March 1929 marked the onset of a series of events that eventually led to the great stock crash which occurred between 24th October 1929(Black Thursday) and 29th October 1929 when the stock share prices of New York collapsed and lost over $30 billion. This stock crash is what is famously known as the Wall Street Crash.
The headline of Variety proclaims ‘Wall St. Lays An Egg’ after the October 29, 1929 crash of the Stock Market. (Photo by Library of Congress/Corbis/VCG via Getty Images)
On 25th March 1929, the Federal Reserve which is the Central Banking System of the United States issued a warning on the excessive speculation that was on the rise. After the warning, many investors panicked and started to sell out their stock shares rapidly facilitating a mini stock crash. Following the events, Charles E. Mitchell, a banker with National City Bank provided $25 million to try and salvage the situation. The tactic managed to halt the market slide temporarily.