creation of jobs through the work of the civilian conservation corps and the works Progress administration plus the work of All the other alphabet agencies of the government were beginning to have their effect and finally in1935, the statisticians were Able to announce that farm income has risen pm $5.3 billion to $8 billion foreign Trade had risen by si.5 Prosperity which had been lurking around the Corner had suddenly emerged from a Side Street the depression was Over. Mismatched California gov. Ronald Reagan shows Boxer Jerry Quarry How they used to do it in the movies. Quarry told Reagan following the Sacramento Square off that he governor had better stick to politics and Cave the of towing to on april 27 in Oakland for the world boxing association s heavyweight title. Dpi bus train crash kills 5 Santiago Chile a five persons were reported killed Anat least three others injured in a bus train collision near ,248 Miles South of Here. Police said the bus apparently stalled on the Railroad tracks and the train hit it. I refuses to Wear uniform it. Gordon a. Up a25-year-old Soldier from Wixom mich., has been sent to the stockade for refusing to Wear his Soldier was identified by the army As pvt. Neal to a Post spokes Man Salo was confined thurs Day a f t e r his battalion com Mander told him to put on his uniform and Salo refused to do Soldier who was in school at the base studying to be communications specialist w a s charged with being awo1, and wilful disobedience. Salo s company commander said the Soldier told him his conscience would t let him put on the liar Ouess Koth Sehika Dies p-\r1s a the Baroness Maurice Rothschild 79, Mother of Baron Lulu my Rothschild of of Europe s richest men diet i Friday it was reported monday w e e pals Rocky is a full blooded american Indian Vvan Trocky Rocky i think we Gonna get along just Fine come you Don t have a name like sitting Bull How come your name int smoke Yor Sunshine or runningwater1 p
