Posts Tagged ‘William Penn

29
Oct
08

On This Day, 10-29-2008: The Stock Market Crash

October 29, 1929

Stock market crashes

Black Tuesday hits Wall Street as investors trade 16,410,030 shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors, and stock tickers ran hours behind because the machinery could not handle the tremendous volume of trading. In the aftermath of Black Tuesday, America and the rest of the industrialized world spiraled downward into the Great Depression.

During the 1920s, the U.S. stock market underwent rapid expansion, reaching its peak in August 1929, a period of wild speculation. By then, production had already declined and unemployment had risen, leaving stocks in great excess of their real value. Among the other causes of the eventual market collapse were low wages, the proliferation of debt, a weak agriculture, and an excess of large bank loans that could not be liquidated.

Stock prices began to decline in September and early October 1929, and on October 18 the fall began. Panic set in, and on October 24–Black Thursday–a record 12,894,650 shares were traded. Investment companies and leading bankers attempted to stabilize the market by buying up great blocks of stock, producing a moderate rally on Friday. On Monday, however, the storm broke anew, and the market went into free fall. Black Monday was followed by Black Tuesday, in which stock prices collapsed completely.

After October 29, 1929, stock prices had nowhere to go but up, so there was considerable recovery during succeeding weeks. Overall, however, prices continued to drop as the United States slumped into the Great Depression, and by 1932 stocks were worth only about 20 percent of their value in the summer of 1929. The stock market crash of 1929 was not the sole cause of the Great Depression, but it did act to accelerate the global economic collapse of which it was also a symptom. By 1933, nearly half of America’s banks had failed, and unemployment was approaching 15 million people, or 30 percent of the workforce. It would take World War II, and the massive level of armaments production taken on by the United States, to finally bring the country out of the Depression after a decade of suffering.

“Stock market crashes.” 2008. The History Channel website. 29 Oct 2008, 12:34 http://www.history.com/this-day-in-history.do?action=Article&id=7065.

On This Day

1618 – Sir Walter Raleigh was beheaded under a sentence that had been brought against him 15 years earlier for conspiracy against King James I.

1682 – William Penn landed at what is now Chester, PA. He was the founder of Pennsylvania.

1901 – Leon Czolgosz, the assassin of U.S. President McKinley, was electrocuted.

1923 – Turkey formally became a republic after the dissolution of the Ottoman Empire. The first president was Mustafa Kemal, later known as Kemal Ataturk.

1940 – The first peacetime military draft began in the U.S.

1945 – The first ballpoint pens to be made commercially went on sale at Gimbels Department Store in New York at the price of $12.50 each.

1956 – Israel invaded Egypt’s Sinai Peninsula during the Suez Canal Crisis.

1966 – The National Organization for Women was founded.

1969 – The U.S. Supreme Court ordered an immediate end to all school segregation.

1993 – A group of U.S. athletes were attacked by skinheads in Germany.

1994 – Francisco Martin Duran fired more than two dozen shots at the White House while standing on Pennsylvania Ave. Duran was later convicted of trying to kill U.S. President Clinton.

 

October 29, 1942

The British protest against the persecution of Jews

On this day in 1942, leading British clergymen and political figures hold a public meeting to register their outrage over the persecution of Jews by Nazi Germany.

In a message sent to the meeting, Prime Minister Winston Churchill summed up the sentiments of all present: “The systematic cruelties to which the Jewish people-men, women, and children-have been exposed under the Nazi regime are amongst the most terrible events of history, and place an indelible stain upon all who perpetrate and instigate them. Free men and women,” Churchill continued, “denounce these vile crimes, and when this world struggle ends with the enthronement of human rights, racial persecution will be ended.”

The very next day, the power of protest over cruelty was made evident elsewhere in Europe. When Gestapo officers in Brussels removed more than 100 Jewish children from a children’s home for deportation, staff members refused to leave the sides of their young charges. Both the staff and the children were removed to a deportation camp set up in Malines. Protests rained down on the Germans, who had occupied the nation for more than two years, including one lodged by the Belgian secretary-general of the Ministry of Justice. The children and staff were returned to the home.

“The British protest against the persecution of Jews.” 2008. The History Channel website. 29 Oct 2008, 12:44 http://www.history.com/this-day-in-history.do?action=Article&id=6632.

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04
Mar
08

On This Day, 3-4-08 Franklin Delano Roosevelt Inaugurated

Dulles asks for action against communism

Speaking before the 10th Inter-American Conference, Secretary of State John Foster Dulles warns that “international communism” is making inroads in the Western Hemisphere and asks the nations of Latin America to condemn this danger. Dulles’s speech was part of a series of actions designed to put pressure on the leftist government of Guatemala, a nation in which U.S. policymakers feared communism had established a beachhead.

Dulles was stern and direct as he declared that there was not “a single country in this hemisphere which has not been penetrated by the apparatus of international communism acting under orders from Moscow.” Communism, he continued, was an “alien despotism,” and he asked the nations of Latin America to “deny it the right to prey upon our hemisphere.” “There is no place here,” he concluded, “for political institutions which serve alien masters.” Though he did not mention it by name, it was clear to most observers that Dulles was targeting Guatemala.

The United States had been concerned about political developments in Guatemala since 1944, when a leftist revolution overthrew long-time dictator Jorge Ubico. In the years since, U.S. policymakers were increasingly fearful that communist elements were growing in power in Guatemala and deeply troubled by government policies that seemed to threaten U.S. business interests that nation. By 1954, Dulles and President Dwight D. Eisenhower were convinced that international communism had established a power base in the Western Hemisphere that needed to be eliminated. As evidence, they pointed to Guatemala’s expropriation of foreign-owned lands and industries, its “socialistic” labor legislation, and vague allegations about Guatemala’s assistance to revolutionary movements in other Latin American nations.

Dulles’s speech did get some results. The Latin American representatives at the meeting passed a resolution condemning “international communism.” As Dulles was to discover, however, the Latin American governments would go no further. In May, Dulles requested that the Organization of American States (OAS) consider taking direct action against Guatemala. The OAS was established in 1948 by the nations of Latin America and the United States to help in settling hemispheric disputes. Dulles’s request fell on deaf ears, however. Despite their condemnation of “international communism,” the other nations of Latin America were reluctant to sanction direct intervention in another country’s internal affairs. At that point, Eisenhower unleashed the Central Intelligence Agency. Through a combination of propaganda, covert bombings, and the establishment of a mercenary force of “counter-revolutionaries” in neighboring Nicaragua and Honduras, the CIA was able to destabilize the Guatemalan government, which fell from power in June 1954. An anti-communist dictatorship led by Carlos Castillo Armas replaced it.

http://www.history.com/this-day-in-history.do?action=Article&id=2596

1933: FDR inaugurated

On March 4, 1933, at the height of the Great Depression, Franklin Delano Roosevelt is inaugurated as the 32nd president of the United States. In his inaugural address, Roosevelt outlined his New Deal–an expansion of the U.S. federal government as an instrument of employment opportunity and welfare–and famously asserted that the only thing that Americans had to fear was fear itself. Although criticized by some in the business community, Roosevelt’s progressive legislation improved America’s economic climate, and in 1936 he swept to reelection. He won re-election two more times, in 1940 and 1944, making him the longest-serving U.S. president in history.

http://www.thehistorychannel.co.uk/site/this_day_in_history/this_day_March_4.php

I AM certain that my fellow Americans expect that on my induction into the Presidency I will address them with a candor and a decision which the present situation of our Nation impels. This is preeminently the time to speak the truth, the whole truth, frankly and boldly. Nor need we shrink from honestly facing conditions in our country today. This great Nation will endure as it has endured, will revive and will prosper. So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and vigor has met with that understanding and support of the people themselves which is essential to victory. I am convinced that you will again give that support to leadership in these critical days.

For the complete text please see: http://www.bartleby.com/124/pres49.html  

1634 – Samuel Cole opened the first tavern in Boston, MA.

1681 – England’s King Charles II granted a charter to William Penn for an area that later became the state of Pennsylvania.

1766 – The British Parliament repealed the Stamp Act, which had caused bitter and violent opposition in the U.S. colonies.

1778 – The Continental Congress voted to ratify the Treaty of Amity and Commerce and the Treaty of Alliance. The two treaties were the first entered into by the U.S. government.

1789 – The first Congress of the United States met in New York and declared that the U.S. Constitution was in effect.

1791 – Vermont was admitted as the 14th U.S. state. It was the first addition to the original 13 American colonies.

1794 – The 11th Amendment to the U.S. Constitution was passed by the U.S. Congress. The Amendment limited the jurisdiction of the federal courts to automatically hear cases brought against a state by the citizens of another state. Later interpretations expanded this to include citizens of the state being sued, as well.

1813 – The Russians fighting against Napoleon reached Berlin. The French garrison evacuated the city without a fight.

1861 – The Confederate States of America adopted the “Stars and Bars” flag.

1904 – In Korea, Russian troops retreated toward the Manchurian border as 100,000 Japanese troops advanced.

1908 – The New York board of education banned the act of whipping students in school.

1917 – Jeanette Rankin of Montana took her seat as the first woman elected to the House of Representatives.

1933 – Labor Secretary Frances Perkins became the first woman to serve in a Presidential administrative cabinet.

1952 – Ronald Reagan and Nancy Davis were married.




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